It took bitcoin 10 plus years to reach $20,000, but then just another 3 plus weeks to double again to $40,000. Experts think the bull run is actually due in large part to increasing institutional investment in digital currency from established firms such as PayPal PYPL and Ruffer Investment Management, which purchased around $745 million in bitcoin in November. In an interview with CNBC, Social Capital’s Chamath Palihapitiya said bitcoin is “probably going to $100,000, then $150,000, then $200,000. In what period? I do not know. [Maybe] 5 or even ten years, but it is going there.”
The complete cryptocurrency market capitalization – a major bellwether for the all around health of the digital asset class – broke one trillion for the first time ever at 19:00 ET on Tuesday January 6th. Bitcoin briefly topped $37,000 around the same time, marking a new record high.
Bitcoin creator Satoshi Nakamoto is considered to own around 1 million bitcoins. Most of these were mined in the first 2 years of Bitcoin’s existence when there was little competition. In case he still has copies of the private keys that control these coins, that would give him a net worth of nearly $forty billion – enough to make him among the 40 wealthiest people on the planet. Nakamoto has never publicly revealed the true identity of his and has not communicated publicly since 2014.
If the past year has proven anything, it’s that cryptocurrencies have a lot more long lasting power than the naysayers thought. And that a summary of the best cryptocurrencies to invest in is most certainly a worthwhile endeavor.
While the latest surge in Bitcoin value is great news investors, this’s especially true for Satoshi Nakamoto. The designer of the virtual currency is considered to own one million Bitcoin. If true, Ars Technica reports that the investment would put the net worth of his at more than $40 billion. That would make him one of the 35 richest people in the world, based on the Bloomberg’s Billionaire Index.
While bitcoin is undoubtedly playing a huge role in these movements, they are also being driven by alternative cryptocurrencies, known as altcoins, making significant gains. In the last five days Ethereum, XRP, stellar, chainlink, litecoin, bitcoin cash, tezos and cardano have each provided returns in excess of 20%. The headliner is stellar, which gained 138%. If bitcoin continues to climb, perhaps aided by additional stimulus measures following the inauguration of Joseph Biden as the 46th president of the United States USM , altcoins could be poised for additional future growth as they typically follow bitcoin’s lead.