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It's rapidly becoming clear that the pain trade in #Bitcoin is much higher.
It's apparent that institutions are coming in w/ big checks. Much of that capital still has to "get through docs" and "investment committee".
They thought they'd buy $20k. They'll be lucky to buy $30.
— Travis Kling (@Travis_Kling) December 26, 2020
Many others in the space have shared a similar opinion.
At this point, where Bitcoin is in price discovery with no known support or resistance levels, those that want exposure to the space may opt to buy the cryptocurrency now in expectations they can flip it months down the line for much more, even barring a short-term sell off.
MicroStrategy made this much clear just recently when it purchased nearly $650 million worth of BTC at a cost basis of ~$22,000.
There were many on Twitter arguing that this was unwise, considering BTC’s 100% gain over recent months. But, as evidenced by this rally, this may not be the case.
Bigger Than Visa
Bitcoin now touts a bigger market capitalization than Visa, making it the world’s most valuable payment network.
It has also recently become the world’s 20th largest currency by total money supply, according to data shared online.
— Holger Zschaepitz (@Schuldensuehner) December 27, 2020