Thriller Insights - S4EP10: Bitcoin Santa Rally

  
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News gathered from Coindesk, Glassnode, Forbes, ByteTree

Bitcoin had yet another impressive week, starting at $13,712 and finishing up the week at $15,486. 

The GrayScale Bitcoin Trust is outperforming gold exchange-traded funds, a trend perhaps driven by institutional investors like family offices, according to a report by JPMorgan analysts that CoinDesk obtained.

“If everyone’s got a digital wallet and CBDCs, which aren’t backed by anything anyway, are de rigueur, then all of a sudden bitcoin looks great. It will assume the role that gold served with regards to legacy money, and all the other digital assets will fall into place. The middle layer—the services layer—will become much more automated, technological and democratic, and the endpoint layer will become a real fight.”

-Chairman of CoinShares, Danny Masters

Remarkably, Bitcoin is now the best performing “asset class” of 2020, and to beat the FAANGs is an impressive achievement. Regular readers will know that the detachment from tech is something I have been anticipating for some time. I highlighted the break ahead of the NASDAQ; a force that is looking increasingly decisive.

Bitcoin and Alts

Bitcoin Chart by TradingShot via Trading View

Bitcoin heading into the unknown territory.

When the Bitcoin network launched in 2009, very few people understood its significance. Today, ten years later, Bitcoin's market capitalization stands at over 100 billion dollars. The great Hal Finney RIP, the first person to receive bitcoins from Satoshi, talked about its importance.



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