ZB Academy:Bitcoin price is back at $40,000

Yesterday, the price of Bitcoin returned to above $40,000, the first time since January 14. According to ZB.com’s official market data, Bitcoin is currently quoted at $39,552, a 24-hour increase of 2.16%, and the 24-hour price range is $38,314 to $40,940. According to the data of Asset Dash, the current market value of Bitcoin exceeds 749.2 billion U.S. dollars. Compared with the stock market value of well-known companies, it ranks 9th, surpassing Alibaba.

Obviously, under the excellent performance of Bitcoin price, more and more institutional investors are beginning to express their interest in investing in Bitcoin. The Miller Opportunity Trust, founded by well-known investor Bill Miller, stated in a regulatory document released on Friday that the fund may indirectly seek investment exposure to Bitcoin by investing in the Grayscale Bitcoin Trust, the entity holding Bitcoin. Grayscale Bitcoin Trust is a privately provided investment tool that can be traded over the counter. Grayscale Bitcoin Trust mainly invests in Bitcoin. If the total investment of the fund’s exposure to Bitcoin due to investment exceeds 15% of the assets at the time of investment, the fund will not make any additional investment in Grayscale Bitcoin Trust. According to information on the Miller Value Funds website, as of December 31, 2020, the fund had $2.25 billion in assets under management.

In addition, Michael Wu, CEO of crypto finance company Amber Group, said in a recent interview that in the early stages of Bitcoin, people called it a bubble. He believes that such doubts are always accompanied by violent price fluctuations, but now Bitcoin is no longer a bubble. He added that many institutions, billionaires and multi-billion-dollar listed companies are buying bitcoin, and the total number of bitcoins is only 21 million.

On the international front, Australia has a different attitude towards Bitcoin. Reserve Bank of Australia commented on Bitcoin at a meeting of the House of Representatives Standing Committee on Economics. According to a report from the Australian Financial Review on Friday, Michelle Bullock, the central bank’s assistant governor in charge of the financial system, said: “Bitcoin has caused a lot of controversy.” This is a response to Julian Simmonds, a member of the Queensland Liberal National Party, who asked the assistant governor if he believed that Bitcoin and cryptocurrencies are a financial risk. Bullock believes that Bitcoin is not a payment tool, it is not even real money. She believes that people have a lot of controversy about it as a potential asset, and do not believe that Bitcoin’s volatility will bring risks to the market. The bank’s president Philip Lowe also holds the same view: Bitcoin is a risk for investors, but not a financial stability risk. Bullock pointed out that the more compelling issue is around the regulation of stablecoins.

As the price of Bitcoin has been noticed by more and more people, Bitcoin has gradually become a major option among people’s investment choices. David Rosenberg, chief economist and strategist at Rosenberg Research, revealed that Bitcoin is eroding gold’s market share as mainstream investors shift funds from precious metals to leading crypto assets.

In addition, according to the latest data from the digiconomics Bitcoin Energy Consumption Index, Bitcoin energy consumption has been at the highest level in history since the end of 2020.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com

The world’s leading cryptocurrency exchange: www.zb.com. ZB Academy is to provide prefessional blockchain insights.