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Home Cryptocurrency news Bitcoin

2 Reasons Why Bitcoin’s 22% YTD Performance Is the Start of Something Massive

Thomas Delahunty by Thomas Delahunty
1 year ago
in Bitcoin
Reading Time: 3min read
Bitcoin To See 150% Rally to $20,000 Within Next 18 Months: Prominent Investor
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Bitcoin is up more than 22% to almost $9,000 in the first 15 days of 2020, the coin’s best start of the year surge since 2012. With institutional interest gaining traction, and adoption and name recognition on the rise, this decade looks promising for the leading cryptocurrency.

Reasons for Bitcoin’s Bull Run

Several factors are fueling Bitcoin’s bullish run. Global trading company CME Group launched options tied to Bitcoin futures this week, establishing a new vehicle for institutional investors to buy in to the digital currency.

Further, a survey of financial advisors showed that a higher proportion expect to allocate to digital currencies in 2020 than in the past. And 64% of advisors expect the price of Bitcoin to appreciate over the next five years, up from 55% of advisors in last year’s survey

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“I think you’re going to see greater mainstream adoption,” Michael Conn, managing partner at Quail Creek Ventures, told The Wall Street Journal. “You can see this happening already with Fidelity and other institutional players moving into the space.”

Others, like Jeffrey Gundlach, CEO and CIO at DoubleLine Capital, recommended investors pile into Bitcoin in 2019 before its 95% surge through the year. He recently doubled-down and stated that he thinks the coin could nearly double its value by year-end:

“I think bitcoin’s going to go higher in the near term. I think it could go as high as $15,000 in 2020,” Gundlach said on his podcast last week.

Impact of Halving and Influx of Institutional Investors

Bitcoin investors are also hoping on the coin’s “halving” will lead to higher prices. The event is set to occur on May 12 and cut the amount of BTC awarded for blockchain mining in half. As the drop in coin reward goes from 12.5 coins to 6.25, the reduced supply entering the market from miners is likely to cause the price of the asset to rise. 

Yesterday NewsBTC reported that Fidelity Digital Assets (FDAS) — the cryptocurrency-centric arm of investment firm Fidelity — has entered a partnership with a London-based crypto asset firm Nickel Digital Asset management.

In a bullish move to expose digital assets to institutional investors in Europe, the partnership is designed to help address the lack of back-office services such as custody of cryptocurrencies among major financial providers.

Following Bitcoin’s run, smaller digital currencies like ETH and XRP are also up, gaining 25% and 20%, respectively, this month.

Bitcoin was trading at $8,750 per coin at the time of publication.

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Tags: bitcoinbull runcryptocurrencyhalvingInstitutional Investors
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Thomas Delahunty

Thomas Delahunty

I’m Thomas J. Delahunty, born in Lancashire, England, but raised and currently residing in Columbus, Ohio where I attended The Ohio State University studying English and History. After writing in the Fintech and Forex spaces, I began to focus on blockchain and cryptocurrencies — Bitcoin in particular — in 2016. Aside from being part of NewsBTC’s journalism team, I am a writer and analyst for Ohio State’s Risk Institute at the Fisher College of Business, and run operations for two local, independent online businesses.

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