Over the last two days, Bitcoin (BTC) has given a phenomenal move as its trades just short of its all-time high of $20,000. On Monday, November 30, the world’s largest cryptocurrency gave the biggest ever monthly closing in history at $19,700.
???? My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH's. Enjoy the ride!???????????? pic.twitter.com/27fmkCOoEY
— PlanB (@100trillionUSD) December 1, 2020
After last Wednesday’s major market correction, the Bitcoin bulls raged-in over the weekend and Monday adding $2000 to its price in just 48 hours. At press time, Bitcoin is trading at $19,313 with a market cap of just $360 billion. In November itself, the Bitcoin price has surged a whopping 47% as institutional money continues to flow in.
The Bitcoin bulls raged-in soon as the news arrived that global investment giant Guggenheim Partners is willing to invest a massive $500 million in Bitcoin through the Grayscale Bitcoin Trust (GBTC). Bitcoin continues to take a lead as an inflation hedge over its popular competitor Gold. Veteran Investors Raoul Pal said that he is shifting all his gold money to Bitcoin.
Appearing at the recent interview on CNBC’s Squawk Box, Bitcoin billionaire Tyler Winklevoss called BTC as Gold 2.0. The BTC price is already up 175% year-to-date as Winklevoss calls it the best performing asset of the decade.
— Tyler Winklevoss (@tyler) November 30, 2020
Tyler Winklevoss expects the BTC price to 25x from here and touch the level of $500,000 at which it will be a larger asset class than gold. He noted:
“We think it will be the best performing asset of the current decade. Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that it has to have a market cap of $9 trillion. So we think bitcoin could price one day at $500,000 a bitcoin. So at $18,000 bitcoin it’s a hold or if you don’t have any its a buy opportunity because we think there’s a 25x from here”.
The twin brother Cameron Winklevoss further explained how Bitcoin is better than gold over many fronts. He notes that Bitcoin’s supply is fixed at 21 million and is easy to transfer worldwide.
Grayscale Director: “We Are Just Getting Started”
With Monday’s BTC price surge, the total assets under management of the Grayscale Bitcoin Trust (GBTC) surged past $10 billion once again. The GBTC holds more than half-a-million Bitcoins as of date. Even Guggenheim plans to invest in Bitcoin through the Grayscal’es GBTC investment vehicle.
Grayscale Director Michael Sonnenshein that craze in altcoin is also catching and he thinks that “we are just getting started”. Interestingly, Sonnenshein adds that a third of its investors are investing in its other altcoin investment vehicles apart from the GBTC.
"If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started," says @Grayscale's @Sonnenshein on the price of #bitcoin #btc pic.twitter.com/6d0GUBqgaM
— Squawk Box (@SquawkCNBC) November 30, 2020
Bitcoin continues to challenge traditional financial companies with its every rising move. On Monday, Bitcoin surpassed MasterCard in terms of its market size.