Bitcoin (BTC) hit an all-time record today with $72,661, and developments in the markets clearly signal that Bitcoin will rise even further, but why? Let's take a look at the price of Bitcoin first.
Bitcoin (BTC) Daily Price Chart
Bitcoin (BTC) is currently trading at $72,507. Bitcoin is up 4.2% today and Bitcoin's market cap has exceeded $1.425T, which means it has surpassed Silver's market cap.
Top Assets by Market Cap
Bitcoin (BTC) is now ranked 8th on the list of Top Assets by Market Cap. Bitcoin had already surpassed many of the world's most valuable brands, and today it also surpassed Silver. It is very close to exceeding the market cap of giants such as Alphabet (Google) and Amazon. Frankly, I believe that it will reach the first rank in the long run, that is, it will even surpass the Gold. Although this may seem difficult, I think it is not difficult at all for Bitcoin.
The U.K.’s Financial Conduct Authority (FCA) today updated its position on cryptoasset Exchange-Traded Notes for professional investors. And the most notable part of the update is that the FCA says it will not object to requests from Recognised Investment Exchanges (RIEs) to build a listed market segment for crypto-asset-backed exchange-traded notes (ETNs). And the content states that exchanges will be responsible for ensuring that sure sufficient controls are in place to ensure trading is orderly and provide appropriate protection to professional investors. This is a clear indication that the institutionalization of crypto markets is increasing. Additionally, the London Stock Exchange stated that it will accept applications for Bitcoin (BTC) and Ethereum (ETH) ETNs in the second quarter of this year.
According to the news in Coindesk, MetaMask is testing the first Blockchain-powered payment card with Mastercard. MetaMask is testing a fully on-chain, Mastercard-branded payment card, according to promotional materials and testing platform seen by CoinDesk. Mastercard, on the other hand, serves worldwide and has millions of clients. Bringing together two giants of their respective fields is truly a big deal and remarkable. The MetaMask/Mastercard payment card will reportedly be the "first truly decentralized web3 payment solution" that will allow users to spend their cryptocurrencies “on everyday purchases wherever cards are accepted.” Click to read the full news.
It is also known that Visa, one of Mastercard's most important rivals, is doing similar work, and Visa is currently working with USDC stablecoin and Solana blockchain on cross-border payments.
MicroStrategy CEO Michael Saylor announced that MicroStrategy (MSTR) has acquired an additional 12,000 BTC using proceeds from convertible notes and excess cash. And as of 3/24/2020, $MSTR holds $205,000 of $BTC acquired for ~$6.91 billion at an average price of $33,706 per bitcoin. 205,000 BTC is now worth more than $14.8B. Michael Saylor is a truly genius man and makes very smart investments. I can clearly say that Michael Saylor is a genius investor who inspires me in investing. Michael Saylor has remained bullish through both ups and downs, which is why he is the most genius investor and the most powerful bull I know. I have no doubt that Michael Saylor will be much more appreciated in the future.
Considering the latest developments, I have no doubt that Bitcoin will move even higher. My belief that 2024 will be the best for Bitcoin and that it can reach up to $ 120,000 is increasing day by day. Bitcoin continues to gain momentum and rise, and after the latest developments, I am even convinced that Bitcoin could reach up to $150,000 in 2024 or 2025. The interest of institutional companies in the crypto market is increasing day by day and I have no doubt that it will increase even more in the future.
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.