The journey of Bitcoin clearly shows an upward rise that took place at an exponentially high speed especially in their prices short-term.
In the year 2017, their journey focused on the craze shown by the retail investors that begun investing huge amounts in BTC and several other cryptocurrencies. They even started realizing the process in which the spike of the preliminary coin offerings was happening.
Rise Bitcoin Due To Institutional Investors
Following the early years, recently in the year 2020 as well as 2021, Bitcoin has been getting support from the forces of quasi-institutional companies including individuals with high net-worth, family estates, and hedge funds like Paul T. Jones.
Despite such positive interest from all these sectors, one must stop to reflect and they might be able to see an issue. This being the concept of institutional support coming from all corners and the leading firms along governments investing in BTC.
Although several of the governments and banks are still uncertain and against BTC, the PRC of the central government, ECB President, and many others are extending their support towards the leading cryptocurrency in the world.
In addition, local municipalities of the US are beginning to consider Bitcoin as a reliable and safe option to keep their treasury. Francis Suarez, mayor of Miami, along with Jared Polis, governor of Colorado, and Lummis, senator of Wyoming have declared their trust in BTC.
Publicly traded firms have already begun acknowledging and trading in BTC which include Tesla, Michael Saylor, and MicroStrategy. Corporate treasuries have quickly adapted to the crypto industry and publicly traded firms are now lining up to buy BTC even though they are not remotely related to the crypto market.
Recently Jack Dorsey collaborated with Jay-Z and funded a generous BTC support fund.