Bitcoin Bulls are Back Again, Push BTC Price to All-Time New High at US$28,579.59

The bulls struck again on early-Wednesday when they pushed the Bitcoin price against the US Dollar (BTC/USD pair) to an all-time new high at US$28,579.59, thereby inching closer to the psychologically relevant US$30,000 level. 

It took BTC a couple of days to reach a new all-time high above the US$28,500-level after breaching above the US$28,000 level on Sunday morning and reaching US$28,352.63. After Sunday, the price dropped to US$26,226.70. But on early Wednesday morning, the price again gained over 4% in the last 24-hours, taking the year-to-date return to over 295%. 

Heavy buying by institutional investors is driving the market high. Some of the biggest Bitcoin investments in December 2020 came from Anthony Scaramucci’s Skybridge Capital (invested US$25-million in new bitcoin fund) and America’s one of the largest life insurance companies MassMutual (US$100-million). 

Guggenheim Funds Trust has recently filed an amendment with the U.S. Securities and Exchange Commission (SEC) for allowing its US$5-billion Macro Opportunities Fund to invest up to 10% of the Grayscale Bitcoin Trust’s (GBTC) net asset value. 

The next age of Bitcoin’s mass adoption has just started as one of the top NFL players, Russell Okung, asked for salary payment in Bitcoin. He reportedly received half of his $13 million fees in Bitcoin. Okung became the first player in the NFL to receive payment in Bitcoin. Official announcement said that Okung used BTC payments startup Zap to convert US$6.5-million of his NFL salary into Bitcoin. Okung, a great supporter of digital currency, had wished for receiving his salary payments in the form of Bitcoin in May 2019. Reports say that he demanded salary payments in Bitcoin because he felt the rising inflation is eating away his salary, paid in US Dollar. 

On Twitter, he said: “When we are all paid in Bitcoin, no one can tell us what to do with the value we create. If you think elections are rigged, wait until you learn about the US dollar. You can make ‘x’ a year and watch it slowly erode with inflation or you can protect your hard-earned money with Bitcoin.”