The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Bitcoin has had another period of intense and record-breaking success, spurred on both by positive developments in international business and by increasingly large commitments from the spheres of traditional finance.

It’s truly stunning how well Bitcoin has been performing throughout the first quarter of 2024. The year began with Bitcoin’s valuation crossing the $40k mark, and March 1 saw a persistent hover around $60k. Now, however, Bitcoin has gone up to $72k, the highest valuation in its entire history. Although we still are not quite at the level where “digital gold” is more valuable than gold itself, we have even reached a new milestone: by market cap, Bitcoin is currently a more valuable commodity than silver. Considering the immense role that silver has played in global currency for thousands of years, this is certainly a milestone to remember.

This period of success has been especially noteworthy for the continued confidence it’s been enjoying from some of the largest financial institutions in the world. On March 10, for example, it was reported that BlackRock, the world’s largest asset manager and prominent issuer of the Bitcoin spot ETF, had finally acquired enough bitcoin that it surpassed even the holdings of MicroStrategy. Considering that its board chairman, Michael Saylor, is such a Bitcoin evangelist, this development seemed especially huge. It was an even bigger surprise, however, when Saylor announced that he was buying enough to reclaim its leading position the very next day. Less than 24 hours passed between this original announcement and MicroStrategy’s purchase of 12k bitcoin, and this purchase took place when Bitcoin was already enjoying a price point over $70k. This purchase put MicroStrategy at the head of nearly every other private bitcoin stockpile, from all publicly traded miners to several major exchanges and ETF issuers.

It’s a stunning display of confidence in Bitcoin that anyone is prepared to make such major investments at a time when it’s never been more expensive. It seems that the mood in these companies is that the all-time highs of today will seem like a paltry sum in just a few years. Analysts from ETF issuer Bitwise, for example, were confident enough in their prediction that corporate entities representing trillions of dollars would begin ramping up investments that Bitwise’s Chief Investment Officer released an official memo on the subject. Claiming “serious due diligence” conversations with everyone from hedge funds to massive corporations, the memo predicts that Q2 will see even more massive inflows than the first three…

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