{"id":134820,"date":"2020-12-16T16:44:06","date_gmt":"2020-12-16T13:44:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-hits-20000-for-the-first-time-in-history\/"},"modified":"2020-12-16T16:44:06","modified_gmt":"2020-12-16T13:44:06","slug":"bitcoin-price-hits-20000-for-the-first-time-in-history","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-hits-20000-for-the-first-time-in-history\/","title":{"rendered":"# Bitcoin price hits $20,000 for the first time in history"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfc5cf2e3d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfc5cf2e3d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-hits-20000-for-the-first-time-in-history\/#Institutional_demand_is_fueling_the_Bitcoin_rally\" >Institutional demand is fueling the Bitcoin rally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-hits-20000-for-the-first-time-in-history\/#BTC_is_increasingly_viewed_as_a_store_of_value\" >BTC is increasingly viewed as a store of value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-hits-20000-for-the-first-time-in-history\/#Bitcoins_fundamentals_are_stronger_than_ever\" >Bitcoin&#8217;s fundamentals are stronger than ever<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price hits $20,000 for the first time in history<br \/>\n<\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>\nThe price of Bitcoin (BTC) has reached $20,000 for the first time in history on Dec. 16. The historic milestone comes just over two weeks after breaking its previous all-time high.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/406a072a-5f6f-4534-9bb5-d62a1a25dc61.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD weekly chart. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>At the same time, this rally is different from 2017&#8217;s due to several reasons that could help BTC soar even higher.\u00a0These include growing institutional demand, the increasing perception among investors that BTC is a store of value, and stronger network fundamentals.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Institutional_demand_is_fueling_the_Bitcoin_rally\"><\/span>Institutional demand is fueling the Bitcoin rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In December 2017, data suggested that retail and mainstream investors were behind the Bitcoin rally. At the time, CME BTC futures had just launched and there was a lack of institutional investment vehicles.<\/p>\n<p>As such, the rally was mostly fueled by retail investors, which came to an abrupt stop after a strong whale-induced sell-off.<br \/>\n<template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>This time, institutional investor-focused platforms are seeing an explosive increase in trading activity. For instance, the CME BTC futures market recently notched a $1.27 billion open interest, ranking just behind OKEx as the second-largest in the global Bitcoin market.<\/p>\n<p>Institutional investors are not likely to invest in Bitcoin with a short-term strategy. Many are increasingly viewing it as a digital store of value and an alternative to gold.<\/p>\n<p>As Cointelegraph reported earlier, the rise in Grayscale&#8217;s Bitcoin Trust premium, suggests that institutions are increasingly looking for exposure to BTC and paying above spot market price for the privilege.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_is_increasingly_viewed_as_a_store_of_value\"><\/span>BTC is increasingly viewed as a store of value<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Both institutions and high-net-worth investors are starting to acknowledge Bitcoin as a store of value and as a treasury asset.<\/p>\n<p>MicroStrategy, the publicly-listed company in the U.S. that purchased $450 million worth of BTC earlier this year, sparked a trend that has led other institutions to allocate their capital into Bitcoin. <\/p>\n<p>The perception of BTC as a hedge against inflation and a stable store of value could make BTC compelling for the broader financial sector in the medium to long term. Michael Saylor, the CEO of MicroStrategy, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/michael_saylor\/status\/1333468351662796801\">said<\/a>:<\/p>\n<blockquote><p>\u201cBitcoin is the world\u2019s best treasury reserve asset and the emerging dominant monetary network. It is the solution to the store of value problem faced by every individual, corporation, and government on earth. As this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> gets out, the world is going to change for the better.\u201d<\/p><\/blockquote>\n<p>At the same time, Bitcoin&#8217;s performance has dwarfed gold&#8217;s this year once again as well as the S&amp;P500&#8217;s, despite the precious metal and the latter breaking their own all-time highs this year.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/ecd86e38-cbfe-4d1c-9e2d-583cd052bc5a.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC vs. Gold vs. SP500 2020 performance. Source: Ecoinometrics<\/em><\/figcaption><\/figure>\n<p>Hence, it is no surprise that Wall Street is now taking Bitcoin more seriously than in 2017. Further evidence of this was revealed on Dec. 3 when the S&amp;P 500 announced that it plans to roll out their own cryptocurrency indexes next year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoins_fundamentals_are_stronger_than_ever\"><\/span>Bitcoin&#8217;s fundamentals are stronger than ever<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, Bitcoin&#8217;s fundamentals are stronger than ever as the network is now moving $500,000 per second around the globe. In other words, Bitcoin transfers $4.627 billion in value per day.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/4a864aa2-5fdf-4c61-863c-5125bc525de4.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin network hash rate. Source: Blockchain.com<\/em><\/figcaption><\/figure>\n<p>The network is also ten times more secure than in late 2017 as the\u00a0hash rate and mining difficulty continue to hit new high this year. The hash rate indicates how much computing power is being dedicated to validating Bitcoin transactions and securing the network.\u00a0<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-hits-20-000-for-the-first-time-in-history\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price hits $20,000 for the first time in history &#8221; The price of Bitcoin (BTC) has reached $20,000 for the first time in history on Dec. 16. The historic milestone comes just over two weeks after breaking its previous all-time high. BTC\/USD weekly chart. Source: Tradingview At the same time, this rally is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":134821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/027ef07b-1c7a-4e6e-a3bc-cedb83ef0462.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-134820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/134820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=134820"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/134820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/134821"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=134820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=134820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=134820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}