Bitcoin Turns Usain Bolt, Race to N16.133 Million Per Coin

The world’s most capitalized unregulated digital asset, Bitcoin, jumped by 46.53 percent in the last 24 hours to $34.366.91 or N16.169 million per coin.

In an unexplainable steroid-like move that has made Tesla astonished gain over the same period smaller than it is, Bitcoin has gained $5,000 in 2021 and $1000 today alone.

The $630.908 billion market value digital asset is being driven by institutional investors that are dumping billions on the unregulated crypto asset.

On Wednesday, clusters of crypto wallet addresses holding at least 1,000 BTC rose to a new record high of 1,994. Representing an increase of 16 percent in 2020 and 7.3 percent in the final quarter alone.

“Bitcoin’s price is being driven by institutional money and there is not enough supply,” Laurent Kssis, managing director at 21Shares stated. “The number of family offices asking to invest in our ETP is just staggering. I’ve never seen this before. In 2017 it was just retail knocking at the door now it’s only institutional.”

Jehan Chu, CEO at Hong Kong-based trading firm Kenetic Capital, said the final rush for the dominant coin has started and that by this time next year, it will be almost impossible for most crypto investors to accumulate 1,000 bitcoin.

He said, “The final land grab has started, and by this time next year, accumulating >1,000 Bitcoin will be nearly impossible for most people.”

Also read Why I am Bullish on Ethereum Despite Global Uncertainty