
Mind Of Mav
The Return Of A $20,000 Bitcoin: What’s Different This Time
1,079 days after hitting the previous all-time high, Bitcoin has finally managed to do what some thought was wishful thinking: hit a new one.
Sure, today’s high-water mark isn’t that much higher, but it is far more significant.
Here’s why.
As I often say, Bitcoin’s price is its least interesting aspect. Unless another terrible 3-year bear market is right around the corner, chances are Bitcoin will eclipse $20,000 in the coming weeks . . . if not sooner.
But, where’s the fanfare? Where is that euphoria we had the last time Bitcoin was at this price level? Well, that’s a symptom of what’s changed over the last 3 years.
The big difference from 2017 to now is that the current bull market is built upon more solid foundations (at least as far as crypto is concerned , , , let’s ignore the insanity in fiat markets for now). In 2017, the bubble was inflated by so-called Initial Coin Offerings, which saw hucksters sell mostly worthless new currencies to a greedy and gullible public, and then plow the profits back into Bitcoin. Little wonder things blew up. This time around, tighter regulation means there’s less dumb money sloshing around, while the media—distracted by COVID, politics, and a roaring stock market — has been more subdued in hyping the rally.
Bitcoin’s foundations are also more firm in 2020 because it has become something entirely different. That comes from who is using and investing in it. In 2017, it was wild speculators. Now, it’s become part of institutional portfolios.
A company called Grayscale has been wildly successful in pitching Bitcoin as an alternative to gold, and selling it to millions of millennial investors in the form of shares. Meanwhile, major institutional investors ranging from Harvard University to billionaire Paul Tudor Jones have been adding crypto to their portfolios, while public companies like Square are gobbling up Bitcoin to add to their balance sheets.
That’s a far cry from 2017, when respectable investors mostly watched from the sidelines while financial sages like Warren Buffett and JP Morgan CEO Jamie Dimon decried Bitcoin with terms like “rat poison” and “fraud.” Today, the skeptics have all but vanished—though Dimon, whose bank now provides services with crypto giant Coinbase, this week said Bitcoin is “not his cup of tea.” Tough talk from a guy launching JPM Coin.
All of this means that, while the first $20,000 Bitcoin might be temporary, the cryptocurrency is, more than ever before, here to stay.
More than looking at a $20,000 Bitcoin as just the market price, instead think about what kind of world supports a $20,000 Bitcoin. Then ask what kind of world supports a $30,000 Bitcoin, $40,000 Bitcoin, and so on until you realize how much bigger Bitcoin’s relevance has become.
In the meantime, enjoy the rally—and watch out for the inevitable hangover.

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