Bitcoin (BTC) has made the crypto space to erupt in all manner of praise after the leading cryptocurrency went through the roof to break an all-time high (ATH) price of $20,000 set three years ago. BTC has been on a frenzy gaining more than 13% in the last 24 hours and now trading at an astonishing $22,160 at the time of writing, according to CoinMarketCap.
Jimmy Song, a leading Bitcoin educator and advocate, has taken to Twitter to reveal that this price rally made BTC’s daily candle to gain more than $1900. He tweeted:
“The daily candle just closed +$1900. That’s more than double what Bitcoin was worth 4 years ago. Someday, we’re going to see a +$40,000 candle.”
He, therefore, suggests that the current price surge is the tip of the iceberg on what awaits the top cryptocurrency because a time will come when BTC’s daily candle will gain by more than $40,000.
His sentiments can be echoed by the fact that institutional investors are no longer in oblivion to the huge potential Bitcoin has to offer as an inflationary hedge, especially at a time when global governments are employing financial initiatives like quantitative easing (QE) to tame the economic turmoil triggered by the coronavirus (COVID-19) pandemic.
For instance, earlier this month, institutional investors pumped a whopping $429 million into crypto funds and products, with BTC taking the bulk at $334.7 million. This record-breaking move became the second-highest weekly inflow after $468 million was recorded in mid-November.
As Bitcoin continues to make history, Tyler Winklevoss, the CEO of Gemini, spared a moment to poke crypto critic Peter Schiff, who appears as adamant as ever that the market is rising on pure speculation. Schiff has emerged to be a notorious critic of Bitcoin’s true value, especially compared to safe-haven asset gold.
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