Bitcoin, brighter than 24 carats – 2020 has been an extremely colorful year for Bitcoin (BTC). From the worst fears of the coronavirus crisis that briefly caused every market on the planet to collapse, to the current strong bullish move in The News Spy platform that has pushed it past its former highs, the emotional roller coaster we have offered the king of cryptos have been significant this year. However, one thing has clearly changed: the vision of institutions on Bitcoin.
Bitcoin more coveted than gold as a safe haven?
After the anxiety crisis and the crash generated by the Covid-19 in March 2020, the various markets – stock markets and cryptos in particular – have recovered fairly quickly and well.
In the first months that followed, gold was the first safe haven that gave a signal in the face of massive monetary first impressions decided by governments, in an attempt to counter the economic effects of the Coronavirus crisis.
From the summer of 2020, the gold metal has effectively beaten its old highs , even passing above the symbolic 2,000 dollars an ounce (31.1 g).
However, a new store of value , even more prized than the precious metal, will emerge thereafter. This is of course the bitcoin invented by Satoshi Nakamoto.
Big companies, institutions, billionaires: they all want to protect themselves with Bitcoin
From September 2020, this movement was largely initiated by the company MicroStrategy and its CEO Michael Saylor . With the purchase of tens of thousands of bitcoins , the company listed on the Nasdaq and its leader wanted to provide themselves with a “cash alternative” to protect themselves from a possible fall in the US dollar .
And if we believe the excellent performance of Grayscale funds , they are far from the only ones. Eh yes ! These crypto investment funds are all particularly intended for institutional investors , apart from the quantity of crypto-assets under management of Grayscale have been increasing steadily in recent months, by billions of dollars .
Here too, Bitcoin’s role as a safe haven is mentioned in the face of the risk of government fiat currencies being devalued by rampant inflation .
This is also the opinion shared by many billionaires : from Paul Tudor Jones to Ricardo Salinas Pliego , via Chamath Palihapitiya and many others. Everyone wants to protect themselves against the hyperinflation of fiat currencies, thanks to Bitcoin.
The world has changed in many ways this year 2020, and so has Bitcoin. The king of cryptos seems to have earned his stripes of store of value, like gold, with the prospect of returns deemed higher than those of gold metal.