In the last ten years, we’ve seen Bitcoin go up and down. It was able to beat the odds considering how it was able to beat its all-time high after having a correction. In 2017, Bitcoin was able to hit its all-time high at near $20K. And this time around, many are speculating whether or not this is the year Bitcoin is about to beat its current all-time high.
For Tyler Winklevoss, one of the Winklevoss twins and chief executive of Gemini, he believes that Bitcoin is gold 2.0 according to his latest tweet. He mentioned that Bitcoin beats gold in so many aspects. He even mentioned in an interview before that the only thing that makes gold better than Bitcoin is the 3,000-year headstart that the commodity has over the digital asset.
He also mentioned that gold’s market cap is at 7 trillion while Bitcoin is at 140 billion despite the fact Bitcoin has been in existence in just ten years.
Is Bitcoin Really Gold 2.0?
For Grayscale Investments, they explained that Bitcoin is scarce while gold has an unlimited supply. In addition to this, there is also the issue of securing gold. BTC is portable and can be stored using digital technology. On the other hand, gold will require a lot of funds in order to be moved around. This could actually be the reason why Grayscale has been saying to their investors to “drop gold”.
Winklevoss and Attempt to Improve BTC Adoption
The Winklevoss twins have continuously attempted to improve BTC adoption. The Winklevoss twins are proponents to have a Bitcoin ETF. Now, many believe that a Bitcoin ETF could actually change the landscape of the crypto market. It is possible to increase the number of institutional investors that are going to participate in the crypto market in case a Bitcoin ETF has been approved.
Though there are rumors that there could actually be a possibility of having a Bitcoin ETF, nothing is sure yet. The US Securities and Exchange Commission remains mum regarding the topic.
Back Above $8K
Bitcoin is back above $8K. Though Bitcoin dropped by around 21% in the last three days, Bitcoin surged to above $8K once again. Around $12 billion was brought to the market. However, it slowed down a bit after which could indicate that there is a downside correction underway.
Josh Rager who is a popular crypto analyst believes that the critical resistance level is found around $8,216. He said that “Bitcoin certainly looks to be pumping, now over previous resistance”. He also added that “Price is near $8,000 & looks to be heading toward the $8,200 1D resistance (might consolidate prior). A close above $8,200 on the daily/weekly would be very bullish and would target $9,600 (or beyond)”
What Caused the Movement?
The movement was caused by two Bitcoin whales that moved around $84 million in crypto. According to reports, the biggest whale moved around 5,500 BTC approximately worth $44.1 million. The other whale moved around 5,000 BTC approximately worth $40 million in two separate transactions.
Is it possible that we are going to see Bitcoin above the 10K mark anytime soon? Will it get to its new all-time high?