Bitcoin Sets New All-Time High at $49,400

Bitcoin Sets New All-Time High at $49,400

Bitcoin just rocketed to a new all-time high at $49,400 despite consolidation in the price of Ethereum. The leading cryptocurrency set this new high after spending most of the past week in the $47,000 range.

Bitcoin is moving higher on continued institutional support of the coin.

Tesla revealed last Monday that it holds a significant amount of the cryptocurrency, which it purchased to hedge its cash position and to provide liquidity for its intent to accept BTC payments.

Institutional Support to Drive Further Bitcoin Demand

Raoul Pal, the chief executive of Real Vision and a former Goldman Sachs head of hedge fund sales in Europe, stated that the introduction of institutions like Tesla will create a recursive feedback loop that will drive demand for Bitcoin:

“Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it. A perfect reflexive loop with the little guy front running it all.”

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