On Monday, Wall Street investor Stan Druckenmiller announced that he is long on Bitcoin.
Druckenmiller is the president of Duquesne Capital, which closed in 2010 with $12 billion under management. He also was one of the few investors to have made a large amount on his investments in 2008. His
Bitcoin has undergone a monumental surge over the past month. A price gain of 50% lies between its monthly lows of $10,500 to its highs of around $15,800. Bitcoin currently trades just below $15,000 after a retracement yesterday.
Analysts remain confident about the medium-term trajectory of the
Wall Street is becoming increasingly bullish on Bitcoin. This much was made clear just recently when an analyst at Citibank, Tom Fitzpatrick, signaled his belief that Bitcoin will hit $300,000 in this market cycle.
Alex Krüger, an economist closely tracking the cryptocurrency market, leaked the analyst's note
Wall Street is becoming increasingly bullish on Bitcoin. This much was made clear just recently when an analyst at Citibank, Tom Fitzpatrick, signaled his belief that Bitcoin will hit $300,000 in this market cycle.
Alex Krüger, an economist closely tracking the cryptocurrency market, leaked the analyst's note
On Monday, Wall Street investor Stan Druckenmiller announced that he is long on Bitcoin.
Druckenmiller is the president of Duquesne Capital, which closed in 2010 with $12 billion under management. He also was one of the few investors to have made a large amount on his investments in 2008. His
Bitcoin has undergone a monumental surge over the past month. A price gain of 50% lies between its monthly lows of $10,500 to its highs of around $15,800. Bitcoin currently trades just below $15,000 after a retracement yesterday.
Analysts remain confident about the medium-term trajectory of the
In the four years since the previous U.S. presidential election, Bitcoin has appreciated by nearly 2,000%.
On November 8th, 2016, the day of the election that made Donald Trump president, Bitcoin traded at approximately $700, while today, one coin goes for $14,300 - a gain of more
Underscoring Bitcoin's recent rally are strong on-chain trends, according to a number of analysts.
On-chain Bitcoin specialist Willy Woo noted that while BTC is still far from its $20,000 all-time high, his NVT Price metric recently set a new all-time high.
The NVT (Network Value to Transactions
Last week, the BTC Times reported that Bitcoin was strongly outperforming altcoins as it passed $12,000. On the day of our report, the leading cryptocurrency gained approximately 2% as the price of Ethereum fell by approximately 3%.
One theory of Bitcoin's strong performance versus altcoins is based
Bitcoin surged higher on Tuesday despite weakness in the S&P 500 and other global stock markets. The price of the leading cryptocurrency shot to $13,750, the highest Bitcoin has traded in over a year. Per the BTC Times data, Bitcoin is up 5% in the past 24
One of the few macro investors to predict the 2008 Great Recession, Raoul Pal, thinks Bitcoin will act as a "life raft" amid these unprecedented geopolitical and macroeconomic times.
How Raoul Pal Found Bitcoin
The investor released a 35-minute video on Tuesday outlining why he thinks so. After
