This time feels completely different.The last time Bitcoin touched $16,000 was in December 2017.There was no Michael Saylor and MicroStrategy buying Bitcoin.Square didn't have Bitcoin on its balance sheet.There was no No PayPal selling Bitcoin to millions of customers.There was no Bakkt selling physically-settled Bitcoin futures.There was no licensed crypto custodian (we have Coinbase Custody and Gemini Custody now).Grayscale Had $2.9 billion assets under management (AUM). Now they have $7.49 billion.Billionaire fund managers including Paul Tudor Jones, Bill Miller and Stan Druckenmiller were no buying Bicoin.More importantlyBlock rewards were 12.5 BTC (Now its 6.25 BTC).If you put these fundamentals into perspective, you can run the numbers on how high or low Bitcoin can go during this bull run.
Submitted November 13, 2020 at 06:43PM
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