Wait and See Mode
Institutions are playing a wait and see game.
Bitcoin jumped to new highs above $60,000 last week before witnessing a pullback to the mid-high $50,000s.
$60,000 is the price to beat.
It’s the new $20,000.
Last week, we said that Bitcoin needed another major institution, or wave of institutional buyers, to take this new price level.
If that happens, Bitcoin could rocket past $60k.
Slight Bump on Fed News
Bitcoin did see a small move upwards of $58,000 on news that the Federal Reserve plans to keep interest rates near zero for the next three years.
US stimulus checks also started arriving.
$1,400 for individuals.
$2,800 for couples.
$1.9 trillion in total relief.
Money printing continues, rates remain low, and COVID still has a lot of the world in a stand still. It’s no wonder Bitcoin is at unprecedented price levels.
A Breakout Is Coming
Don’t be fooled by FUD and critics of Bitcoin.
Bank of America called Bitcoin nothing more than a speculation this week… They said that the only reason to own it is because the price goes up.
The Bank of Americas of the world will quickly be left in the dust if they keep this up. Investment banks, traditional and crypto exchanges, retail outlets, and public companies are continuing to open up channels for Bitcoin.
Unlike BofA, others like Morgan Stanley are on board. They’re making BTC more accessible to some of their biggest clients via investment funds.
You’re either in or you’re out on Bitcoin.
And if you’re out, it will be glaringly obvious very soon.
Morgan Stanley’s offerings are reputable names in Bitcoin, including two funds from Galaxy Digital, a firm founded by Mike Novogratz, and a joint effort from FS Investments and NYDIG.
They’re not alone either.
One of the oldest banks in the US, BNY Mellon, is investing $133 million in crypto custodian startup Fireblocks.
We’re approaching a time where it’ll be odd to NOT have a Bitcoin strategy or some kind of BTC offerings for your customers.
A Look Back to $20k
The current market cycle is showing signs that $60,000 is resembling what we encountered around $20,000.
Only this time, Bitcoin has more holders, a larger market cap, and increased legitimacy as a store of value asset and hedge against inflation.
$20,000 hit on retail euphoria.
It was also inevitable.
But, it wasn’t sustainable at the time. If you think the crypto industry is young now, then it was basically a newborn back in 2017-2018.
Crushing $20,000 at the start of this bull run was exciting.
$30k was exciting. So was $40k, $50k, and now $60k.
3X our previously elusive all time high of $20,000… and it feels like it’s just the beginning. Market sentiment remains bullish. If Michael Saylor is still buying BTC then we haven’t finished the early adoption phase yet : )
$57,871.37—the price of bitcoin today.
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