A popular crypto entrepreneur says: Bitcoin will explode once the delta variant of Covid-19 reaches its peak.

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Post-Covid Economic Boom Will Pump Bitcoin

Thomas Lee, managing Partner at Fundstrat Global Advisors, is certain: Bitcoin and the crypto markets will rise parabolically by the end of the year. Because, according to the brother of Litecoin inventor Charlie Lee: if the delta variant of COVID-19 has passed its peak, it will have a positive impact on the economy and the entire financial industry. So positive that he sees Bitcoin trading at $ 100,000 by the end of the year. This is what the crypto entrepreneur explains in an interview with CNBC.

Its Bullish Bitcoin Price Forecast:

“A hundred thousand at the end of the year is quite reasonable.”

As a justification, the American cites that the fading of the pandemic will lead to an economic boom. result: the crypto industry will be in a” risk-taking ” atmosphere by the end of this year-and this could also benefit assets such as Bitcoin. Interesting in his thesis: According to official estimates, the number of corona infections has already peaked this week and is now in decline.

You can read the entire interview with Lee here (registration required).

On-chain Data Provider Glassnode: Bitcoin is in the Era of Institutional Investors

Bitcoin at six-figure prices-that sounds daring, of course, given that BTC has so far failed to move above resistance at $ 46,800. Another factor, which such a parabolic rise however, the popular on-chain data provider Glassnode is currently leading the way.

According to this, Bitcoin is now in the era of institutional BTC purchases-because: There are more and more Bitcoin transactions worth several million dollars. For Glassnode, this is clearly a sign of growing institutional commitment.

Thus, the number of Bitcoin (BTC) transactions worth over $ 1 million, according to Glassnode, has increased massively since September 2020-from almost a third to more than two – thirds of the total value of Bitcoins transferred. researcher:

“Since September 2020, the dominance of these large transactions has increased from 30% to 70% of the total value transferred.”

A different picture emerges with “smaller transactions” under a million dollars:

“Transactions with a volume of less than $ 1 million have decreased from 70% to about 30-40%.“

For the blockchain researchers draw in the numbers clear picture: They would show that ” since 2020, a new era of institutional and wealth capital has been flowing through the Bitcoin network.” In addition, the number of coins that long-term holders own has now risen to an all-time high of 82.68%. Long-term holders are investors who already hold their coins for at least 155 days. This illustrates: The majority of investors are convinced of the long-term success of the number 1 cryptocurrency.

You can find Glassnode’s entire Bitcoin analysis here.

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