Bitcoin surge continues as many institutions keep buying

Bitcoin surge continues as many institutions keep buying

 



Bitcoin certainly isn’t. Not content with bashing through $50,000 like a gorilla through a birthday cake, Bitcoin continues to surge and has just set a new all-time high over $52,000. It’s now closing in on another huge psychological landmark – $1 trillion market cap. Will it hit this week?


Bitcoin’s surge comes as influential financial players continue to flood into the space. Yesterday, BlackRock’s chief investment officer of global fixed income, Rick Rieder, hinted to CNBC that the world’s largest asset manager has diversified into crypto, while private financial and investing advice company Motley Fool announced that it has bought $5 million worth of bitcoin. If it’s doing that with its own money, what’s it advising its clients?


If that looks big, OG institutional investor MicroStrategy isn’t about to let some upstart take its bull-horn crown. 


The Nasdaq-listed business intelligence giant yesterday announced that it’s added a further $300 million to the novel debt issuance model it uses to raise funds for buying bitcoin, bringing its latest planned convertible senior note sale to $900 million. 


The firm has already bought 70,784 bitcoin, which is currently worth around $3.6 billion. It projects the net proceeds of this sale to come in around $879 million.


“Bitcoin as a digital asset and as a store of value scales relative to its competitors. Since its inception in 2009, it’s been attacked 6,500 times by varying competitors. And yet, if you look at bitcoin’s market capitalization relative to everything else out there, it’s dwarfing everything, closing in on $1 trillion. Number two, Bitcoin is an effective encrypted ledger. Those codes, if you will, can be exchanged between human beings in a way that’s impregnable. And so it’s almost like a certificate, if you will, a value between human beings. And that’s really all money is if you step back and look at the 5,500 years of money.” 

  • Anthony Scaramucci, Former White House Communications Director