MicroStrategy is perhaps the biggest fan of Bitcoin. After amassing approximately 70,784 BTC by the end of January, the non-crypto company announces that it plans to purchase $1 billion more BTC with the net proceeds from its convertible senior notes. Altcoins also rally as DeFi and CeFi projects continue to grow in influence.
Bitcoin set a new record high of $56,500 on Feb. 20, meaning that its market value has surpassed $1 trillion, placing the cryptocurrency shoulder-to-shoulder with tech giants: Apple Inc., Google’s parent company Alphabet Inc. and Microsoft Corp.. The recent rallies of Bitcoin prompt more institutional investors to take it seriously.
Many big investors do take it seriously. Less than a month ago, Tesla’s founder Elon Musk endorsed Bitcoin and Dogecoin on his Twitter account. Bitcoin skyrocketed 20% to trade at $37,299, while Dogecoin was up 800% within 24 hours at one point. Furthermore, Tesla recently invested $1.5 billion in Bitcoin and is planning to accept it as a form of payment. Bitcoin’s price soared to a record high of $44,795 after the announcement. At the time of writing, it is trading at $55,000. This means that Tesla may have earned $600 million on the investment.
Meanwhile, bulls take control of the options market with the open interest on Bitcoin options tops $12 billion, a figure unusually high indicating bullish sentiments among traders.
So what’s next for Bitcoin? Anthony Scaramucci, the founder of Skybridge has his eyes on $100K by the end of 2021. “It’s just a supply and demand situation,” said Anthony Scaramucci. “You don’t have a lot of supply out there and very heavy demand.”
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