One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

In this photo illustration a Bitcoin logo is seen displayed...

While bitcoin remains about 15% below its record high from Sunday, a couple of the cryptocurrency’s biggest corporate backers have doubled-down on their bitcoin investments during the recent correction despite concerns over the token’s unshakeable volatility.

Business analytics company MicroStrategy said Wednesday morning that it spent slightly more than $1 billion buying about 19,452 bitcoin tokens during the recent correction, averaging about $52,756 per bitcoin.

As of Wednesday, the firm, which used debt to finance its recent bitcoin acquisition, holds roughly 90,531 tokens that it purchased at a combined price of nearly $2.2 billion–less than half the $4.5 billion they’re worth at current prices.

In a statement, MicroStrategy ژEO Michael Saylor said acquiring and holding bitcoin remains one of the company’s two biggest strategic priorities (in addition to growing its analytics software business) and that the investment “reaffirms [the firm’s] belief that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

The move comes less than a day after payments fintech Square, cofounded and led by billionaire Jack Dorsey, revealed it’s also doubled-down on its bitcoin investment–investing another $170 million in the cryptocurrency this month after a $50 million investment in October.

At current prices, Square’s October investment is worth approximately $230 million–more than four times the purchase price; combined with the recent purchase, bitcoin represents about 10% of the cash Square had on hand at the end of last year.

MicroStrategy shares have plummeted 42% since a nearly 20-year high on February 9–the day after Tesla disclosed a $1.5 billion bitcoin investment; much of the plunge has been fueled by crashing bitcoin prices, which have similarly tanked Tesla shares.

Crucial Quote

“Bitcoin is a bank in cyberspace for people that don’t have the ability to run their own hedge fund,” Saylor said on CNBC Tuesday. “It’s not a stock; it’s an asset class, and so if I put $1 billion into a bank, and then came back and put another $10 billion in a bank, the bank is not overvalued, it’s just 10 times bigger.”

Surprising Fact

Bitcoin has plummeted about 16% from its record high of more than $58,000 on Sunday, but it’s still up more than 400% in the past year.

Key Background

In addition to corporations bulking up their balance sheets with volatile bitcoin, institutional investors continue to bolster adoption in the space. This month alone, the first two bitcoin exchange-traded funds launched in Canada, BNY Mellon announced that its wealth management arm will process cryptocurrencies alongside stocks and bonds, and news broke that Morgan Stanley’s $150 billion investing arm is considering adding bitcoin to its portfolio.

Chief Critic

Bitcoin prices reversed a recent rally on Sunday after Tesla CEO Elon Musk tweeted that its prices seemed “a little high,” fueling concerns among experts that the token’s volatility makes it an unreliable store of value. “The fall that has taken place since [Musk’s tweet] shows just how wild an instrument bitcoin is, how overbought it has become and how influential the Tesla CEO now is in the space,” Oanda Senior Market Analyst Craig Erlam said Tuesday. “I’m not sure any of that is a good thing.”

genesis-3-1

Further Reading

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Tesla Has Plunged 25% And Lost $200 Billion In Market Value Since Its Bitcoin Investment (Forbes)

Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Surge (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

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$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

Glowing dark background with bitcoin symbol.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.

Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.

BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.

Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.

“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.

Big Number

$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.

Key Background

A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.

Further Reading

BlackRock’s Rick Rieder says the world’s largest asset manager has ‘started to dabble’ in bitcoin (CNBC)

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

By: Sarah HansenSarah Hansen

 

 

Source: $8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

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Bitcoin Price Prediction 2021: Where Is The Top?

JP Morgan is my friend, not the bank, but the Victorian banker. He said, “I’ve made a fortune selling too early” and as a bitcoin seller at $32,000 I invoke him as justification. Having said that, and I have stated this tactic in previous columns, I have done at least as well with about half the VAR (value at risk) by playing with the fire that is DeFi.

If you are using decentralized exchanges or keeping  tokens or passing them through your wallet, it is often hard to keep track of it all. It is even easy to forget what you have and where. However, there is a great app to keep tags on your ethereum and DeFi positions and it’s called Zerion. It is a tremendous tool for keeping a tally of what you have in the wild game of token trading and it’s free and you can log in using your wallet so there is no painful registration process. I am finding it indispensable.

Meanwhile I am now back in the same position as I was before I sold the bitcoin, of hanging onto my positions by my cuticles with a wildly undiversified and unbalanced portfolio that morphs by the day into a gloriously profitable but unmanageable series of extremely volatile positions. Leaving good investing and/or trading practice at the door is an extremely hazardous approach but it seems unavoidable to capture this rapture.

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In a matter of days I’ve gone from “buying all the things” to wanting to flee but that is purely because pretty much all DeFi, credible or otherwise, has gone on a massive vertical that dwarfs the performance of bitcoin and ethereum.

Here is one of my favorites that I hold and you can see why an old school equity guy, a value investor to boot, gets a nose bleed from this kind of price ascent:

One of my favorite DeFi tokesns, Matic, has gone vwertical
One of my favorite DeFi tokesns, matic, has gone vwertical Credit: ADVFN

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Matic, previously called polygon, is not a one-off, it is just a good example. The “why” of it is simple: Matic is a solution to many of the difficulties facing ethereum and its congestion: it is a seasoned project, it is linked to a lot of major players in Silicon Valley by investment, and it has a market cap of about $1 billion, 10% of a Bumble. In the current hepped up investment environment this is chump change and the winners in DeFi will go on to be worth $10-$100 billion, even without the printing press shifting the decimal point with inflation. Chainlink, the leader of the gang, is already nearing a $10 billion valuation. So this is not a ridiculous valuation if you grok that DeFi really is a revolutionary tech that will change everything, it’s just the price performance that makes an old investor’s nerve endings start shorting out.

All that aside, the key question once again is, is the market going up or down? Bitcoin down, all crypto down; bitcoin up, all crypto up. To me, I believe these price levels are the upper faces of this mountainous cycle, but many still consider them the foothills.

So what can help us know where we are? The all-seeing eye of Google can help. Here is a chart from Google Trends:

Google Trends shows interest in bitcoin, ethereum, DeFi and stocks
Google Trends shows interest in bitcoin, ethereum, DeFi and stocks Credit: Google

You can see how diagnostic Google trends is when you see the progress in search of the crypto hero of the day, doge, and can judge the rise and fall of the stock hoard of Reddit’s WallStreetBets.

Google Trends highlights the spike in interest in dogecoin when wallstreetbets got involved
Google Trends highlights the spike in interest in dogecoin when wallstreetbets got involved Credit: Google

Bitcoin is the leader and definer of this cycle and its performance will direct the performance of all the other cryptos. Musk’s bitcoin tweets are in the data for all to see.

Whether you are a BTC $1 million by Christmas prophet or a doubter expecting an imminent correction, this is a chart to watch because the price of bitcoin and ethereum is FOMO-driven and when that impulse passes, that will be the top for this cycle. FOMO, and we are now seeing corporate FOMO, is a powerful force but it is a acute one not a chronic one, so crypto will not ride the FOMO wave indefinitely.

There are a lot of extremely strong technical charts out there, so for now I’m hanging tough, but as we have seen before, as bitcoin gyrated between $30,000 and $40,000, these markets are fragile.

Volatility is liable to shake me out soon, but it could be days or weeks, perhaps even months before it does – but a week is now a long time in crypto and that in itself is a signal which one can choose to pay attention to.

The final indicator is transaction fees. These are now exorbitant. When they start to fall it will be a signal that the FOMO is falling and for now the only way transaction fees are going is skywards.

While I have to rise at 6:00 a.m. to get reasonable transaction fees before the rest of the world wakes up, I’m going to be holding on.

Good luck everyone. Enjoy the vertical.

—-

Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018. Follow me on Twitter or LinkedIn. Check out my website.

Clem Chambers

 Clem Chambers

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

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BitBoy Crypto

The Winklevoss Twins have doubled down on their $500,000 dollar Bitcoin prediction. Banking giant, Citi, has said they believe the Bitcoin price is heading toward $318,000 by the end of this year. JP Morgan says $650k is possible. The stock to flow chart for Bitcoin shows a $290,000 dollar Bitcoin. There are a ton of predictions out there and it’s hard to make sense of these numbers. It’s hard to know who is talking about the price a year from now and who is talking about a price 10 years from now.

But one thing is almost guaranteed. We are very far away from the peak of this bull run. In today’s video, I’m going to give you my new Bitcoin prediction and why I’ve had to upgrade this Bitcoin rally from bullish to ULTRA bullish. After HOURS of examining charts and cycles, I’ve come up with this brand new prediction. I’ll go over my original Bitcoin prediction and evaluate how it worked out.

At the end of this video, I’ll tell you EXACTLY where I think the Bitcoin price will settle. 0:00​- Intro 1:52​- Original Prediction 3:51​- 2017 vs Now 8:36​- Stock to Flow 8:49​- My New Prediction Trade with ByBit ➡️ https://ByBit.BitBoy.Live​ Connect with Me & the BitSquad! Join the BitSquad ➡️ http://t.me/BitSquad​ Join the BitBoy Lab ➡️ http://discord.BitBoy.Live​ Join BitSquad Traders ➡️ http://t.me/BitSquadTraders​ Join Me on Twitter ➡️ https://twitter.com/Bitboy_Crypto​ Join Me on Instagram ➡️ https://www.instagram.com/bitboy_crypto​ Join Me on TikTok ➡️ https://www.tiktok.com/@factsceo​ ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Best Crypto Products Buy My BitBoy Collectibles ➡️ https://app.rarible.com/bitboy​ Get $25 for Free with a CRO Card ➡️ http://CROcard.BitBoy.Live​ Best Hardware Wallet ➡️ http://Ledger.BitBoy.Live​ Deep Coin Research ➡️ TM.BitBoy.Live ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice.

Bitcoin: It’s Not If, It’s Now Just A Matter Of When

Elon Musk’s proverbial ability to kick the hornet’s nest at the right moments is once again evident in the wake of the recent news that Tesla has bought $1.5 billion in bitcoin: since then, the value of bitcoin has appreciated to almost $50,000, Mastercard has announced that it will enable the use of cryptocurrencies on its network (this would seem for the moment to be a statement of intent, saying it will do so when cryptocurrencies are “stable”, which would point for the moment only to stablecoins), while yesterday, Jack Dorsey and Jay-Z announced the creation of a 500-bitcoin fund worth around $23. 6 million, in order to finance the development of a bitcoin-based economy in Africa and India, and with the mission of making bitcoin the currency of the internet. In short, a normalization of the use of bitcoin that aims to anticipate the development of its future as the basis of an economy based on decentralized and independent digital money.

Musk’s bitcoin maneuver earned Tesla more money in one day than in the entire previous quarter selling cars, in addition to the curious fact that, at the time of the announcement, some of the brand’s vehicles were worth approximately one bitcoin. This is nothing compared to the $100,000 it is expected to be worth by the end of this year, or the $500,000 that some expect it to be worth by virtue of the algorithmic process that progressively stabilizes its value.

There is a certain poetic justice here: Musk was once sanctioned by the SEC for artificially raising the value of Tesla’s stock price; now he has gotten his revenge with a trick as simple as revealing that his company has invested in an asset he knew perfectly well was going to appreciate dramatically precisely as a result of the announcement that was made on the basis of the SEC’s own information: a masterstroke.

At the same time, Musk has been widely criticized, given the electricity consumption generated by bitcoin. We should remember that there is much self-interest in these accusations of the vast use of electricity in bitcoin mining, an activity that tends, logically, to be located precisely where it can fetch better prices for energy, and has long been oriented to places where the cheapest energy is obtained, which contrary to what many think, has been obtained from renewable sources for some time now.

If bitcoin’s critics were really that concerned about the resource consumption they argue it generates, they would do well to be more concerned about the resource consumption and the much more obvious inefficiency — in every sense — of the world’s currency markets, which move around $6 trillion every day simply by speculating on the value of some currencies against others.

PROMOTED

The example of Musk and Tesla’s leadership on bitcoin adoption is acting as a powerful magnet for other companies to try to optimize their cash management through operations of this type, which would accelerate the implementation of bitcoin, for the moment as a store of value, but over time, and following the development of the algorithm that regulates its mining and the incentives to process its operations, into a transactional instrument.

This progressive normalization of bitcoinclashes with many interests and will be subject to regulatory interference, which introduces many uncertainties about its future. Nevertheless, we are talking about a completely decentralized evolution and, as such, one that will be very difficult, if not impossible, to stop.

The fact that more and more relevant players believe in the future of bitcoin is simply a way of reinforcing the self-fulfilling prophecy that has been established around cryptocurrencies and the advantages offered by the use of an economic system which is not controlled by a specific entity, and instead by exclusively mathematical criteria and without any party being able to exercise speculative power.

In practice, it is becoming increasingly clear: it is not if, but when. MORE FOR YOUWhy Huawei’s New Update Is Seriously Bad News For Android UsersWhatsApp Users Suddenly Get This Surprise New Boost From FacebookWarning—Apple Suddenly Catches TikTok Secretly Spying On Millions Of iPhone Users

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here

Enrique Dans

Enrique Dans

Teaching Innovation at IE Business School since 1990, and now, hacking education as Senior Advisor for Digital Transformation at IE University. BSc (Universidade de Santiago de Compostela), MBA (Instituto de Empresa) and Ph.D. in Management Information Systems (UCLA).

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BitBoy Crypto

Subscribe to MMCrypto: https://www.youtube.com/channel/UCBkG…​ You guys all know my prediction for Bitcoin. I think Bitcoin is going to $322K as long as it stays as bullish and volatile as it is right now. It’s definitely been a fun week for Bitcoin but how long this will continue for. Today we bringing on Chris from MMCrypto, one of the biggest crypto currency channels out there. And we gonna talk about where Bitcoin is gonna go and the immediate short term, the medium term, and the long term. 00:00​ Intro 01:41​ BTC Short term prediction 03:52​ Mid and long term predictions 10:13​ Trades Connect with Me & the BitSquad!

Join the BitSquad ➡️ http://t.me/BitSquad​ Join the BitBoy Lab ➡️ http://discord.BitBoy.Live​ Join BitSquad Traders ➡️ http://t.me/BitSquadTraders​ Join Me on Twitter ➡️ https://twitter.com/Bitboy_Crypto​ Join Me on Instagram ➡️ https://www.instagram.com/bitboy_crypto​ Join Me on TikTok ➡️ https://www.tiktok.com/@BitBoyCrypto​ Find deals on hardware wallets, trading indicators, exchanges & more. Find Crypto DEALS ➡️ https://bitboycrypto.com/deals​ All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice.

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Bitcoin Surpasses $15,000 To Reach Fresh 2020 High

Bitcoin prices extended their recent gains today, continuing to rally and breaking through the $15,000 level to hit a new high for this year.The world’s most prominent digital currency reached $15,306.84 at 11:15 a.m. EST on CoinDesk.

At this point, the cryptocurrency was up close to 10% over roughly the last 24 hours, additional CoinDesk figures reveal.The digital asset has been enjoying a great run this year, climbing more than 200% after falling below $4,000 back in March.

Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.

Price Drivers

When explaining bitcoin’s latest price movements, analysts pointed to several variables, including uncertainty surrounding the U.S. election.

“Bitcoin has broken through the $15,000 mark,” causing it to reach a multi-year high, said Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare. Recommended For You

“The surge comes at a time when Europe enters its second lockdown, the dollar continues to weaken and stock markets are rallying on the back of the US presidential election.”John Todaro, director of institutional research for TradeBlock, pointed to similar variables when interpreting bitcoin’s latest gains.

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“Equity markets have likewise risen alongside bitcoin as expectations of increased fiscal stimulus have risen—increased stimulus will devalue the dollar but push up equities and bitcoin as was expected in the event of a Biden win,” he stated.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, offered a different point of view, describing bullish sentiment as the main driver of the digital currency’s latest gains.

The Path To $20,000

Now that bitcoin has broken through $15,000, analysts have started eyeing the $20,000 price level, speculating on when the cryptocurrency will reach a fresh, all-time high.Denis Vinokourov, head of research for London-based digital asset firm Bequant, commented on this situation.

“Bitcoin continues to grind ever so higher and, while calls for a re-test of the all-time high continue to grow ever so louder, parabolic price runs are not necessarily what the market needs for growth to be sustainable,” he stated.

“A correction and capital rotation into mid and small-cap assets, at this stage, would prove healthy for the overall marketplace.”“However, given the aforementioned FOMO and growing demand from retail, most signs point to a further squeeze higher,” said Vinokourov.

“Thus, ultimately, all eyes are on the elusive $20,000 price level, with little price discovery data to note any key levels – resistance or otherwise.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. Follow me on Twitter or LinkedIn.

Charles Bovaird

 Charles Bovaird

I am a financial writer and editor with strong knowledge of asset markets and investing concepts. Currently, I serve as VP of Content for financial services firm Quantum Economics. I have worked for financial institutions including State Street, Moody’s Analytics and Citizens Commercial Banking. An author of more than 500 publications, my work has appeared in mediums such as New York Post, Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all the industrial finance training for a company with more than 300 people. I have spoken at industry events across the world and delivered speeches on financial literacy for Mensa and Boston Rotaract. I currently hold Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.

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The Crypto Analyst

Bitcoin flew through $10,000 today and set a new high! When wondering how high BTC can go? I do a Bitcoin technical analysis to show where I think this Bitcoin price prediction can really go to in 2020. Don’t Forget To LIKE, COMMENT, And SUBSCRIBE! Discord: https://discord.gg/DxuatMP TA COURSE: https://www.udemy.com/user/the-crypto… Patreon: https://www.patreon.com/user?u=10921422 Donate: https://streamlabs.com/thecryptoanalyst Donate Bitcoin: 15BJPmtMDVZVvep238TrXtTdyvJFj5tXQ8 Instagram: https://www.instagram.com/thecryptoan… Twitter: https://twitter.com/ACryptoAnalyst?la… Coinbase: $10 of FREE BITCOIN After Signing Up And Buying At Least $100 – https://www.coinbase.com/join/5a3e068… Binance: $10 of FREE BITCOIN After Signing Up And Buying At Least $100 – https://www.binance.com/?ref=16926559

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