- Retail investors are driving rise in Bitcoin price
- Billionaires and celebrity interest in the coin is also playing a part
In the last two weeks Bitcoin price has risen to as high as $19,000. Considering that the coin had sold for less than $10,000 earlier this year, this is a massive leap that has made analysts try to understand what could have played a role in the price rise.
Pantera’s CIO, Dan Morehead, recently wrote that the coin had seen its numbers of users increase to over 100 million users in the last twelve years. He went on to state that PayPal, who recently integrated Bitcoin into its gateway, has 300 million active users.
He believes that the entrance of firms like PayPal, Cash App, Robinhood etc into the crypto market would continue to drive Bitcoin buying activities. He noted that PayPal is currently buying close to 70% of newly mined Bitcoin. If this is added to the buying rate of Cash App, both firms are already buying over a 100% of new Bitcoin supply.
He went on to predict that, at this rate, PayPal will soon buy more Bitcoin than the current number of the mined coin daily.
Billionaires and Celebrities are also playing a part in driving Bitcoin price
While more corporate financial institutions are buying Bitcoin, billionaires and celebrities with huge following are not left out of the crypto frenzy. They too are beginning to take an active interest in Bitcoin.
Recently, it was made known that Ricardo Salinas Pliego, a Mexican billionaire, had gone on to invest 10% of his liquid investments in BTC.
This is after Paul Tudor Jones, another billionaire, had announced that he was also investing in Bitcoin.
Also recently, popular Hollywood actress, Maisie Williams, asked her over 2 million twitter followers whether she should invest in Bitcoin or not.