During this week the crypto ecosystem was very moved, generated mainly by the rise of the main cryptocurrency in the market, Bitcoin. So, today, we will take a tour of five notable Bitcoin news this week. Let us begin.
Bitcoin price surpassed $ 13,000 after PayPal entered the crypto space
Bitcoin (BTC) surged above $ 13,000 for the first time since July. And this is the third time since the highest bull run of all time at the end of 2017.
The rally was triggered by news that global payments giant PayPal will accept payments in Bitcoin, Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Quantum Economics founder Mati Greenspan said the move was driven almost entirely by PayPal.
“I have no doubt that this news is almost solely responsible for today’s extended earnings.”
The news that PayPal will start supporting Ethereum, Litecoin and Bitcoin caused this latest Bitcoin rally. The cryptocurrency market exploded across the board with this news. While stocks and metals continued to decline due to a second wave of the pandemic.
Bitcoin could surpass its all-time high in two months
Continuing with the five outstanding Bitcoin news, it was also known that the cryptocurrency now has a 7% probability of exceeding its all-time high of $ 20,000 by the end of this year.
According to data from the chain analysis source Skew, as of October 22. Bitcoin options were moving in favor that we will continue to see higher prices in 2020.
So, with a 7% probability, Bitcoin could be above $ 20,000. Its historical maximum, for December 31, 2020.
BTC price hit record in seven countries
Compiled by businessman and market commentator Alistair Milne, the exchange rate figures show that at this week’s highs, Bitcoin was worth more than ever in seven currencies.
The exchange rate surprised many and came at a time when the fiat currencies of many countries, specifically those of developing countries, were suffering from the coronavirus and the impact of the economic reactions of central banks to it.
In Brazil, for example, where 1 BTC now buys more reals than ever, savers saw the value of their currency fall by 28% against the US dollar in a single year.
At 209 million, Brazil made up the largest country by population on Milne’s list. The others include Turkey, Argentina and Venezuela, with a total population of all the countries involved of 450 million.
Milne also predicted that Russia and Colombia would soon join, followed at some point by “all other fiat currencies.”
Paul Tudor Jones and his interest in Bitcoin
Billionaire hedge fund manager Paul Tudor Jones, who also has holdings in the precious metal, revealed his interest in Bitcoin earlier this year. Which set off a nonstop shopping spree.
Jones compares Bitcoin to investing in Apple or Google because it is still too early despite the asset’s high prices (today almost $ 13,000). Bitcoin price predictions for the next few years place it between $ 400,000 and $ 1 million.
For the investor Paul Tudor Jones, it can be repeated for those who invest in Bitcoin right now. Well, despite the fact that BTC already generated multimillion-dollar profits for its first investors during the rally of 2017. The cryptocurrency could still make a much greater jump in its price according to the vision of this investor.
BTC price increase to $ 500,000 is inevitable according to the Winklevoss brothers
We wrap up our top five Bitcoin news of the week with the founders of cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss. They said that Bitcoin (BTC) will eventually hit $ 500,000 per coin during a recent interview with podcast host Peter McCormack.
“The question on our mind is not so much if it hits $ 500,000, but how fast,” Tyler told McCormack during the October 23 podcast episode. His thesis takes into consideration the market capitalization of gold and the theoretical allocation of the central bank. “I’d say Bitcoin at $ 500,000 is actually quite conservative and the game hasn’t even started,” Cameron noted.
The basis for the interview was a report by Tyler and Cameron published in August 2020, titled: The Case for $ 500K Bitcoin. The brothers began building the report in January 2020, Cameron said in the interview with McCormack.