Bitcoin looking very bullish thanks to mainstream exposure
Last week saw the seventh highest weekly close in Bitcoin’s history
Bitcoin has been getting a lot of mainstream exposure lately. For starters, there was Kanye West’s appearance on the Joe Rogan Experience podcast on Saturday, which saw West explain that: “Jack Dorsey decentralised Twitter two months before it really hit because he was talking to the Bitcoin guys, and these are guys that really have a perspective on what the true liberation of America and humanity will be. … A lot of the tech guys were able to use … the new information highways and create the next frontier.” The episode has already racked up almost 6 million views.
Then there was the MDA Kids telethon streamed yesterday in which host Kevin Hart, after questioning the value of Bitcoin, said “I’m being told that we actually do take cryptocurrency. I’m being told that it’s a legitimate investment that’s worth almost $250 billion.”
Bitcoin also got a mention over the weekend on the reboot of British satirical puppet show Spitting Image, which saw a vampire version of Melania Trump, on being disappointed by how little money she could extract from her husband, declare: “That does it! I’m going to hunt some tech bros with Bitcoin… Their cheques clear.”
On top of this, JP Morgan compared Bitcoin to gold in their Flows & Liquidity report published on Friday, writing: “Although Bitcoin looks currently overbought on our position indicator for the near term, the potential long-term upside for Bitcoin is considerable if it competes more intensely with gold as an ‘alternative’ currency we believe, given that millennials would become over time a more important component of investors universe.”
Meanwhile, on the same day, Bill Barhydt, CEO of cryptocurrency wallet and exchange Abra, tweeted that he had upped his Bitcoin holdings to 50% of his portfolio, calling Bitcoin “the best investment opportunity in the world right now.”
All this exposure is pretty bullish for Bitcoin, which is currently trading at over $13,000 after the highest weekly close since the start of 2018. However, in seven countries with fiat currencies weaker than the dollar, Bitcoin has already hit new all time highs, according to entrepreneur and market commentator Alistair Milne. These are, namely, Brazil, Turkey, Argentina, Sudan, Angola, Venezuela and Zambia, with Milne forecasting that Russia and Colombia will soon follow suit.