Bitcoin (BTC) continues to make a bold move northwards hitting a new all-time high above $35,500 levels. At press time, BTC is trading 15% up at $35.320 with a market cap of $657 billion.
As per analysts Ki-Young Ju, this BTC price rally is because of institutional as well as retail participation. Over the last weekend, the Coinbase outflow was at an all-time high suggesting that institutions have been buying even above $30,000 levels. Interestingly, while BTC price corrected 15% on Monday, January 4, the dips below $30,000 were quickly absorbed in a few hours after major selling by Asian whales.
On the other hand, stablecoin deposits at exchanges have been consistently increasing hinting at a retail FOMO.
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— Ki Young Ju 주기영 (@ki_young_ju) January 6, 2021
Wall Street maven and founder of SkyBridge Capital – Anthony Scaramucci – is the recent one to join the Bitcoin bandwagon. Mr. Scaramucci joins other veterans like MicroStrategy’s Michael Saylor and others who are predicting the strong bullish year 2021 for BTC investors.
SkyBridge – Bitcoin Better Choice Over Gold
Scaramucci’s latest comments on Bitcoin comes during an interview with Bloomberg soon after launching the SkyBridge Bitcoin Fund LP on Monday, January 4, and pledging an initial investment of over $25 million. Speaking to Bloomberg, Scaramucci said:
“Bitcoin is better at being gold than gold is at being gold. It’s easier to store, it’s harder to steal, it’s more portable, and so therefore, it’s become the ledger or the storage of the future in terms of the storage of value. It’s early innings.The environment became more compelling, it was easier to store, better regulation — we are a very big believer that Bitcoin is effectively going to become digital gold.”
Scaramucci said that Bitcoin might certainly exhibit some volatility. However, he compares this with investing in Amazon in its early days of going public and sees it like sitting on a pot of gold. “This is something people have to buy and hold,” he said of Bitcoin.
Over the last few months, several Wall Street veterans have endorsed Bitcoin and see it as a potential inflation hedge. some of these big names include Stanley Druckenmiller, Alan Howard, Paul Tudor Jones, and Bill Miller. With institutions buying in big quantity, the Bitcoin (BTC) liquidity crises intensify further with a supply shortage. The only way for BTC is north!