> Bitcoin has been in an upward trend since early September for no discernible reason (to me at least).
I think it's mainly due to purchases from institutions that believe that Bitcoin is a safe haven asset during the lockdowns. The spiel is: it's protection from currency debasement due to Central Banks everywhere printing out at low interest rates for the pandemic.
- Square spread 50MUSD worth buys @ 10K USD early October [1]
- Microstrategy spread 425M buys from 9-10K USD around August - September [2]
I think it's mainly due to purchases from institutions that believe that Bitcoin is a safe haven asset during the lockdowns. The spiel is: it's protection from currency debasement due to Central Banks everywhere printing out at low interest rates for the pandemic.
- Square spread 50MUSD worth buys @ 10K USD early October [1]
- Microstrategy spread 425M buys from 9-10K USD around August - September [2]
[1] https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bi...
[2] https://www.forbes.com/sites/christopherbrookins/2020/08/14/...