Bitcoin looks set to hit $40k mark

Institutional investors are fuelling Bitcoin's $40,000 dash as the currency achieves stability and long-term engagement with mainstream financiers.

Bitcoin's $40,000 price chase has been propelled by traditional businesses looking to approach BTC amid the currency's heady success.

As of the time of reporting, Bitcoin's value has retracted to $30,107.30 from $34,000 in what has been described as a record rally. While the currency's success in 2017 was short-lived, its 2020 march to the summits of pricing have been steady.

Much of this is owing to the more nuanced landscape of investors. Some of the richest people in the world now hold or have expressed a desire to hold Bitcoin as one of their main assets.

Skeptics such as JP Morgan have made a volte-face, releasing its own digital token to move large amounts of money across the world. Interest from institutional investors has helped both Coinbase, but also Bitcoin and other mainstream cryptocurrencies.

But why the institutional investor rally? With Bitcoin's stability not dependent on a central bank, it's up to currency owners to guarantee some semblance of continuity in terms of valuation.

Put another way, having institutional investors spend a pretty penny on Bitcoin means they are also looking to derive long-term benefits from it, and therefore not very likely to sell.

This renewed interest means that Bitcoin's value will continue rising, but more importantly, it's not very likely to drop as headily as after the 2017's currency crash.

The commitment by PayPal to support Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on its platform is another driving factor. It's interesting to note that both the CEOs of JP Morgan and PayPal have predicted the demise of Bitcoin, only to witness its adoption by the institution they represent, and in the case of Bill Harris, used to represent.

Bitcoin is getting more popular by the minute, and this is even more notable in the crypto gaming space, where websites such as Bitcasino, FortuneJack and 1xBit are seeing renewed interest.

If you are in a betting mood yourself, you may visit any of the above and enjoy your BTC gaming, backed by the seriously increasing value of the token.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.