Three Things Keeping Bitcoin Up

Three Things Keeping Bitcoin Up

Today we discuss three significant factors helping to keep the price of BTC well above the psychologically important $10k mark. Even at $13k a coin, bitcoin could still be relatively cheap if the market inspires even more buyers in the near future, which we believe is an actual certainty.

As we approach the end of a particularly busy year, the price of bitcoin was still one of the more exciting things to watch, with the spirit of the late 2017 rally lifting BTC to prices not seen since June 2019. After taking a COVID-inspired shake of confidence in mid-March, in which prices plummeted briefly into the $4,000s, BTC has since been on a massive comeback, shaking off the losses and doing much, much more. Interestingly, most altcoins aren’t faring nearly as well, signifying these rises are specific to the inherent features of Bitcoin.

There are many elements that have contributed to the enduring success of Bitcoin over the years, but today we’ll be discussing three of the biggest and most current of them in an attempt to explain why they signal things are looking up for Bitcoin, and by extension, cryptocurrency in general. As of the end of October, it would appear BTC at the very least has formed a strong floor north of $10,000 per coin. Here are a few of the main reasons contributing to its rise:

#1: PayPal Rolling Out Crypto Management and Investment Options

PayPal was long considered by the community to be something of a rival to Bitcoin whose transaction figures and market capitalization were benchmarks on the road to mainstream adoption. On October 21st, the payment processing giant announced that they would begin supporting crypto payments in “early 2021.” A few days later there was a rollout of a crypto purchasing option built into the wallets of residents from certain states.

The news inspired what was easily one of BTC’s biggest and most important gains of 2020, lifting the price of PayPal stock (PYPL) to all-time highs along with it.

Those with access to the option found they could easily convert their PayPal balance from fiat currency to one of 5 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). For the initial part of the rollout, PayPal’s crypto holders won’t be able to transfer their holdings off-site, which has prompted some criticism among the crypto community; notably those who champion the wisdom behind the phrase, “not your keys, not your bitcoin.”

The PayPal news is good not only from the perspective of a cryptocurrency investor, but from the perspective of sideliners who were looking for a way to get introduced to cryptocurrency but were unsure how to do so. The move has the potential to attract millions of more eyes to crypto, perhaps Among PayPal’s pilot program are PayPal account holders from the state of New York, where the $225 billion company possesses the coveted state BitLicense.

Bought $100 in BTC on @PayPal ! Great milestone for the market! pic.twitter.com/jsxAxTpGgK

— Jeremy Allaire (@jerallaire) October 28, 2020

#2: MicroStrategy Bitcoin Investment Already Paying Dividends

On October 5th, the publicly-traded data analytics software company MicroStrategy announced it was investing the “major chunk” of its cash savings into bitcoin. In all, the company poured about $425 million into bitcoin, purchasing a total of 38,250 BTC at an average price of $11,111 per coin. At today’s price of about $13,500, MicroStrategy first-of-its-kind investment by a major corporation has already yielded a return of 21.5%, or $91 million dollars. This has proven to be a bigger profit for the company than its last three years of net income, combined.

In the days since MicroStrategy’s acquisition, CEO Michael Saylor has become a Bitcoin Twitter Evangelist, championing the benefits of bitcoin via series of powerful tweets on an almost daily basis.

Follow
( 0 Followers )
X

Follow

E-mail : *

Share On social Media 👇

LIKE THIS ARTICLE ?

Subscribe to receive daily updates of the latest articles delivered straight to your inbox.

Related Post



JOIN OUR NEWSLETTER

Subscribe to our Newsletter

Search

Sponsored







Sponsored



Three Things Keeping Bitcoin Up

Posted by staff on July 3, 2021

Bitcoin Insights & Tutorials


Three Things Keeping Bitcoin Up

Three Things Keeping Bitcoin Up

Today we discuss three significant factors helping to keep the price of BTC well above the psychologically important $10k mark. Even at $13k a coin, bitcoin could still be relatively cheap if the market inspires even more buyers in the near future, which we believe is an actual certainty.

As we approach the end of a particularly busy year, the price of bitcoin was still one of the more exciting things to watch, with the spirit of the late 2017 rally lifting BTC to prices not seen since June 2019. After taking a COVID-inspired shake of confidence in mid-March, in which prices plummeted briefly into the $4,000s, BTC has since been on a massive comeback, shaking off the losses and doing much, much more. Interestingly, most altcoins aren’t faring nearly as well, signifying these rises are specific to the inherent features of Bitcoin.

There are many elements that have contributed to the enduring success of Bitcoin over the years, but today we’ll be discussing three of the biggest and most current of them in an attempt to explain why they signal things are looking up for Bitcoin, and by extension, cryptocurrency in general. As of the end of October, it would appear BTC at the very least has formed a strong floor north of $10,000 per coin. Here are a few of the main reasons contributing to its rise:

#1: PayPal Rolling Out Crypto Management and Investment Options

PayPal was long considered by the community to be something of a rival to Bitcoin whose transaction figures and market capitalization were benchmarks on the road to mainstream adoption. On October 21st, the payment processing giant announced that they would begin supporting crypto payments in “early 2021.” A few days later there was a rollout of a crypto purchasing option built into the wallets of residents from certain states.

The news inspired what was easily one of BTC’s biggest and most important gains of 2020, lifting the price of PayPal stock (PYPL) to all-time highs along with it.

Those with access to the option found they could easily convert their PayPal balance from fiat currency to one of 5 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). For the initial part of the rollout, PayPal’s crypto holders won’t be able to transfer their holdings off-site, which has prompted some criticism among the crypto community; notably those who champion the wisdom behind the phrase, “not your keys, not your bitcoin.”

The PayPal news is good not only from the perspective of a cryptocurrency investor, but from the perspective of sideliners who were looking for a way to get introduced to cryptocurrency but were unsure how to do so. The move has the potential to attract millions of more eyes to crypto, perhaps Among PayPal’s pilot program are PayPal account holders from the state of New York, where the $225 billion company possesses the coveted state BitLicense.

Bought $100 in BTC on @PayPal ! Great milestone for the market! pic.twitter.com/jsxAxTpGgK

— Jeremy Allaire (@jerallaire) October 28, 2020

#2: MicroStrategy Bitcoin Investment Already Paying Dividends

On October 5th, the publicly-traded data analytics software company MicroStrategy announced it was investing the “major chunk” of its cash savings into bitcoin. In all, the company poured about $425 million into bitcoin, purchasing a total of 38,250 BTC at an average price of $11,111 per coin. At today’s price of about $13,500, MicroStrategy first-of-its-kind investment by a major corporation has already yielded a return of 21.5%, or $91 million dollars. This has proven to be a bigger profit for the company than its last three years of net income, combined.

In the days since MicroStrategy’s acquisition, CEO Michael Saylor has become a Bitcoin Twitter Evangelist, championing the benefits of bitcoin via series of powerful tweets on an almost daily basis.

Follow
( 0 Followers )
X

Follow

E-mail : *

Share On social Media 👇

LIKE THIS ARTICLE ?

Subscribe to receive daily updates of the latest articles delivered straight to your inbox.