As Bitcoin hits critical resistance, its price action has been a bit choppy. Still, the conviction of institutional investors and large organizations diving into cryptocurrency and blockchain continues to accelerate.
The Fed Goes Down
Earlier this week, the Federal Reserve’s payment network for sending wires and transfers had a major service disruption (CoinTelegraph). This outage, while temporary, reveals some of the fragility of the existing financial system, leading many to shout from the rooftops, “The Bitcoin network has never gone down!”
Current events like this continue to legitimize the decentralization of important financial transactions, data, and computing power on encrypted blockchains. As Bitcoin’s fundamentals continue to grow, so does a new wave of institutional growth and adoption.
Bitcoin Balance Sheet Boom
MicroStrategy continues to increase its Bitcoin balance sheet, purchasing 19,452 Bitcoin worth $1.026 billion, at an average price of $52,765 (DeCrypt). This brave and bold effort of accumulating Bitcoin even nearing the all-time high price shows just how bullish Michael Saylor, Microstrategy CEO, is about the rare digital asset, and he’s not alone.
A Dubai businessman is pledging to buy 100,000 Bitcoin worth up to $4.8 billion as part of a new company strategy.
“Khurram Shroff is the Chairman of the IBC Group and has long been a big believer in cryptocurrency. Bitcoin has reached record highs this year, and Shroff believes the value will keep increasing towards the end of the year. In which case, his big gamble will have paid off.
Shroff is investing as part of his Miami Blockchain initiative. If successful, he hopes both Miami and Dubai can be two of the first cities in the world to be run by Blockchain, an amazingly safe form of computer transaction.” (Dubailad)
The Future is Digital (Assets)
Investors now have their sights set on building the world’s first blockchain-powered smart cities, powered by trustless technology, immutable transactions, and true fiscal transparency. A much-needed evolution to move the underlying technology and infrastructure powering cities forward.
Bitcoin outflows from exchanges demonstrate that there continues to be a massive institutional accumulation of Bitcoin, even at these record-breaking levels. Despite this shaky price action and due to the billions of dollars of Bitcoin being accumulated, many are left wondering, will this time be different? Only time will tell.
Top Market Movers
- Cardano (ADA) +35%
- Nervos Network (CKB) +24%
- Voyager Token (VGX) +22%
- Serum (SRM) +19%
3 New Interest Assets for March 2021
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Cointelegraph > "Ethereum on track to settle $1.6 trillion this quarter"