By Hidayat Sultanli
On Dec 25, 2020
It has been quite a remarkable year for Bitcoin that even renowned people speak up for it. Miami mayor Francis Suarez refers that Bitcoin is a stable investment.
Miami mayor Francis Suarez posted a tweet about Bitcoin on its Twitter account. In the tweet, he mentioned two people who inspired him about Bitcoin. Those people were Tyler Winklevoss and Anthony Pompliano. Former is the co-founder of the Gemini exchange, and the latter posts regular podcasts about technology and finance, especially about Bitcoin. It seems that Bitcoin is pretty attractive for the mayor.
Great insight into how @Bitcoin has been a stable investment during and incredibly unstable year…currently reading Bitcoin Billionaires @tyler. @APompliano any other good reads? https://t.co/nenQ5xmfi7— Mayor Francis Suarez (@FrancisSuarez) December 24, 2020
Great insight into how @Bitcoin has been a stable investment during and incredibly unstable year…currently reading Bitcoin Billionaires @tyler. @APompliano any other good reads? https://t.co/nenQ5xmfi7
— Mayor Francis Suarez (@FrancisSuarez) December 24, 2020
This year has been quite an eventful year for the world and finance. Covid-19 hit every country at the beginning of the year and still keeps its power over the world. The relationships between countries become very weak, and the globalized world became “unglobalized” for a year. This lockdown and quarantine affected almost every field of the world.
The finance sector was one of the fields affected by the virus. The major economic indicators were experiencing pretty low rates in the middle of the year. The worst period for the financial market was March. Indices were record low of $2190 for the S&P 500. The USA boosted the economy with the help of quantitative easing programs. After the stimulus act, the economy began to recover from the virus shock. Now financial markets perform better than pre-virus. As is the case with Bitcoin, the main indices record their all-time high prices.
If we look at the Bitcoin chart, we will see it correlates with the S&P. Both experienced dip in March, but the rest was not the same. S&P was increasing gradually, but Bitcoin was stable for a long time after March. Since then, Bitcoin was steady till November. Recently, Bitcoin displayed significant gains in November and December. Firstly, it reached 19k, and quite a while stuck there. However, it was just silence before the storm. Bitcoin breaks the ATH, and the price of bitcoin now is $24000. As the mayor stated, it was a pretty good year for Bitcoin.
According to the on-chain data site CryptoQuant, the net-flow in the Bitcoin exchanges was relatively stable during the year. It shows that people relied on Bitcoin during the year. Although many people sold their BTC after the second dump in December, it did not affect the price. Inversely the price broke the new ATH.
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