The acceptance of Bitcoin (BTC) as an economic protection asset has benefited many different areas of the global economy, from individuals to financial institutions during the past year.
According to one of the leading experts on the subject, The North American billionaire Anthony Pompliano, little by little the largest cryptocurrency has been gaining space and demonstrating its “democratic” essence, being accessible at all levels of the world economy:
Slowly, but surely, Bitcoin is becoming a reserve asset for individuals, corporations, and financial institutions around the world.
– Pomp 🌪 (@APompliano) February 11, 2021
Pompliano’s impression may translate into recent initiatives, both by individuals and large companies, in the Bitcoin market. He also argued in another tweet that “all countries should support Bitcoin’s open and decentralized protocol, at the risk of being left behind on the global stage.”
This week, tech giant Tesla announced the purchase of $ 1.5 billion worth of Bitcoin and attracted rumors that other large companies would enter this market and seek financial protection in Bitcoin, such as Apple and Twitter. In addition, the oldest bank in the United States, BNY Mellon, will also offer Bitcoin to its customers.
The world exchange Binance reached an incredible 15 million users in 2020according to an interview with its CEO, Changpeng Zhao, although the company does not disclose official figures on its annual balance sheets.
Evidently, the bull market that has been going on for at least six months has contributed to the entry and attention of influential people and renowned companies in the Bitcoin market. However, other factors also come into play: the rise in inflation, the poor performance of national currencies, the global economic crisis as a result of the coronavirus pandemic and the underperformance of the most conservative stocks, which have not been able to keep up with inflation.
With this – and with gold losing space as a hedge asset – Bitcoin has been the great beneficiary of the last 12 months. Many point out that the cryptocurrency journey has only just begun, as the post-death bull cycle is not even 12 months old.
For another great expert, PlanB, which has developed the stock-to-flow analysis model, the price of Bitcoin is on its way to $ 100,000, a value that is expected between April and September 2021:
– PlanB (@ 100trillionUSD) February 10, 2021
On Thursday, Bitcoin renewed its all-time high, hitting $ 48,385 on global exchanges, according to Cointelegraph Markets.