The All-Time High
Bitcoin, the world’s most valuable cryptocurrency, reached an all-time high of ~$19,900 on the 17th of December 2017. Since that day, Bitcoin’s price tumbled for multiple years, reaching a low of $3,130 on the 18th of December 2018. Since 2017, the all-time high has not changed nor has it been challenged, until now.
The Institutional Rally
During the past two years, and especially in 2020, there has been a spike in interest from institutions. The main contender is Grayscale which now holds over 2% of the entire Bitcoin supply on behalf of its institutional clients.
While further adoption from that sector remained quiet for a while, the pandemic accelerated it. When the latter hit, investors were worried about the devaluation of the world’s reserve currency: the US Dollar, given the amount of quantitative easing released (order of Trillions).
This worry about inflation has sent investors to take a closer look at Bitcoin. Some of the more famous names are Paul Tudor Jones, Stanley Druckenmiller, then corporations began putting large portions of their cash in Bitcoin such as Microstrategy with its famous $425M buy and Square.
A 3-Year High
Bitcoin just registered a high of $17,880 on Coinbase today. Since Bitcoin’s creation in 2009, its price only spent 9 DAYS above that price.