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Payment giants Square and PayPal now allow their customers to buy and sell bitcoins. Money management giant Fidelity is launching a bitcoin fund for wealthy investors. Bitcoin futures contracts are even traded on the Chicago Mercantile Exchange.
Leading investment managers Paul Tudor Jones, Stanley Druckenmiller and Mike Novogratz are also optimistic about bitcoin.
In other words, the days when bitcoin was considered only a marginal investment are over. Cryptocurrency has become legitimate.
“This rally is driven by smart and institutional money and is not based solely on excessive retail speculation,” said Guy Hirsch, chief executive officer for the United States of eToro, a brokerage and trading firm. “Many other people and wealth managers are now buying.”
The amount of bitcoin currently in circulation is now worth more than A $ 496 billion.
Bitcoin also got a recent boost after a leading strategist at BlackRock, the world’s largest asset management company, suggested that bitcoin could someday replace gold as a safe-haven currency.
The epic rise in bitcoin has also fueled even more dramatic spikes in smaller cryptocurrencies like Ethereum, XRP, Litecoin, and Stellar in recent times. It could continue.
“Bitcoin reaching a new all-time high … will likely spur a wave of retail investment that pushes bitcoin much higher in a short time,” said Denis Vinokourov, head of research at first digital asset broker Bequant.
“However, this influx is unlikely to be limited to bitcoin alone,” he added. “The ease of access to other assets is much easier than it was during the last bull run.”
