By
Temitope Olatunji
April 26th, 2024
Elon Musk said that the Bitcoin (BTC) price was high as it crossed $53,000 levels and hit over $1 trillion valuations. However, Bitcoin bulls continue to take the price higher with the next immediate target at $60K.
Bitcoin (BTC), the world’s first trillion-dollar crypto asset class, has shot up to new highs on Sunday, February 21. The Bitcoin (BTC) price surged all the way above $58,300 hitting its new all-time high. At this price point, Bitcoin has registered ~100% gains year-to-date. However, Bitcoin has partially retraced from its all-time highs and is currently trading at $55,975 with a market cap of $1.042 trillion. Just over the last two weeks, BTC price has skyrocketed more than 40% after Tesla Inc (NASDAQ: TSLA) head by Elon Musk announced its $1.5 billion Bitcoin purchase on February 8.
The BTC price rally comes on the backdrop of some aggressive purchases made recently by some big financial players and corporates. Last week, the world’s largest asset management giant BlackRock Inc (NYSE: BLK) announced its entry into Bitcoin. Also, business intelligence firm MicroStrategy Inc (NASDAQ: MSTR) announced its fresh conversion of $1.05 billion of convertible notes and will use this fund to invest in Bitcoin.
MicroStrategy Completes $1.05 Billion Offering of Convertible Notes at 0% Coupon and 50% Conversion Premium with #Bitcoin Use of Fundshttps://t.co/KHIyrhR8Nz
— Michael Saylor⚡️ (@saylor) February 19, 2021
MicroStrategy already holds over 71,000 Bitcoin worth ~4 billion as of date. The fresh investment of an additional $1 billion will take its total holdings to above $5 billion. The Bitcoin demand from some of the big players seems to be at its peak at this point. With massive money printing by global central banks, companies see Bitcoin (BTC) as a potential hedge to rising inflation. John Willock, chief executive at digital asset exchange Blocktane told CoinDesk:
“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply”.
Elon Musk Calls BTC Price ‘High’ but Less Dumb than Cash
Elon Musk has been showering come of his mixed opinions currently on Bitcoin. Last week, the Tesla boss changed his Twitter profile image showing support for BTC. This was enough to get the Bitcoin price soaring high. However, Musk doesn’t seem to have any special affinity for Bitcoin.
In one of his tweets, Musk called Bitcoin (BTC) “as bs as fiat”. Interestingly, Musk’s comments came 10 days after Tesla purchased BTC by exposing nearly 8% of their company cash reserves. However, explaining this investment, Musk wrote:
Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is “almost”.
But just as Bitcoin (BTC) moved past $1 trillion valuations last Friday, February 19, Musk noted that Bitcoin price seems to be ‘high’ in his opinion. This hasn’t stopped the Bitcoin bulls from raging-in as BTC continued to make new highs in the last two days.
