Bitcoin News Today: $20k+ Bitcoin Breakout

Jacob Enderson Jacob Enderson 17 December 2020
Bitcoin News Today: $20k+ Bitcoin Breakout

 Everyone  is celebrating today, Dec. 16th,   2020 as Bitcoin surges past 20K  - hitting a new all-time high.   And when I say surges, it literally blew past the   last line of resistance and is on its  way to 21K. And more than likely beyond.

The last time we saw a breakout like this  there was a large correction in the price and   people who bought at the top were  disappointed only a few months later.   However, if they held onto their  BTC, they are now in profit. What makes this time different from the  last? We’ll touch on a few key differences.

1. In 2017 the market was fueled by FOMO   after an incredible year of ICOs bringing  a lot of new people to the space hoping   to make a quick buck. When they didn’t the  weak hands sold and the market corrected. In 2020, the crypto ecosystem has matured  and BTC is going mainstream. The buyers are   large institutions scooping up as much BTC as  they can afford to hedge against the declining   dollar. This has been accelerated  by the public legitimization of BTC   as a solid asset class by Microstrategy,  Square, Paypal, MassMutual and Greyscale,   which by the way now owns more  than 3% of all BTC in circulation.

2. In 2017, there was just more  BTC available to mine. In 2020,   out of the 21 million supply that will ever be  mined, there are only about 2.66 million left.   This programmed scarcity built into the Bitcoin  code is doing exactly what it was created for.

3. Rewards for miners were cut in half  since the last All-time high. In 2017   the mining reward was 12.5 BTC. This  means 12.5 BTC were newly created with   every block, so about every ten minutes.  In 2020, it’s only 6.25 bitcoin. 

4. There are just more ways to buy BTC today  than there were 3 years ago. Today you can open   your phone and choose any number of apps, like  Exodus, to instantly buy Bitcoin. Easy Peasy. We all want to celebrate, not only  for passing the Bitcoin All-time High   but for the future and how the whole world  is moving toward crypto one bit at a time. What is your BTC price prediction for 2021? share  with us in the comments.

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