Bitcoin Retail Interest Skyrocket

in Project HOPE4 days ago (edited)

Bitcoin Retail.jpg

It was certainly an exciting week as Bitcoin went really close to US$19 000.

Many investors were certainly hoping it to regain its bull run back in 2017 and hit another historical height above US$20 000. The truth is Bitcoin is not too far from getting there now.

I personally felt that the recent events of the acceptance of Bitcoin by Paypal into its payment system as well as Biden who had defeated Trump to win presidency must have played an important role in this.

Paypal had started to offer cryptocurrency service for almost a month now and it resulted in high demand for Bitcoin with up to 70% of all the newly mined Bitcoin being bought by Paypal.

Itbit exchange had seen its trading volume skyrocketing after Paypal started using its service for its cryptocurrency service four weeks ago.

The buying activity of Paypal and other cash apps have certainly contributed in the buying pressure with the unstoppable retail interest.

There was also an increase of Billionaires that started to announce of their newly purchased Bitcoin as part of the new portfolio.

Getting at least 10% of Bitcoin seemed to be the current trend among these Billionaires.

In 2017, Bitcoin hit all-time high due to ICO without solid real-world application then.

The current Bull Run has many strong backbones to gain greater confidence from Bitcoin investors since Bitcoin has moved into different real-world applications.

I have recently noticed that the max supply of Bitcoin is 21,000,000 with its total circulating supply of 18,550,312 based on coinmarketcap at the point of this post.

Bitcoin is really close to its max supply now so what will happen to the price of Bitcoin since Bitcoin does not have an unlimited supply.

When more people want to get their hands on Bitcoin, the demand is high but the supply is low.

This probably will result in a great spike in Bitcoin and no one can really predict how expensive Bitcoin would become then.

Reference articles

https://www.bitcoindoorway.com/2020/11/21/paypal-square-others-crucial-in-driving-bitcoin-70-higher-in-a-month/

https://www.scmp.com/business/money/money-news/article/3110806/bitcoins-price-approaches-us19000-cryptocurrencys-true