Last year at this time, Bitcoin was under $5,000. Now it’s over $50,000, though that is temporary. It can go back to $30,000 in a week as fast as it can go to another all-time-high. Sorry. I hope it didn’t jinx it.
The reason Bitcoin is rising is because institutional investors are getting into Bitcoin as a store of value. Tesla
Macrolens’ Brian McCarthy wrote this to his clients on Wednesday: “Here is the only logical use-case for Bitcoin I can come up with: there is some significant societal value in having a decentralized, digital store of value. That store of value can be anything so long as everyone agrees that it is that decentralized, digital store of value that the world so badly craves. First-mover advantage dictates that Bitcoin has been thusly anointed.”