Nov 24, 2020

Bitcoin hits an All Time High


Today Bitcoin hit an all time high. It has been almost 3 years since Bitcoin was at $25,000. In that time most people would have bought and sold their Bitcoin multiple times. I didn't set people up with Bitcoin on the last pomp because I just wasn't sure how high Bitcoin was going to go. However, this time around no one is asking for help to buy Bitcoin as most purchasers are institutional investors - they don't need much hand holding.

The last time we were at an ATH there was a market cap of 3 Billion, now we have a market cap of 3.5 Billion. We just passed the market cap of Mastercard and are approaching Visa's market cap.  Or another way of viewing this is by country not company.  More Bitcoin exchanged hands than what is currently exchanging hands in New Zealand. We have printed 1,782,000  Bitcoins since the last ATH. Everyone who is into Bitcoin knows the supply of Bitcoin was reduced to 900 a day back in May 2020. That is why there isn't enough supply for the big companies like Paypal.

The main thing that caused the runup in Bitcoin's price is that Paypal has allowed their users to buy and sell Bitcoin. Now you can store your wealth in Bitcoin and pay anyone of their 20 million active merchant accounts for the items you want. There is no need to go through BSIQ to get your Bitcoin converted into fiat.

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