“The latest increase in bitcoin has been boosted by new investors in the crypto world, with nearly half a million tokens collected since September,” the international data firm Chainalysis said.
Big investors are said to have bought $ 11.5 billion worth of bitcoins in the last three months. The craving to buy doubled the price of the world’s leading cryptocurrency, which as of July 2019 could not exceed $ 12,500.
According to a senior economist: The role of investors in this data is becoming clearer. Demand is driven by North American investors in Fiat exchanges, with more demand from buyers.
Last week, Bitcoin crossed another milestone of $ 23,000. There was a slight increase above $ 24,000 over the weekend before it sold for about $ 23,500 on Monday. This has increased its annual profit to 225 percent.
Investors who have recently backed bitcoin include Square, MicroStrategy, and Mass Mutual. PayPal has also added the ability for customers to purchase bitcoins.
“We are seeing the fastest growing capital flow in the history of business, spread by some of the world’s largest institutions and some of the most famous investors,” said Grayscale, CEO of Investment. Capital is moving to the Bitcoin Trust public business, which has grown sixfold since last year.
The latest surge in demand from Wall Street billionaires marks the turning point in the first significant increase in bitcoin seen three years ago. At the time, bitcoin prices were being pushed up by small investors, most of whom were speculating on cryptocurrencies.
In 2017, the first significant increase in bitcoin to $ 20,000 made the cryptocurrency world-famous. It collapsed shortly afterwards, losing almost 80% of its value in the following months, before rising to its current level.