Bitcoin Price AUD: $100k becomes more realistic by the day
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Bitcoin Price AUD: $100k becomes more realistic by the day

December 21, 2020 • 
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Bitcoin Price AUD
Bitcoin is confidently, quietly, and gracefully breaking all-time highs, and yet only those that are currently holding or in the industry are paying attention.

Why JP Morgan Thinks Bitcoin is Still a 10x from Current Levels.

The last time the Bitcoin price AUD was at these heights it was one of the most searched terms on Google in 2017. Look at this graph that documents interest, based on search terms provided by Google trends.

You can clearly see that the current search interest does not compare to the last bull run, yet the price is almost as high.

So what is different this time?

Rather than the flurry of retail investors that entered in 2017 this time we are seeing careful accumulation from institutions buying Bitcoin. 

Retail has been ambushed and might not even realize we are in a bull run until the market is back at all-time highs.

And that’s when the frenzied buying will begin.

PayPal, JP Morgan, and Wall Street Legends All Publicly Bullish on Bitcoin

PayPal is now the largest company to embrace Bitcoin into its business model. 

What makes this collaboration so interesting is that ostensibly Bitcoin could be considered a threat to PayPal’s position as the preferred digital payment gateway in it’s own right.

It is why Twitter CEO Jack Dorsey calls Bitcoin the “native currency of the internet.” 

Jack Dorsey’s payment company Square, itself in October announced that it has invested at least $50m USD in Bitcoin.

What’s more just this week JP Morgan said bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency.

The financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.

According to it’s report, the institution estimates that the physical gold market is worth around $2.6T, inclusive of ETFs. Therefore the financial giant goes on to say that, “the cryptocurrency would have to surge 10x from current levels.”

But the bullish news for Bitcoin doesn’t stop there, billionaire investor Stanley Druckenmiller says that not only does he hold Bitcoin, but that he thinks it will outperform Gold long term.

These thoughts are again echoed by fellow Wall Street legend Bill Miller who has said he “strongly” recommends Bitcoin at current prices — branding it the “single best performing asset class” in the last year, five-year, and 10-year periods”.

Mythical trader Paul Tudor Jones in October declared that Bitcoin was the best hedge against inflation and compares investing in bitcoin now to investing in early tech stocks, like Apple and Google. “I think we are in the first inning of bitcoin and it’s got a long way to go.”

But the piece of news that has probably caught the most attention this year around Bitcoin is probably Nasdaq listed company MicroStrategy which used its entire treasury of cash on Bitcoin. That is, the billion dollar company bought $425m worth of Bitcoin from the market.

What’s even more impressive is that the company’s Bitcoin gains have outperformed the company’s other earnings in just a few months.

Bitcoin can no longer be ignored, it is here, and a quick Google search will show that the institutions are buying it in handfuls before the general public even realises the asset is rallying.

On December 16th Bitcoin broke through the mythical 20k USD barrier for the first time.  Bitcoin price today is currently $24,108 USD.

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