Bitcoin just hit an all-time high of 66,556.
All thanks to massive interest from retail and institutional investors.
JP Morgan even just doubled down on its prediction for $146,000 BTC. “The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan’s Nikolaos Panigirtzoglou said.
In addition, according to cryptocurrency exchange Kraken, “BTC has been priming itself for a supply shock thanks to further accumulation by long-term holders. This accumulation may be a driver for BTC’s recent move past $60,000. The latest on-chain data indicates that this supply shock trend is growing,” as quoted by Daily HODL.
There’s also no shortage of bulls.
Fundstrat Global Advisors’ Tom Lee, for example, says Bitcoin could run to $100,000 this year.
Fidelity’s director of global macro, Jurrien Timmer, as noted by Yahoo Finance, says Bitcoin could hit $100,000 by 2023.
“So this move up [in bitcoin] has come without the help of momentum chasers, which I think is a good sign because it means there is something else making bitcoin go up. And, that is the fundamental demand for bitcoin and its network. When I come up with $100,000 [for bitcoin prices], that’s a conservative estimate based on the intersections of my supply model and my demand model.”
Remember, if Bitcoin investing isn’t for you, the miners hold a good deal of potential, too.
Marathon Patent Group (MARA) is up $11 today to $75.74.
Since bottoming out around $30 in September, the MARA stock raced to $75.74. The company also produced 417.7 self-mined bitcoins during Oct 2021, increasing total bitcoin holdings to approximately 7,453 with a fair market value of approximately $457.4 million.
Riot Blockchain (RIOT) is up $5.43 to $36.92.
Riot Blockchain produced 464 BTC, an increase of approximately 433% over its October 2020 production of 87 BTC. Year to date, the Company produced a total of 2,921 BTC, an increase of approximately 257% over its BTC production during the same 2020 period of 818 BTC.
Even the Global X Blockchain ETF (BKCH) is up $3.40 to $38.41 today.
Over the last few weeks, BKCH ran from a low of $23 to $38.47 and could be headed higher with Bitcoin prices. With an expense ratio of 0.50%, some of the ETF’s top holdings include Marathon Digital, Coinbase Global, Hut 8 Mining, HIVE Blockchain, and Canaan Inc., for ex.
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