As a wave of second corona lockdowns covers the globe, political uncertainty lingers within the US not to mention Brexit and beyond, however, bitcoin has not died and gone away as many critics wished. There is new interest from large institutional investors such as Micro Strategy and Square. Etherium usage through the recent “Defi” boom has skyrocketed and with many people at home under lockdown, a perfect storm might be brewing for a new rocket launch into the stratosphere. Stocks pumped when everyone was stuck at home with nothing to do but press the buy button during the first lockdown, but will this lockdown be a repeat of the first, or will more people turn to bitcoin as the asset of choice and repeatedly press ‘buy buy buy’ while self-isolating?
On Twitter actress Maisie Williams (Arya Stark, Game of Thrones) asked what a lot of people might be asking themselves right now “Should I go long on Bitcoin?”. Typically this kind of question is posted after someone is in an extremely long position so we can speculate that Maisie is bracing herself for a Bitcoin moonshot.
Big Players, Big Talk, Big Action
While we can imagine that the Game of Thrones star might have accumulated a nice bag of bitcoins, Twitter CEO Jack Dorsey recently came out with the news that his company Square bought 4,709 bitcoins with a value at the time of over 50 Million Dollars. This was done using company cash and in a new trend, put on the company ́s book of assets. Jack Dorsey was not the only one with that idea, the NASDAQ-traded business intelligence firm MicroStrategy purchased 21,454 bitcoin worth over 250 Million Dollars at the time.
They did so as part of their inflation- hedging funds, furthermore saying that bitcoin is a “reasonable hedge against inflation,” and a “dependable store of value.” Square and Micro Strategy are late to the game in comparison to Greyscale Trust (GBTC). This is a trust that holds over $8.35 billion worth of bitcoin, over 2.5% of the total bitcoin supply! Big words and big actions from some big players, and just like that, bitcoin is no longer an underworld dark market currency but now a mainstream investment.
As bitcoin broke 17000$ US Dollars, Coinbase’s website crashed. This is not a new phenomenon, as the bull market returns exchanges will be stressed to keep up with the demand for their web service to trade bitcoin, but also with enough supply to sell to users. Additionally, it is a healthy reminder to everyone out there that owns bitcoin and has it on an exchange, to learn about how to store your bitcoin properly and get it off an exchange. Not only can exchanges freeze up during high demand, making it impossible to trade, the higher the price of bitcoin means the exchanges and your accounts are more of a target for hackers. If you are suddenly a lot richer due to the recent price increase, it is going to be more than worth it for you to research bitcoin cold-storage methods, such as Trezor or Ledger wallets.
Everyone is talking about investing in bitcoin, but bitcoin is still one of the best ways to bet on sports. Bitcoin is 24/7, 365 days a year, and does not need to touch a bank to be sent. With some of the best betting odds out there, Sportsbook Review offers deposit and withdrawal in bitcoin and a variety of other crypto coins. In a bull market, you can win your bet and you can win when the price of bitcoin goes up. The question is “When Moon?” If you have bitcoin on an exchange, remember the phrase “not your keys, not your coins” and get them off the exchange and in your own wallet.