{"id":3034,"date":"2020-12-17T08:23:45","date_gmt":"2020-12-17T08:23:45","guid":{"rendered":"https:\/\/timestampmag.com\/?p=3034"},"modified":"2021-01-27T22:52:06","modified_gmt":"2021-01-27T22:52:06","slug":"why-were-seeing-bullish-vip-sentiments-going-into-2020","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2020\/12\/17\/why-were-seeing-bullish-vip-sentiments-going-into-2020\/","title":{"rendered":"Why We’re Seeing Bullish VIP Sentiments Going into 2021"},"content":{"rendered":"

The crypto market has been on a \u2018tear mode\u2019 as high-profile institutional players drive Bitcoin to a <\/span>new all-time high<\/span><\/a>. Bitcoin has widely been perceived as a speculative asset traded by the retail players to drive quick gains, at least this was the narrative that fueled the 2017 bull-run which saw a lot of people become millionaires.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Image Source: <\/i><\/b>The Industry Spread<\/span><\/i><\/a><\/p>\n

But with the recent unfolding, it\u2019s becoming clear that <\/span>Bitcoin<\/span><\/a> isn\u2019t just a speculative asset, especially with the entrance of Hedge Fund managers who look towards hedging against hyperinflation and the U.S dollar which has continuously been devalued.\u00a0<\/span><\/p>\n

The current bull-run has been mainly fueled by institutional players who are interested in diversifying their asset holdings into Bitcoin, making the digital asset a part of their portfolio. From Hedge Fund manager <\/span>Paul Tudor<\/span><\/a> to <\/span>MicroStrategy<\/span><\/a> and payment giant <\/span>PayPal<\/span><\/a>, this year has witnessed a massive influx of institutional players.\u00a0<\/span><\/p>\n

The renewed mainstream interest in <\/span>Bitcoin<\/span><\/a> has been evident in the number of Bitcoin addresses holding more than 10,000 bitcoins and decreasing balance on exchanges which shows that more people are unwilling to sell their Bitcoin. Data <\/span>shows that<\/span><\/a> the number of Bitcoin addresses in possession of 10,000 bitcoins and above has witnessed a massive increase in the last month.<\/span><\/p>\n

The trend started in June when the business analytic company MicroStrategy announced the decision to start accumulating Bitcoins. BTC gained $1,500 in a single day and hit the yearly high at $12,000. Since announcing its decision, the firm has invested up to $475 million in Bitcoin.\u00a0<\/span><\/p>\n

The move was swiftly sustained by Square who announced the purchase of Bitcoins worth $50 million and PayPal dropped a bombshell,\u00a0 announcing that it would allow users to buy, sell and hold Bitcoins in their wallets on the platform. VIP Sentiment has quickly pivoted over the years with notable people talking bullish about Bitcoin and dishing out predictions.\u00a0<\/span><\/p>\n

9 Out Of 10 Institutional Investors Want To Buy Bitcoin<\/b><\/h2>\n

Bitcoin adoption is materializing in the traditional investment industry with the speed of light, according to a <\/span>survey conducted<\/span><\/a> by market research firm Pureprofile for<\/span> Evertas<\/span><\/a>, <\/span>the report noted that 90% of institutional investors were willing to buy bitcoin due to improved regulatory structures.\u00a0<\/span><\/p>\n

This not only shows that VIP sentiment has quickly pivoted in the past years, but regulators have also realigned their stance, providing a soft landing for the digital asset.\u00a0<\/span><\/p>\n

As <\/span>crypto<\/span><\/a> regulation continues to take good shape around the world,\u00a0 more mainstream financial services companies and fund managers are likely to flood the markets, creating and establishing a wider range of investment vehicles and funds to choose from.<\/span><\/p>\n

As VIPs Sentiment Turns Bullish, let\u2019s Revisit Some Intriguing Predictions<\/b><\/h2>\n

\"\"<\/p>\n

Image Source: <\/i><\/b>BTCHeights<\/span><\/i><\/a><\/p>\n

Although 2020 has been a very difficult and strenuous year, ironically, it has been a catalyst year for the crypto industry and Fintech at large. With this pace and momentum, 2021 could be ushered in with a more renewed interest in the crypto industry. With China leading the space for the adoption of CBDC and most countries drafting favorable crypto regulations, one can foresee 2021 as the year for greater institutional interest.\u00a0<\/span><\/p>\n

Traditional financial institutions falling in love with Bitcoin seem to be making major headlines this year. Going into 2021, such moves might no longer be considered news. Reacting to Massachusetts Mutual Life Insurance Co. <\/span>purchase of<\/span><\/a>\u00a0 $100 million worth of bitcoin, CEO of major cryptocurrency exchange Binance <\/span>tweeted<\/span><\/a>:\u00a0<\/span><\/p>\n

\u201cSoon, companies buying $100M of<\/span><\/i> #BTC<\/span><\/i><\/a> won’t be “news”. Rather, companies that don’t buy BTC will become news, bad news for them.\u201d<\/span><\/i><\/p>\n

Even before Bitcoin broke the 12k psychological resistance in August, VIPs have been insanely bullish on Bitcoin. Just after the 2020 Bitcoin halving in May, <\/span>Founder, and CEO of\u00a0 Pantera Capital Dan Morehead dished out a bullish prediction for Bitcoin in a letter he addressed to investors. He <\/span>said<\/span><\/a>, \u201cIf history were to repeat itself, Bitcoin would peak in August 2021 at $115 212.\u201d<\/span><\/p>\n

Since reaching 10k in the wake of the halving event in May 2020, Bitcoin has almost doubled its price. Following this prediction streak, Glassnode CTO Rafael Shultze-Kraft on December 9 <\/span>dished out<\/span><\/a> what he described as an \u201cinsanely bullish\u201d prediction. <\/span><\/p>\n

The Chief Technical Officer of the crypto market data aggregator described a slew of Bitcoin (<\/span>BTC<\/span><\/a>) market indicators as \u201cinsanely bullish,\u201d and, predicting that Bitcoin prices are set to increase by more than 10 times from the currency price. With this current price, Shultze-Kraft is predicting that Bitcoin has the potential to hit $180,000 and beyond.\u00a0<\/span><\/p>\n

According to Kraken Year-End Sentiment Survey, VIPs of the popular crypto exchange <\/span>offered bullish forecasts<\/span><\/a> for Bitcoin and Ethereum in 2021, with high-end estimates for their price appreciations topping $250,000 and $15,010, respectively.<\/span><\/p>\n

Why The Uprise In Positive VIP Sentiment?<\/b><\/h2>\n

A number of factors could be contributing to the upsurge in positive VIP sentiment as Bitcoin rallies to a new all-time high. Among these factors; an improvement in the existing crypto regulatory framework is also setting the pace for traditional financial players to feel confident about crypto dealings.<\/span><\/p>\n

Bitcoin is seen as a Good Hedge against QE Infinity. <\/span>Commenting on<\/span><\/a> the continuous devaluation of fiat currency, CEO of business analytic firm MicroStrategy Michael Saylor compared the state of MicroStrategy\u2019s treasury to \u201ca block of melting ice\u201d:<\/span><\/p>\n

\u201cThe purchasing power of cash is debasing rapidly. What we\u2019re trying to do is preserve our treasury.\u201d<\/span><\/i><\/p>\n

Following the depletion of Treasury Bonds which was previously used by MicroStrategy to manage the value of their treasury, the company has shifted focus to Bitcoin. Saylor also believes that gold is outdated and uninventive, pointing out that investors buy it as a habitual store of value. However, Saylor insisted that investors will likely dump it for a more superior store of value in the future in the face of an evolving economic and technological age.<\/span><\/p>\n

In 2013, recall that Saylor was a frantic Bitcoin critic who believed the digital asset was going to zero. Following his Bitcoin purchase, a <\/span>tweet he made<\/span><\/a> criticizing Bitcoin was ducked up: <\/span><\/p>\n

\u201c#Bitcoin days are numbered. \u00a0 It seems like just a matter of time before it suffers the same fate as online gambling.\u201d<\/span><\/i><\/p>\n

The case of Michael Saylor is typical of many other financial big names whose sentiment about Bitcoin has greatly pivoted in the past years. 2021 could be the year we have been waiting for, an era where traditional financial players will shift focus to Bitcoin.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market has been on a \u2018tear mode\u2019 as high-profile institutional players drive Bitcoin to a new all-time high. Bitcoin has widely been perceived as a speculative asset traded by the retail players to drive quick gains, at least this was the narrative that fueled the 2017 bull-run which saw a lot of people […]<\/p>\n","protected":false},"author":12,"featured_media":2993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[30,186,241,370,444,137,446,445,389,410],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/3034"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=3034"}],"version-history":[{"count":3,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/3034\/revisions"}],"predecessor-version":[{"id":3113,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/3034\/revisions\/3113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/2993"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=3034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=3034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=3034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}