Right from the beginning of the year 2020, the prices of Bitcoin (BTC) were on an exciting journey. Throughout the year 2020, Bitcoin (BTC) experienced vast adoption, rally, and huge investments from all kinds of investment sectors.
However, the only thing that the Bitcoin (BTC) platform lacked was mainstream adoption. Although Bitcoin (BTC) was performing better than all other cryptocurrencies and other trading assets, yet it lacked attention from major institutions.
That was the only thing that was keeping Bitcoin (BTC) away from huge success, adoption, and market capitalization. However, the situation started changing for the industry as soon as MicroStrategy made a huge investment in Bitcoin (BTC).
MicroStrategy is one of the major Business Intelligence and Investment firms in the United States that holds a high position in the mainstream industry. The company reportedly invested around $1.125 billion and acquired 70,484 BTC in the year 2020.
However, the investment from MicroStrategy was just the beginning because many major companies followed soon after the fellow institution. In September of 2020, PayPal announced that it was going to add Bitcoin (BTC) on its platform as a payment method. Furthermore, the financial giant announced that the users would also be able to purchase BTC from its platform.
This resulted in Bitcoin (BTC) earning the spotlight it needed in order to make its name in the mainstream industry. Soon after, the price, adoption, investments, trading volumes, and the involvement from different sectors in Bitcoin (BTC) went sky-rocket.
Then, by the end of the year 2020, BTC managed to hit its all-time high since 2017. Bitcoin (BTC) continued to break all its previous records all the way up to January 10, 2021, before its price plunged. That was the time when Bitcoin (BTC) experienced an $11k drop in its price and investors were worried.
However, mainstream institutions such as MicroStrategy continued to invest but the prices for Bitcoin (BTC) were still fluctuating around $32k to $34k.
That is when Tesla announced that it had acquired $1.5 billion worth of Bitcoin (BTC). This resulted in the public sentiment to grow in favor of Bitcoin (BTC) and as of now, BTC is sitting above the $57k per BTC mark.
Right after Tesla’s revelation of investment in BTC, an investment spree has been observed among the corporate sector for Bitcoin (BTC).
According to one of the reporting firms known as Wedbush Securities, there will be 3% to 5% of firms that will be following the footsteps of Tesla and invest in Bitcoin (BTC) in masses.
It has been speculated that Bitcoin (BTC) has now become a playground for the major investors and its prices will continue to rise no matter the market situations and sentiments.