Alternative Investments/Digital Assets: Bitcoin Shoots Past $15,000

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Institutions have piled into bitcoin, triggering its current rally.

Bitcoin in recent months has got a lot of love from corporates, institutions, and retail investors. It is currently trading at $15,500.

Corporate investments and PayPal

According to Decrypt, bitcoin (BTC) has been on a tear because companies such as Microstrategy (NASDAQ: MSTR) and Square (NYSE: SQ) made catalytic investments of millions of dollars in the cryptocurrency.

Then PayPal (NASDAQ: PYPL) set the cat among the bearish BTC pigeons by announcing features that allowed users to trade in Bitcoin, as well as Ethereum, Litecoin, and Bitcoin Cash. That announcement really took the BTC rally into another league.

According to Marketwatch, the performance of BTC is as follows:

  • 5 Day +13.79%
  • 1 Month +40.60%
  • 3 Month +34.05%
  • YTD +116.49%
  • 1 Year +75.09%

Grayscale Investments

Grayscale Investments, the world’s largest manager of digital assets, said in its Q3 report that its Bitcoin Trust received inflows of $719.3 million during the quarter. Year to date the assets of this trust swelled from $ 1.9 billion to $ 4.8 billion.

Importantly, Grayscale revealed that its bitcoin inflows were equivalent to about 77% of all the bitcoin mined in that period, up from about 70% in the second quarter.

It also said that as much as 81% of its inflows were accounted for by institutions.

Talking of quarterly numbers, Square said that almost 80% of its Q3 Cash App revenue came from BTC. It said that it generated $1.63 billion in Bitcoin revenue and $32 million of Bitcoin gross profit during the third quarter of 2020 from its Cash App.

According to The Bitcoinist, which quoted Ikigai Asset Management’s Hans Hague, Square and Grayscale alone have accumulated $2.3 billion worth of BTC in the past quarter.

On the other hand, supplies from BTC miners were about $1 billion in value in the third quarter.

It appears that the BTC demand-supply scale is tipping in favor of the bulls.

Meanwhile, billionaire Mike Novogratz commented recently: “We’re in a bull market in #bitcoin. The Fed is going to continue to print. Less fiscal, more Fed, good for crypto. We have crossed the Rubicon in its adoption.”

Related Story:   Bitcoin Sceptic Jeffrey Gundlach Now Says It Is a Dollar Hedge                                                

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