The current bullish price run for Bitcoin (BTC) seems almost unstoppable currently. Since Bitcoin has done it again, it hit another all-time high today, February 17. And along with this rally, the other cryptocurrencies also rose.
Bitcoin broke the psychological barrier of $ 50,000. After multiple tests of this level in the course of the past week. Additionally, banks are revealing their interest in BTC and more public companies are starting to jump on the Bitcoin train.
Now, Bitcoin’s rally could continue in the short term, some analysts and traders consider. After the largest cryptocurrency by market cap soared today to a new record price above $ 51,000.
The price of Bitcoin is currently at $ 52,370 according to our internal Crypto Online tool. Thus growing 7.95% in the last 24 hours.
A survey reveals that 5% of CFOs of companies plan to buy BTC in 2021
A small-scale study by financial executives has revealed that 5% of companies intend to invest in Bitcoin this year. And another 11% say they could do it in 2024.
The survey by Gartner comes on the heels of news that Tesla invested $ 1.5 billion of its cash reserve in Bitcoin. MicroStrategy, which has also invested heavily in the token, announced a $ 600 million convertible bond offering on Tuesday. With the intention of using the proceeds to acquire more Bitcoin.
The 77 respondents, including 50 chief financial officers (CFOs) among other executives, had very different views. Depending on the sector in which the company works.
The technology sector was the one that showed the most attraction towards Bitcoin. Since 50% of the respondents in this industry expected to have the cryptocurrency in the future, regardless of the size of the organization.
Although the majority of respondents (84%) stated that their main investment concerns revolve around the financial risk that comes with the high volatility of the price of Bitcoin. It also appears that many are taking a wait-and-see approach.
For their part, more than 70% stated that one of the main things they want to know is what others are doing with Bitcoin. Almost as many want to know more than regulators think on the matter to help them understand the inherent risks. To the possession of the digital asset.
“Bitcoin mania is not a fad,” says Wedbush analyst
Wedbush Securities, a leading wealth manager based in Los Angeles, California, believes that BTC is becoming a permanent fixture in the global financial market.
Dan Ives, CEO of the company, informed clients Wednesday that the adoption of Bitcoin by various companies represents a bigger story than the mere prediction of the future price of the digital currency.
“We believe that the story and theme here is much bigger than simply investing in Bitcoin and predicting its future price. If not rather around the potential ramifications that cryptocurrencies, blockchain and Bitcoin could have on the entire tech and business world in the next decade »he said in a note that was obtained by CNBC.
He also explained why the so-called “Bitcoin mania” is not a fad:
“From PayPal and Square to companies such as Nvidia, Tesla, IBM, Visa, Mastercard and many others across vertical markets. We believe that the trend of transactions, investments in Bitcoin, and initiatives driven by the Blockchain could emerge in the coming years. As this Bitcoin-mania is not a fad in our opinion, but rather the beginning of a new era on the digital currency front.
Asset manager BlackRock ‘is starting to foray’ into the Bitcoin market
Leading money management firm BlackRock, which has more than $ 6.5 trillion in assets under management, revealed its approach to Bitcoin. According to Rick Rieder, chief investment officer at BlackRock, the asset manager “is starting to dabble in” the BTC market.
In a recent interview on CNBC Squawk Box, the CIO opined that the technology around cryptocurrency and the regulation surrounding assets have evolved. This made several people think that Bitcoin “should be part of the wallet.” Rieder believed that this in particular was “driving up the price.”
As Rieder suggested in the interview, BlackRock still does not recommend anything specific regarding Bitcoin. However, as people now have more cash, adding a piece of Bitcoin to their wallet “seems to make some sense.”