As many of us know, Bitcoin has recently received a large amount of attention due to large purchases from companies including Tesla and Square. These purchases, mainly Tesla's, skyrocketed the price of Bitcoin from $30K to an All Time High (ATH) of $58K. As of the writing of this article, Bitcoin is hovering around $50K.
Of course, this is great for all of the current holders of Bitcoin. However, with the large amount of money being funneled in by institutional investors, it seems that Bitcoin has long transformed from the peer-to-peer cash and turned into a digital gold that is used by these billionaires and these major companies as another store of value. However, this is not necessarily detrimental to retail investors. For those who experienced the infamous Bitcoin crash, many have PTSD when Bitcoin dips 10-15% in a day. Of course, it can be difficult watching your investments fluctuate so rapidly. I am under the belief that due to the investments of these large companies, Bitcoin will not experience a crash of that magnitude in the near future. These companies and billionaires will ensure that their investments don't get slashed. Even though Bitcoin can still be considered a risky investment, it is not nearly as high risk as it was years ago.
That is not to say that these institutional investors care about the Bitcoin community or retail investors. They wish to ensure that their investments increase their net worth. And as always, with such a large amount of money in the hands of a few investors, there is the unfortunate reality of market manipulation occurring.
How do you all feel about these recent events? Please let me know in the comments. Also, if you have any comments or criticisms, please let me know! This is my first post on publish0x, and I want to be able to improve my writing!
