Why Bitcoin's all time high +$28,000 (AUD) is so important
We know, if you’re anything like us, it’s highly likely you’ve heard the news of Bitcoin (BTC) reaching an all time high of +$28,000 AUD overnight, but we wanted to step you through why we think this all-time-high (ATH) is so important.
BTC has been hitting ATHs over the last few weeks and overnight climbed nearly 10% to +$28,000 AUD at the time of writing this, however this ATH is a significantly more important peak than the one seen in 2017 and one that will likely see BTC soar even higher.
The ATH of 2017 was largely hype-driven with little to no substance behind the price and many people simply buying due to FOMO (fear of missing out) and others trying to make easy money.
Unlike three years ago, BTC has been gaining traction with funds like Grayscale and public companies such as PayPal and Square who are far less likely to be investing with a short-term mindset, which leads us to believe this level will be sustained.
Additionally, BTC is increasingly being viewed as a store of value, with public companies looking at BTC as a way to hedge against inflation by moving their treasury into BTC rather than fiat (AUD/USD).
And there’s generally a consensus now among advisors that it’s far riskier to not own BTC than to own some. We’ve even seen JP Morgan perform a 180, going from dismissing BTC to praising its future.
It’s certain, people and institutions are starting to embrace crypto and we’re seeing them become more mainstream everyday. Although we suspect there may be a correction to this run, we’re looking optimistically at this cryptocurrency and its future.
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