At a recent peak of $13,843 according to data obtained from Coingecko.com, bitcoin set a 15 month all-time high record. Now, some analysts believe that breaking past $14,500 would leave no doubt that a bull run has begun. With the growing interest in bitcoin, this article takes a quick look at three important events that gave impetus to the recent rise in the price of bitcoin.
Forbes.com
1. The News Of PayPal's Support For Bitcoin
Perhaps the first event that did kick-start the surge we are now seeing in the price of bitcoin would be the PayPal. Known as the largest online payment processing platform in the world, PayPal recently announced that beginning from 2021 it will be enabling support for bitcoin, bitcoin cash, litecoin, and ethereum.
PayPal, which monthly processes billions of dollars in online payments, has a network of over 26 million vendors. The move, which many see as a great leap for crypto adoption, will make it possible for the already stated cryptos to be spent within those network of vendors. Small wonder, the price of bitcoin responded positively as many do not want to be left out of what is taking place.
2. Massive Investment In Bitcoin From Publicly-Listed Companies
Another vital event to which the recent jump in the price of Bitcoin could be attributed would be the massive buying of bitcoin that came from publicly-listed companies such as Microstrategy and Jack Dorsey's Square.
Microstrategy had invested $425m in bitcoin some weeks before Square came on board with its $50m investment in bitcoin. One can easily say that these investment gave many more people the nerve and confidence that were needed to invest in bitcoin.
3. Singapore's Biggest Bank Launches Crypto Exchange
The last of the three events which possibly triggered a surge in the price of bitcoin is the launch of a crypto exchange by DBS, Singapore's largest bank. Like traditional exchanges, the new platform being launched by DBS will facilitate the exchange between top cryptocurrencies and fiat and vice versa.
It is important to mention that the exchange will only be opened to financial institutions and professional market markers. Undoubtedly, this has the potential to open up the cryptospace for more institutional investors, and other big players, from around the world.
Most interestingly, DBS could inspire other big banks from around the world to also launch exchanges that will enable fiat and crypto transactions. When that happens, it might have become almost too late to buy bitcoin.