With this move, Bitcoin (BTC) flipped Warren Buffett’s American multinational Berkshire Hathaway, just within a week of the VISA giant flipping payments. Back in 2018, the Oracle of Omaha Warren Buffett once called Bitcoin “rat poison squared.” The legendary investor also said that Bitcoin and other cryptocurrencies are going to have a bad end.
As of Wednesday’s closing, Berkshire Hathway (NYSE: BRK.A) stood at $539 billion, while Bitcoin (BTC) has now moved marginally past it. This is an important milestone for BTC investors, given that cryptocurrency has overturned several banking giants, financial payment companies, and even some of the top investment firms this year in 2020.
With current gains, Bitcoin (BTC) has increased its weekly earnings to more than 25%. Also, BTC’s market dominance has once again shifted to more than 70%. Last week’s Bitcoin rally was nothing less than phenomenal. More importantly, there are some major institutional inflows that show no signs of slowing down any time soon.
With the current BTC price surge, the Grayscale Bitcoin Trust (GBTC) has reached a new milestone of over $17 billion in assets under management (AUM). The GBTC AUM has increased by more than $800 million over 24 hours.
Bitcoin (BTC) Price $30,000 Coming
Well, just as the BTC price crossed $28,000 levels, analysts had already begun to predict that Bitcoin (BTC) could soon hit $30,000 levels. Probably, as we approach the last day of 2020, Bitcoin might be coming to a new high. Speaking to Barron’s Fundtrat, digital strategist David Grider said that the latest BTC price momentum is due to large institutional purchases.
He also added that the latest wave of stimulus checks also helped fuel the retail rally. Grider further raised the BTC price target to $40,000 over the next 12 months, from $25,000 previously.
“Conditions are in place for a continued rally in cryptocurrency prices over the course of the next year. We remain bullish and are raising our Bitcoin price target from $25,000 to $40,000, while again noting that we recommend investors seeking to add exposure should favor pull backs given the recent run and corresponding higher valuations.”
However, some crypto market analysts have set even higher targets for BTC by the end of 2021. Some even expect it to hit the $100,000 level in the next 12 months.
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