It’s getting really tough to not take Bitcoin seriously

Bitcoin believers can be one-eyed and highly emotion (good on them), but when major institutions, banks and powerful voices buy in – the argument against crypto is losing steam.

Whether you believe in Bitcoin or not, it’s almost impossible right now to suggest the digital-currency has no future. The wave of momentum, conversation and now institutional adoption is genuinely hard to keep up with.

“There’s huge institutional adoption. Earlier today Morgan Stanley picked up one million shares in Grayscale Bitcoin Trust, that’s a private bitcoin fund tracker. It’s a huge deal, particularly for this sort of institution.”

ISABELLE LEE, BUSINESS INSIDER

The Morgan Stanley holdings were first noticed by a Twitter user before being picked up by crypto-focused publication DC Forecasts.

Cryptocurrencies were mostly lower on Thursday (U.S. time) as bullish sentiment waned just slightly, but the last two weeks have been a completely different story as major institutions continue buying the hype.

Bitcoin then rose along with stocks on Friday after a week of consolidation below the $50,000 resistance level. The cryptocurrency was trading at around $48,000 at press time and is up about 2% over the past 24 hours.

“Micro strategy also purchased Bitcoin and now its total holdings is up to five billion dollars. So you see these institutions piling into bitcoin, embracing it, whether wholeheartedly or by force, whether you like it or not.

Whether you’re a sceptic or a believer, I think that it can’t be denied that the crypto space is really growing.”

ISABELLE LEE, BUSINESS INSIDER

50K IS THE NEXT BARRIER

“We reached a resistance point at 50K (USD). It’s a pretty good psychological barrier. On the whole the market looks really good for further top side in my eyes over coming weeks. We’ve firmly established a clear daily uptrend.”

That’s Matt Harry from DigitalX who’s been a strong proponent for regulation and he continues to monitor the developing conversation in America.

“We have seen hash rate recover, post that China banning. Those miners have popped up in other parts of the world. That mining power is back online, so that’s a very good sign for a health network.”

Bitcoin swings wildly on sentiment and loves big powerful good news stories.

Part of the challenge is knowing where the coin will “settle”. Only weeks ago it dropped below the 30K USD mark and you could feel the anxiety of the 20K mark building. And now here we are, just this week tipping back over the 50k mark. So what on earth comes next?

Harry says “I think the market looks to hold around that 44.5 thousand dollar range, and I think we squeeze higher into the mid-50s in the coming weeks. somewhere up to the 55, 56 thousand dollar range on Bitcoin.”

IS THIS BAD NEWS FOR MUM AND DAD?

Have you read the book “Rich Dad Poor Dad” by Robert Kiyosaki? It’s worth a look.

Firstly let’s be clear, Kiyosaki is an acquired taste, but he’s also another booming global voice who’s digging Bitcoin right now.

In a recent tweet he suggested that while the digital assets price appreciation might be great news for Bitcoin holders, it’s bad news for “mom and pop.”

By “mom and pop,” Kiyosaki was presumably referring to the average investors that place their trust in the more conventional financial systems when making investment decisions.

So, where do you sit? Believer? Cynic? Or are you just trying to work out how to buy the stuff?

Want to find out more about Crypto? Hear the latest from our resident experts on Ticker Crypto