Bitcoin (BTC) experienced a very positive week with price increases and events that helped it strengthen. Today we bring you the TOP of Bitcoin news of the week so that you do not lose sight of the most relevant information.
Top 5 Bitcoin news
The top Bitcoin news this week is quite loaded, we tell you everything you need to know to start the week properly.
1. Price explores a new galaxy
On November 12, the price of Bitcoin surpassed $ 16,000 for the first time in 3 years. The question that day was whether or not it would manage to hold onto this key level, today, 3 days later, the price of BTC is holding slightly above $ 16,000.
However, these three days have been far from perfect. The leading crypto yesterday fell back below $ 16,000, just after hitting $ 16,400.
Was the pullback bad news? The answer is no. With this setback, and subsequent recovery of the key level, Bitcoin demonstrated to the crypto community that it is holding on to 16,000.
Analysts maintain their position that the leading crypto may start accelerating in its run to $ 20,000 in December.
2. Battle to the death between Bitcoin and gold
One talking point that made quite the impact this week was promoted by Anthony Pompliano and Michael Saylor, CEO of MicroStrategy.
If you have been living with the crypto community for a long time, you will know that BTC has been classified as “digital gold” since its inception. However, this week, Pompliano and Saylor offered a different perspective on the matter.
Basically both agree that BTC is an improved version of gold and to consider it as its “digital version” would be to accept that both can coexist.
Consequently, Pompliano and Saylor point to a reality where Bitcoin will kill gold sooner or later.
Saylor argues that “it is dangerous to think that Gold and Bitcoin are similar and complementary investments. When the BTC dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold.
Quick back of the napkin calculation.
A full capitalization of BTC [along the lines of the growth curve] would equate to a near 10 trillion dollar market cap. This would put it on a par with gold’s, which is currently around 9 trillion.
You saw it here first.🙂 pic.twitter.com/ScTsbxYB09
– dave the wave (@davthewave) November 12, 2020
In fact, one crypto analyst, @davthewave, projected that between 2030 and 2040, Bitcoin’s market capitalization will catch up to that of gold.
What’s more, Pompliano also offered a similar projection, noting that BTC’s market capitalization will surpass that of gold in December 2030.
3. Crypto panic: CNBC predicted five more months of rise for Bitcoin
We know that when reading this header you might think it is a mistake. The reality is that no, it is not a mistake. Some crypto traders pointed out this week that Brian Kelly brought bad news for Bitcoin.
Bitcoin bounces back! The cryptocurrency broke above $ 16,000 today for the first time since 2018 as investors jumped back into the trade. Bitcoin Baller @BKBrianKelly looks at what could fuel the bullish boom. pic.twitter.com/6cUegXrhPW
– CNBC’s Fast Money (@CNBCFastMoney) November 12, 2020
The facts are, this week Kelly went public with his enthusiasm for Bitcoin. Specifically, he pointed out that we could see five bullish months for the crypto leader.
However, Twitter did not take it well. The reason is that the idea that “you should always do the opposite of what CNBC suggests” has become popular.
Accordingly, crypto Twitter was quick to say that if CNBC suggests it, it’s best to sell.
In fact, some even asked that he delete the tweet. However, CNBC paid no attention to it.
4. Grayscale increases its position in Bitcoin
This week Grayscale bought 15,114 Bitcoins, raising its positions to 506,000 BTC, or roughly $ 8 billion invested in Bitcoin.
Thus, Michael Sonnenshein, Managing Director, declared to have raised $ 262 million, of which $ 155 million was in BTC.
5. New president in the United States, what does it mean for BTC?
Additionally, rumors spread this week about possible members of Joe Biden’s team with knowledge of Bitcoin and crypto. Consequently, the question is: What could it mean?
So some of these members who might have knowledge about Bitcoin are Lael Brainard and Gary Gensler. If you want to know more about them and their thinking about Bitcoin, read our note:
Also this week, in an interview for ABC News, Cynthia Lummis noted that she hopes to bring BTC into the national debate in the United States.
In fact, Lummis noted, “I’ve always looked for a good store of value, and Bitcoin fits that project.”
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