Hey everyone, standstill as BTC is taking the financial market by a WILD storm.
At a glance:
It's probably becoming one of the most surprising events that many people never hoped would be possible, why?
Because Bitcoin has faced many controversial situations before which was supposed to eradicate all chances for them. Therefore, the main question is what really triggered this unpredictable outcome of BTC?
Well, let's not go far instead if we just look into the recent activities such as Elon Musk buying 1.5 billion worth BTC and that worked like a spell for the BTC market as it just jumped to an all-time high of $56,000 and surged around 60% so far this month making a 1 trillion market cap for BTC.
And all the credits go to the mainstream investors and companies, from Tesla and Mastercard to Band of New York Mellon.
But wait, there's more!
Investment management giant BlackRock is the latest major financial player to venture into the Bitcoin market.
And as if that's not enough!
In a new interview on CNBC’s Squawkbox, BlackRock CIO of global fixed income Rick Rieder confirms that the world’s largest asset manager with $8.67 trillion assets under management is buying BTC, though he won’t reveal how large the allocation may be.
That's not it!
BlackRock is not the only major institution that has announced support for crypto of late. Last week, US banking titan BNY Mellon reported that it plans to offer clients access to crypto, integrating both digital assets and traditional financial services.
Note: We're just highlighting the people of the recent events and we know that there are a lot of incidents that caused this outcome of Bitcoin.
Let's observe the run in a bit of detail...
The crypto faithful counter that the digital asset is grabbing more mainstream attention, especially after Tesla Inc.’s recent $1.5 billion purchase.
MicroStrategy Inc. boosted its convertible debt sale to buy Bitcoin by nearly half to $900 million and cut the coupon to 0%, making it virtually a straight bet on the price of the cryptocurrency.
Besides, as per Nicholas Pelecanos, head of trading at NEM, "There are a number of reasons why Bitcoin is soaring, but what stands out most is the trend that MicroStrategy started and Tesla popularized: moving institutional balance sheets into Bitcoin to hedge against inflation, ".
And that's not even the BIGGER picture!
As per Bloomberg, shares of Asian crypto-linked companies have advanced, too. Japan’s Monex Group Inc. jumped 11% to hit a 13-year high on Wednesday, while BC Technology Group Ltd. in Hong Kong closed at a record.
To conclude, what do you think, If the odds work in favor can BTC somehow reach 1 million? Though we know it's quite unlikely to happen but we can't also ignore the recent stats and run BTC is having.