Bitcoin did perform at least 10 times better than Gold in the year 2020. This is very obvious from the trend charts. The millennials took to BTC very early and now boomers are giving a consideration after the recent price rally. Bitcoin is organically marketing itself to Boomers. BTC is proving itself real time with real results.
It is worth recollecting how Carolina Panthers, NFL Player offered to be paid in Bitcoin. He recently announced that half his salary will be converted to cryptocurrency – “half of his $13m (£9.9m) salary in Bitcoin.”
Okung tweeted: “Pay me in Bitcoin.” and then he wrote: “Paid in Bitcoin.” Reportedly, the money will be held in his cold storage wallet.
Further investigation revealed that He gets paid in USD, which he will further convert to cryptocurrency.
Though the trading price of the BTC went to dramatic heights due to the perceptions triggered by the pandemic or for other reasons, the wild fluctuations in the price is indicative of the fact that it might not be a safe investment.
Money in any form is important because money is power. Okung also believes that the way money is handled is also a part of the power. Several onlookers feel that Getting Bitcoin in exchange for labor is much more than meets the eye. This is an example for the rest.
Bitcoin Reputation and Changing Minds
The recent market jump exhibited by Bitcoin had some traders to cash out quick to enjoy the profits and yet others decided to hold. The new record high spike is indicative of an adoption trend. During times of political and economic uncertainty it just looks like BTC is getting reputation as a safe haven asset. the institutional investors joining suit of investors makes BTC looking like a good store of value despite its speculative nature.
Interesting to see Jamie Dimon, CEO of JP Morgan who called Bitcoin a fraud stated that he is more interested in the blockchain technology than the cryptocurrency. Perhaps he has trouble open accepting BTC eating his old version and therefore is supporting cryptocurrency the blockchain way.
JPMorgan has also stated that Bitcoin could rally to as high as $146,000 in the long term!
Volatility is obvious in the behavior of Bitcoin; however, the asset is gunning a price record which none of us imagine at the times that we least expect. What is moving the price needles is something that we need to know now.