Bitcoin’s impressive form isn’t looking to end any time soon. The biggest digital coin is scaling new heights every day as it climbed to a new all-time of $58k today and is now the world’s first trillion-dollar digital asset.
Bitcoin’s rally as usual has sent the crypto space into a frenzy as analysts and top figures are voicing out their opinion on which direction they think the digital coin is headed.
Venture Capitalist and early Robinhood Investor Tim Draper who’s been a Bitcoin advocate for years has once again revived his $250K Bitcoin price prediction. The billionaire investor revealed via Twitter that the biggest digital coin could achieve that feat by the end of 2022, stating that its price will only have to multiply times 5. Draper also revealed that the digital coin has a seemingly possible chance of hitting that amount this time around than when he made the initial $250K prediction 3 years ago.
Bitcoin’s latest price surge is attributed to strong demand from institutions. The new wave of institutional influx is also not looking to stop as Bitcoin’s price has flourished off multi-million dollar financial institutions, pouring money into the asset.
Bitcoin’s bullish momentum has seen a gigantic push after Tesla announced that it had purchased $1.5 Billion worth of BTC. According to Bitcoin bull Anthony Pompliano, Tesla has now gained $725 million in profits from its Bitcoin purchase this year, an amount higher than the entire profit the automobile company reported last year. ($721 million).
BlackRock, the world’s largest asset manager, announced on February 17 that it had started to dabble in the biggest cryptocurrency in the market. Although the firm hasn’t disclosed any investment yet, it described Bitcoin as a favorable hedge against currency devaluation.
BlackRock manages over $8.67 Trillion in assets and news that they have “dabbled in Bitcoin” could again set the digital coin on a surge.
Rick Rieder, Managing Director of BlackRock speaking after the announcement stated that “People are looking for places that could appreciate under the assumption that inflation moves higher and that debts are building, so we’ve started to dabble a bit into it.”
BlackRock’s involvement with Bitcoin comes after MicroStrategy announced it was borrowing $900 million to purchase more BTC. The business intelligence firm was one of the first billion-dollar firms to purchase BTC last year, igniting the current institutional demand. The firm’s BTC holdings have now surpassed $3.6 billion in worth since its early purchase in August last year.