cryptonews.com
A year ago, BTC and many other assets experienced a major crash, dropping even below the USD 4,000 level. And the world's first crypto has come a long way since.
BTC price chart:
"There are many positive developments to keep pushing the coin’s price up, particularly the skyrocketing demand, and the scarcity it caused," Greg Waisman, Co-founder and Chief Operating Offering of payment network Mercuryo, said in an emailed comment.
According to him, it took over a decade for institutional investors to develop an interest in Bitcoin, but now that they have entered the industry, they have no intention of backing down.
"Another move that has attracted institutional investors is the launch of the third Bitcoin ETF [exchange-traded fund] in Canada, which is also the third BTC ETF in entire North America. It was launched by Mike Novogratz’s Galaxy Digital, as the US itself still stubbornly refuses to launch an exchange-traded product, even though companies continue to file for ETFs. The most recent examples include WisdomTree, while Grayscale [aims to hire] ETF specialists, indicating that it might be planning to file its own proposal," Waisman added.
Meanwhile, as reported, US-based business intelligence company MicroStrategy bought an additional BTC 262 for around USD 10.5m in cash at an average price of USD 57,146 per coin. Per CEO Michael Saylor, as of March 12, the company holds BTC 91,326 (USD 5.5bn) acquired for USD 2.21bn at an average price of USD 24,214 per bitcoin.
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