Bitcoin, arguably the best-performing institutional asset of 2020, tears above $29K for another all-time high
On a global scale, 2020 will be remembered as the year when coronavirus ravaged the world and perhaps reshaped it. And on another scale, 2020 will be remembered as the year when bitcoin went institutional and smashed record after record. In its latest episode, though not too surprising, Bitcoin has surged past $29K for the first time in its history.
The strong walls that separated bitcoin from institutional capital are slowly coming down as major companies bet millions - and even billions - on the 11-year old cryptocurrency that is gaining acceptance as a genuine macroeconomic asset. And bitcoin is riding high on the flow of institutional capital.
Bitcoin briefly traded above $29,700. However, it lost some bit of steam and is currently priced at slightly over $29,000. The biggest question, and of particular interest to market participants is whether the digital asset can break the $30,000 barrier before the end of the year.
Bitcoin is trading above $29K with a few hours left before the end of 2020. Will it reach $30K before the New Year? | Credit / TradingView
Bitcoin’s 2020 performance
According to the crypto research firm Messari, bitcoin is the best performing institutional asset of the year, trumping by miles traditional safe-haven assets such as gold.[caption id="attachment_21697" align="aligncenter" width="1744"]
Bitcoin is the best-performing asset of 2020 | Image Credit / Twitter[/caption]
It is important to note that other cryptocurrencies, particularly DeFi projects, have outperformed bitcoin this year. However, they have not yet gone institutional and it will likely be a while before they can find themselves on the balance sheets of major traditional companies.
Bitcoin’s performance figures in 2020 are impressive. The digital asset has surged around 58% against the dollar in December alone and is up more than 300% year-to-date.
[caption id="attachment_21696" align="aligncenter" width="1507"]
Bitcoin’s performance figures in 2020 | Credit / TradingView[/caption]
Microstrategy Incorporated (Nasdaq: MSTR), a business intelligence firm with a war chest of more than $1 billion in bitcoin on its balance sheet, has seen its share price rise from around $130 in August when it started aggressively buying BTC to its current price of $389.
[caption id="attachment_21698" align="aligncenter" width="699"]
Microstrategy share price rises converting a portion of its treasury into BTC in August | Credit / Google[/caption]
[caption id="attachment_21699" align="aligncenter" width="1560"]
Microstrategy share price rises converting a portion of its treasury into BTC in August | Credit / Google[/caption]
Microstrategy CEO Michael Saylor, who has somehow become the poster boy of traditional corporate executives going all-in on crypto, is urging corporations to convert their fiat balance sheet into bitcoin “to maximize shareholder value.”
#BTC is an institutional grade safe haven asset & solution to the store of value problem faced by everyone. #Bitcoin is the first digital monetary network. Corporations should convert the USD on their balance sheets to BTC to maximize shareholder value. https://t.co/CoaVKCeu8a
— Michael Saylor (@michael_saylor) December 22, 2020
Bitcoin, with a market capitalization of more than $542 billion, is in part, strengthened by the weak dollar.
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