Bitcoin was fast approaching the $50,000 mark today as the afterglow of Elon Musk-led Tesla's investment in the cryptocurrency had investors reckoning it may become a mainstream asset class for both corporations and money managers.
Musk, a well-known supporter of cryptocurrencies, foresees accepting the currency as a payment for Tesla cars and analysts reckon this is a larger shift as companies and big investment houses follow small traders into the asset. Still, in Bank of America's January fund manager survey, bitcoin topped the list of "most crowded" trades. Another survey, by Deutsche Bank, warned of price bubbles in the cryptocurrency.
"We're in a position where these are the earliest phases of an allocation to bitcoin from the institutional and corporate community," said Michael Bucella, partner at crypto investment firm BlockTower on CNBC.
It's a volatile make believe non currency. Beware of fools gold.
The collapse of this bubble, when it inevitably comes, will burn a lot of people ! Another proof, if any be needed, that greed overcomes common sense every time
buy bitcoin and wait, don't wait to buy bitcoin
A disaster waiting to happen. Liquorices allsorts of hidden money. I hope no Irish pension funds involved, ie, hedge funds.
Bitcoin was $1 10 years ago. Ethereum is nearest competition and went from $0 to $1800......newest kid on the block is solana and you can get it for $7
$ADA for the win
Buy $HBAR
50k by the end of the month