March 15th 2021, Cryptoassets Update
The Bloomberg Galaxy Crypto Index hit a year low of 241.61 in early March 2020. Last month it was at 2194.38 after Bitcoin made a new high of $51,630.86. Now, fast forward one month to today — BTC hit a new all-time high of $61,683.85 on March 13 and has fallen back to $56,479 (at the time of this writing), but the BGCI is almost at the same value as last month at 2195.6. March 15th 2021, Cryptoassets Update by Van Tharp.
Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions were not ready or capable of participating in that revolution so they “pooh-poohed” cryptos. Michael Saylor, the President of MicroStrategy (which owns about $3 billion in BTC) had said in 2013 that BTC’s days were numbered. But now he’s personally one of the top 100 holders of BTC saying on Oct. 28, 2020 that he owned 17,772 BTC purchased at an average price of $9,882. At one point he said that he was purchasing $1,000 worth of BTC every second. His company, knowing about his personal purchases, purchased most of its coins after he’d already acquired a large stake.
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