Bitcoin achieves ‘celebrity status’ ahead of 12th Anniversary
In light of the anticipated October 31, which marks 12 years since the Bitcoin Whitepaper was released, many in the crypto community sought to celebrate the occasion.
The list of celebrities celebrating ‘Bitcoin’s Birthday’, included David Hasselhoff, Gilbert Gottfried, and Charlie Sheen.
Sentiments are high after the recent price surge witnessed by the cryptocurrency – currently trading at around $13,300.
In fact, given the fact that Bitcoin has only spent 5 weeks of its life above its current price point, from a moving average perspective, Bitcoin is more or less at its all-time high.
All this price movement was fueled by some good news such as PayPal’s support for Crypto and increased institutional investment from companies like MicroStrategy and Square.
Grayscale, the largest crypto-fund manager, reported a record $1.05 billion in crypto inflows in the third quarter of 2020 alone. The Grayscale Bitcoin Trust (GBTC) alone saw its assets under management surge from $1.9 billion to $4.9 billion YTD. As data suggests, this may be institutional investors finding an easy way to pick up Bitcoin, despite its past volatility.
Although it has been 12 years since the Bitcoin Whitepaper, in which Satoshi Nakamoto proposed Bitcoin as an alternative currency to fiat currency, the narrative around Bitcoin has changed quite significantly since then.
As CEO of Real Vision Group, Raoul Pal states,
“Bitcoin plays a role as the world’s most pristine, kind of reserve asset for individuals, corporations, pension funds. It’s an incredible asset as it’s the only one with a limited supply, with growing demands.”