● Bitcoin Looks to Break All Time High
● $1T Crypto Market Cap on the Table
● Paypal Officially Rolls Out Crypto to US Customers
As always, thanks for joining us for this week’s edition of Overbit News. Though we try and round up and look back on the biggest news stories in the financial markets, our first story of the day is a bit of looking forward-thinking about where Bitcoin could be headed once it breaks $20,000.
Hopping right in, we’re going to cover Senior Bloomberg analyst Mike McGlone’s prediction. McGlone is working on a thesis that the “next big resistance” for Bitcoin, is the fabled $1T Market cap, which would put BTCUSD a little bit above $50,000. The $1T market cap has been a long-awaited milestone for the cryptocurrency industry and would put Bitcoin into the limelight as a legitimate asset.
As we see BTC/USD touch close to $17,000USD, McGlone stated that Bitcoin is “the digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021,” McGlone stated.
While the whole world is looking to their central banks for help, Bitcoin appears to keep growing regardless of economic climates of the world, which is gaining credence to Bitcoin being the world’s safest asset, and with that, we’ll head into our next story with Citibank.
In case you missed it, Tom Fitzpatrick, a Citibank executive, made a much higher prediction than McGlone, saying that Bitcoin would reach $318,000 by the end of 2021. This is quite the prediction as that represents an 1800% increase from the current price at the time of writing. Fitzpatrick’s projection lines up with the trajectory of Gold in the 1970s, from where it went from a 50-year timeline of trading in the $20-35 range before technical changes led Gold on a multi-decade ascent into the $2000 range. In conclusion, he stated that with the Covid-19 pandemic still haemorrhaging economies around the world, governments would continue responding to the crisis by printing more money and that will lead more investors to choose bitcoin as a result.
As the demographic shifts towards more people wanting Bitcoin, this leads us to our final story of the day. PayPal announced that it’s opening up their waitlist to buy, hold, and sell cryptocurrency in the United States. This includes allowing customers to move crypto between accounts, with limits from $10,000 per week to up to $20,000 a week (representing approx 1-1.5 Bitcoins at the time of writing).
The Paypal partnership will be powered by Paxos, as released earlier this year. Lastly, to attract customers, Paypal will be waiving crypto fees until 2021.
With Bitcoin entering its next supercycle, it’s important to hedge your bets, but ride the trend, and Overbit has the tools, products, services, and educational tools to prepare you, and as always thanks for reading, Overbit.com News.