16 Dec 2020
Bitcoin (BTC) sold for over $21,000 in Wednesday afternoon trading, mere hours after it first broke the price barrier of $20,000.
According to CoinDesk, the digital currency sold for more than $21,000 for the first time ever during the 4:00 PM EST hour, peaking at a price of $21,443.07 at the time of this writing.
Bitcoin’s latest growth cycle has come several months after its latest “halving” a software feature that periodically cuts the growth rate of its monetary supply by half. Demand has risen, in part, from high-dollar purchases by companies such as PayPal, Square, and investment firms like Grayscale. Most recently, Michael Saylor’s company MicroStrategy announced it had raised $650 million to purchase more BTC than the more than 40,000 it already owned. And just last week, Massachusetts Mutual Life Insurance Co. (MassMutual) announced it had acquired $100 million worth of Bitcoin.
Bitcoin Hits $20,000 Value as Institutional Investors Jump In
16 Dec 2020
Bitcoin (BTC) broke the price threshold of $20,000 in Wednesday morning trading, another record high set in a nascent bull run fueled by adoption from institutional investors.
According to CoinDesk, the digital currency sold for more than $20,000 for the first time ever during the 8:00 AM EST hour, peaking at a price of $20,696 shortly after 9.
Bitcoin’s latest growth cycle has grown in part from high-dollar purchases by companies such as PayPal, Square, and investment firms like Grayscale. Most recently, Michael Saylor’s company MicroStrategy announced it had raised $650 million to purchase more BTC than the more than 40,000 it already owned. And just last week, Massachusetts Mutual Life Insurance Co. (MassMutual) announced it had acquired $100 million worth of Bitcoin.
Bitcoin Finally Breaks $20,000 Barrier – Is the Cryptocurrency Bubble About to Burst? gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
The Asset Manager Arms Race Has Only Just Begun It was a banner year for mergers in money management as the continuing fee war squeezes margins. Don’t expect it to slow down in 2021.
Brian Chappatta | Dec 16, 2020
(Bloomberg Opinion) For years, the asset-management industry has braced itself for shocks. In 2018, $369 billion poured out of long-term mutual funds in favor of exchange-traded funds, a record at the time. In 2019, the case for traditional actively managed mutual funds became even harder to make when Charles Schwab Corp. jump-started a race to the bottom among online brokerages by eliminating commissions for ETFs along with U.S. stocks and options.
JPMorgan Sees $600 Billion Demand for Bitcoin From Global Institutional Adoption
JPMorgan’s analysts have predicted significant demand for bitcoin following the $100 million purchase of the cryptocurrency by Massmutual. The analysts believe that other traditional investors, including pension funds, will follow suit, leading to a conservative estimate of $600 billion demand for bitcoin.
$600 Billion Demand for Bitcoin
JPMorgan Chase’s analysts wrote a note Friday explaining why they see significant demand for bitcoin. They explained that the recent investment of $100 million in the cryptocurrency by mega insurer Massachusetts Mutual Life Insurance Co. (Massmutual) highlights “the potential for additional institutional demand for the cryptocurrency in coming years,” Bloomberg conveyed. The note adds that the purchase “suggests adoption of bitcoin is spreading from family offices and wealthy investors to insurance firms and pension funds.”