Bitcoin (BTC) hits a new ATH today, January 8, 2021. BTC has even passed Facebook; gold has nothing to do with it. Fears that the current rally will come to a screeching halt still remain even though no one yet knows the final destination of BTC during this long bullish phase.
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Michael Saylor: the Peter Schiff of Bitcoin
Bitcoin dipped to the $ 36,700 level today, before climbing back up to hit $ 42,000 for the first time, at 3:10 PM UTC on Bitstamp.
The selling pressure at this level caused a rapid drop of 2.4%. The BTC is trading at $ 40,525 at the time of writing.
While Bitcoin is often the target of attacks by Peter Schiff which ardently defends gold as a store of value, it is gold’s turn to come under attack from CEO of MicroStrategy, Michael saylor.
The latter retweeted a video interview of ’Anthony Pompliano sure CNBC, stating that Bitcoin is 10 times better than gold.
For Michael saylor, gold is a “zombie store of value.”
Mark Zuckerberg will soon have to invest in Bitcoin
Earlier in the week, Bitcoin was still behind Facebook and You’re here in the top 100 assets in terms of market cap.
The BTC just passed Facebook by crossing the $ 41,000 mark. Gold and silver are still ahead, in 1st and 6th place respectively.
This ranking may still be turned upside down in the days to come if the bulls continue to run.
Some analysts hypothesize that the bullish rally will weaken as soon as institutional appetite for the BTC will start to stagnate.
Other factors, other than institutional investor purchases, however, are supporting the current bullish rally: the mainstream media promoting Bitcoin and indirectly of cryptocurrencies in general, the crypto services of PayPal that encourage the entry of new retail investors.
The 42,000 are blocking for the moment. Will the bulls manage to cross it during this weekend or is it the end of the trip? Michael Saylor and Anthony Pompliano now dream of Bitcoin surpassing gold. The BTC is not very far from the latter, however, it still has to climb a few steps. The enthusiasm of the markets should not be underestimated, a crowd movement could push BTC quickly towards $ 50,000 – a recent example for inspiration: the crowd invasion of the Capitol.
Litecoin, welcome in the Silver Age