Today the Bitcoin’s market Capital breaks all time high and it’s the first time in its history, which is 1 trillion. In accumulation in one year, it’s almost 900% more than the previous year. Nobody knows how long the rally will run like this. Basically from the late 2020, Bitcoin had got the race and it’s moving towards still now. Within this time, several big issues have placed in this market whose are the main points behind this scenario. We are focusing on these events one by one from the mid 2020.
The first event took place when the world’s largest business intelligence company Microstrategy took decision of investing on Bitcoin and the amount of $250K million in August 2020, after that in January 2021, again Microstrategy invested almost $1.095 Billion and the total 0.38% Bitcoin’s circulating supply. So it’s enough to have a great impact on the general perception about Bitcoin.
On the contemporary, another institutional asset manager Grayscale took initiative to move on with Bitcoin, under their management, $1.8 Billion has been increased into $17.5 Billion by a year, To date, Grayscale has purchased Bitcoin at a rate that is faster than new Bitcoin supply being created.
And finally, February 2021, Tesla joined in this race and Elon Musk had invested 7.7% of Tesla’s cash into Bitcoin which is $1.5 Billion. so people have been shaken by the world’s richest person’s decision and after that it’s everything we are observing around the cryptocurrency platform. Who knows where the last point of this run?