Bitcoin is one of the most if not the most well-known cryptocurrencies in the world. On Wednesday, bitcoin’s price surpassed $20,000 for the first time in history. According to crypto enthusiasts, the demand from institutional investors helped to boost the price of the world’s most valuable cryptocurrency.
It is worth noting that, bitcoin traded 5.6% higher to a price of around $20,600, taking its year-to-date gains to more than 180%.
The world’s most valuable cryptocurrency has been on a tear this year. According to analysts, the cryptocurrency benefited from big-name investors such as Paul Tudor Jones and Stanley Druckenmiller. Moreover, tech firms such as Square and Microstrategy used their own balance sheets to buy bitcoin.
Importantly, Bitcoin made history and it is not surprising that people would like to learn more about this achievement. Interestingly, in the past, mostly computer programmers, as well as fintech advocates, used to invest in cryptocurrencies. However, the situation started to change as people from different walks of life started to invest in cryptocurrencies.
Bitcoin, Wall Street, and a historic result
Interestingly, Wall Street firms such as S&P Global and Cboe Global Markets understand the importance of crypto market data services. It is worth noting that, S&P Dow Jones Indices recently announced plans to launch crypto indices in 2021. Moreover, Cboe has tapped trading software firm Coinroutes’ crypto market data capabilities.
This week, U.K. asset manager Ruffer notified clients about a new allocation to bitcoin. Interestingly, Rufffer invested around 2.5% of its portfolio in the world’s most valuable cryptocurrency and it recently revealed this information.
As a reminder, Ruffer managed around $27.4 billion in assets by the end of November.
Bitcoin, as well as other cryptocurrencies, gained popularity around the world. Hopefully, people in different parts of the world are willing to invest in cryptocurrencies. Moreover, authorities should work with experts as well as crypto enthusiasts to spread knowledge about the cryptocurrencies. This way more people will gain access to trustworthy information.
Also, cryptocurrencies have the potential to play an important role in modern life. It won’t be easy to persuade authorities in many countries to change their attitude regarding cryptocurrencies. Nevertheless, it makes sense to work with authorities as well as the local population to reach this goal in several years. Importantly, governments should join forces to come up with a common strategy on how to regulate the industry without creating unnecessary obstacles.
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