Bitcoin finally breaks above $50,000 after so many speculations and analyses. This psychological milestone was hit after MicroStrategy announced it will buy another $600 million worth of BTC. However, this all-time-high was for a short time as Bitcoin battles the influence of bears and bulls.
Meanwhile, MicroStrategy is one of the largest companies holding Bitcoin. The company recently organized a dedicated summit that attracted over 8, 000 executives. As an institutional investor, MicroStrategy is in control of over 70,000 BTC. With this new purchase, the company now holds over $4 billion in Bitcoin investment.
MicroStrategy’s recent moves can be credited for this pump in Bitcoin price. Of course, some other factors contribute to the new high Bitcoin has broken. These factors include:
- Tesla purchasing $1.5 billion worth of Bitcoin
- Rumors of Morgan Stanley buying into Bitcoin
- The US government’s upcoming $1.9 trillion stimulus
Meanwhile, as Bitcoin breaks above $50,000, there have been further speculations for this year. Many enthusiasts have said this is just the beginning as BTC will reach $100,000 in 2021. This new spike in Bitcoin has caused a dump in the price of altcoins. However, as Bitcoin continues to consolidate, alts will soon regain strength and the market will become stable.