Will Bitcoin Break the All-Time High During the Day?
On Jan 29, 2021
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The day began with a positive surprise. Bitcoin jumped $6,000 just in an hour right after Elon Musk changing his Twitter bio to “#bitcoin.”
The recent activities on the stock market made a precedent about the power of the retail investors. The members of the Reddit community, r/WallStreetbets, began to buy the stocks of GameStop, which were shorted by hedge funds. As a result of this, GME stock skyrocketed with a 700% increase. This trend happened with some other companies too. Some exchanges such as RobinHood interrupted the flow of this trend by not letting people buy those stocks. The wave passed to cryptocurrencies. Dogecoin went up more than 600% in 24 hours. Now it was the time for Bitcoin.
The Effect of Elon Musk
The price of Bitcoin was around $32-33k in the morning, and the surprise step by Elon Musk added $6,000 value. Elon deleted his old Twitter bio and changed it to “#bitcoin” and twitted: “In retrospect, it was inevitable.” Right after the change, Bitcoin began to increase significantly. Just in an hour, Bitcoin rise from $32,100 to $38,200. This event proved that how influential Elon Musk is and how influencers can affect the price of crypto. After this tweet, bitcoiners wait for Elon Musk to invest in crypto.
At the time of writing, the price of Bitcoin was $38,577. The bullish sentiment continued during the day. If people continue to buy Bitcoin can pass $40,000 and go for the all-time high.
Bitcoin Is One Hell of An Invention
American billionaire hedge fund manager and philanthropist Ray Dalio referred to Bitcoin as “one hell of an invention.” He published an article about how “What I Think of Bitcoin” on the Bridgewater, investment management firm, which he is the founder. He mentioned that he did not want to post it on social media because people pro bitcoiners and others characterize it differently. Firstly, Ray Dalio appreciated the work of the creators in making Bitcoin an alternative gold-like asset.
“It seems to me that Bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future. The big questions to me are what can it realistically be used for and what amount of demand will it have. Since the supply is known, one has to estimate the demand to estimate its price.”
He thinks that if Bitcoin and Bitcoin-like cryptocurrencies are a possible competitor for gold, then it is expectable that the new advanced version will come along. Also, he admires that how Bitcoin stay strong all those years. At the end of the article, he made a statement that “When I use “Bitcoin,” please take that to mean Bitcoin and its analogous competitors.” He also answered the question that some investors may ask about diversifying their portfolios with Bitcoin.
“That is why to me Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I would not mind losing about 80% of it.”
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