[2021-02-16][CoinDesk] Bitcoin Sets Fresh Record Above $50K Pushing Yearly Gains

[Vishnu.Reang]

Bitcoin Sets Fresh Record Above $50K Pushing Yearly Gains to 69%

https://www.coindesk.com/bitcoin-price-record-high

Bitcoin reached a new all-time high of $50,001.35 Tuesday morning, just days after breaking above $48,000 for the first time.

1. The cryptocurrency's latest pop pushes 2021 gains to 69%.
2. Nearly $358 million in bitcoin futures have been liquidated over the past 24 hours, according to Bybt, as the crypto has rallied more than 5% over the same period.
3. Meanwhile, futures contracts (BTCG2021) on one of the largest bitcoin derivatives marketplace by open interest, the Chicago Mercantile Exchange, hit a high of $50,500.
4. Bitcoin's latest record high follows a flurry of institutional and corporates interest in the leading cryptocurrency.
Last Monday, Tesla bought $1.5 billion worth of the cryptocurrency, which saw the digital asset's price spike by almost $4,000, according to CoinDesk's price index.
5. Additionally, in just the past week, Twitter's CFO said the company is considering investing in bitcoin, BNY Mellon announced plans to custody cryptocurrency for its clients and PayPal confirmed its plans to add crypto to its Venmo product.
6. The overall crypto market broke $1.5 trillion for the first time on Monday.

We're there finally!!!!

And this has been achieved despite skepticism, hatred and threats coming from powerful authorities and individuals. We should be proud of ourselves. The next milestone is going to be $1 trillion market cap (right now we are at $919 billion).

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[cr1776]

If US corporations keep buying (let alone other countries) 100k and 500k will be in reach.  These companies aren't trading it, but buying it for 10-15 (or longer) years.  So once they buy, it is off the market for long periods. 

My understanding is that when MicroStrategy's executive team gave their in depth presentation about bitcoin, legal, accounting, benefits etc issues not to long ago, it wasn't a small presentation, namely it was on the order of 1500 companies - and probably more who didn't see it live.  Given it might take 3-5 months for a corporation to get their act together and follow through if they are going to, this is only the very beginning of corporate adoption.  If even 10% of these corporations put a portion of their capital to work, it will be a huge deal.

[acquafredda]

If US corporations keep buying (let alone other countries) 100k and 500k will be in reach.  These companies aren't trading it, but buying it for 10-15 (or longer) years.  So once they buy, it is off the market for long periods. 

My understanding is that when MicroStrategy's executive team gave their in depth presentation about bitcoin, legal, accounting, benefits etc issues not to long ago, it wasn't a small presentation, namely it was on the order of 1500 companies - and probably more who didn't see it live.  Given it might take 3-5 months for a corporation to get their act together and follow through if they are going to, this is only the very beginning of corporate adoption.  If even 10% of these corporations put a portion of their capital to work, it will be a huge deal.

Not to mention we are only talking about US companies and we know that EU, Asia and developing countries have always been laggards in these terms. If those markets would follow, this rocket-ship has no limit where to go next!

[bustabitsboy]

Bitcoin's growth to $ 50,000 is far from the limit, but quite the opposite.  I am sure that Tesla and MasterCard will soon be joined by more influential companies and with their help the growth of bitcoin will not be stopped

[Sithara007]

Bitcoin's growth to $ 50,000 is far from the limit, but quite the opposite.  I am sure that Tesla and MasterCard will soon be joined by more influential companies and with their help the growth of bitcoin will not be stopped

As of now, the news related to Amazon, Apple Pay, MasterCard.etc are all rumors and yet to be confirmed by these companies. Regarding the case with Master, there was a statement from one of their officials confirming the move. But no such confirmations for the other corporations. An adoption by Amazon or Apple is going to be huge. I can push Bitcoin far beyond the current valuation. But the bigger question is how the authorities are going to respond. Obviously Janet Yellen and the rest of the Wall Street proxies are not feeling very excited about the widening adoption of BTC.