Bitcoin, the world’s flagship crypto is raging up at a speed not seen in the crypto-verse.
At the time of writing this report, Bitcoin broke near $31,700 some minutes ago, according to data retrieved from FTX exchange.
The new milestone is coming on the heels of record-buying seen from high net worth individuals buying at record highs.
Crypto investors were left cashing in big time, as the most popular crypto rallied to record highs more than 25 times in a few days.
- Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
- Also, leading household names in finance including Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
- Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
- Liquidity getting squashed, investors hoarding, accessible BTC becoming scarcer.
- 1 million Bitcoin has become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive.
- Less Bitcoin for you to buy.