Bitcoin Peaks at $50K Amid High Demand and Scarcity on Wall Street

Share on Facebook Share on Twitter

Wall Street Enthralled by Bitcoin: What Executives are Saying about the Price Surge to $50,000

The demand for Bitcoin (BTC) on Wall Street is greater than the supply, indicating a bullish future. The cryptocurrency recently reached a new peak of $50,000, the highest value in over two years.

Bitcoin Reaches New Highs

US tech company MicroStrategy, known for its support of Bitcoin and holding approximately 190,000 BTC valued at around $8 billion, saw a nearly 11% increase on February 12. This increase reflects the price surge of Bitcoin. According to Michael Saylor, co-founder of MicroStrategy, this milestone is a testament to the growing popularity of Bitcoin as the most coveted digital asset.

Independence from Traditional Market Influences

In an interview with CNBC, Saylor emphasized that Bitcoin, due to its independence from traditional market influences, is an attractive addition to investment portfolios. He highlighted that there has been accumulated demand for BTC Exchange-Traded Funds (ETFs) over the past ten years. This demand has now been met, allowing mainstream investors access to Bitcoin.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Wall Street Loves Bitcoin

In another interview with CNBC, Anthony Pompliano, founder of Pomp Investments, emphasized the unprecedented performance of ETFs. He pointed out that in the entire history of over 5,500 ETF launches, no fund has ever managed a fortune of $3 billion within the first 30 days. Both BlackRock and Fidelity achieved this milestone, marking a historic first.

Impact of ETFs on Bitcoin Demand

Pompliano suggested that there is much more buying pressure, as evidenced by the inflows of $4 billion at BlackRock and $3.5 billion at Fidelity. Furthermore, both Bitwise and 21Shares are expected to soon reach about $1 billion in inflows. Interestingly, 80% of all BTC in circulation has not moved in the past six months. ETFs have absorbed 5% of the total tradable supply of Bitcoin in just 30 days, making it Wall Street’s favourite asset.

Future Development of BTC

Pompliano shared that the significant demand coupled with the upcoming halving event almost guarantees that Bitcoin will return to its all-time highs (ATH) within the next year.

Source: AMBCrypto

Share on Facebook Share on Twitter
Casinos: 46
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 63.663,00 €
Percent Change 24h -0,19 %
Percent Change 7d 2,74 %
Percent Change 30d 7,80 %
Percent Change 60d -1,49 %
Percent Change 1y 161,00 %
Market Cap 1.254.073.664.074,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
Best 3 Bitcoin casinos

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 12. March 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.
CoinKings.io - 100% unlimited Uncapped bonus for new customers Show Bonus