Both cryptocurrencies are among those that are now supported by PayPal’s crypto service, and in the new year, consumers will be able to use them at tens of millions of merchants. But why has this bull run been so beneficial for Litecoin?
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What’s next for Bitcoin?
Two things could drive Bitcoin’s price up—or down—in the final weeks of 2020
Bitcoin is now in unchartered territory, and prices have never been this high. But this bull run is different. Institutions are pumping hundreds of millions of dollars into the world’s biggest cryptocurrency—and there’s no sign of this appetite abating. You could argue that the biggest danger to BTC’s dramatic surge is the holiday season, when some traders will start logging off for Christmas and New Years. As weekends often spark volatility in the Bitcoin markets, the low trading volumes mean first cryptocurrency is prone to dramatic surges and painful pullbacks.
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Financial giants power Bitcoin’s $20,000 bull run
As institutions and big-name investors pile in, the first cryptocurrency passes a big psychological milestone
The long-awaited Dec. 16 milestone follows a string of high-profile investors and financial firms jumping very publically into bitcoin. This includes Wall Street legends Stanley Druckenmiller and Paul Tudor Jones, Mexican billionaire Ricardo Salinas Pliego, and CNBC “Mad Money” host Jim Cramer, who have all revealed bitcoin investments this year.
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168-year-old MassMutual's marketing focuses on its history—thus ads with the oldest U.S. lighthouse, Boston Light—but it's buying BTC for the future (Photo: Pickist)U.S. insurance giant’s $100M BTC investment a milestone in institutional adoption: JPMorgan
A JPM Managing Director said if pension funds and insurers in the U.S., euro area, U.K., and Japan allocate 1% of assets to bitcoin, demand would grow by $600 billion; Mad Money’s Jim Cramer jumps in
In a recent note to investors, Panigirtzoglou said that the recent acquisition of $100 million worth of Bitcoin by United States-based insurance giant Massachusetts Mutual Life Insurance is a rather important event for the story of the asset. “MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors," said Panigirtzoglou. "One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
