One week in review:
Dec. 13–19 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Another day, another all-time high — Bitcoin hits $24,000 in weekend surge | | | On Dec. 18, 2017, Bitcoin hit an all-time high of $19,891.99. Years of price falls and drama followed. Nonetheless, believers remained confident that one day, one day, BTC would manage to crack $20,000. | | | And on Dec. 16, 2020, that day finally came. In quick succession, BTC smashed through $20,000, $21,000, $22,000 and $23,000, pausing for breath at $23,800. | | | On-chain analyst Willy Woo has proclaimed that $55,000 is the next landmark for Bitcoin to reach — asserting that $100,000 is a "ridiculously low" target. | | #2. The Coinbase IPO is coming, according to a SEC filing | | | Coinbase has sent its draft registration for an IPO to the Securities and Exchange Commission. This is a big deal given how it's one of the biggest names in crypto, with a reputation for working well with U.S. regulators. | | | According to the research company Messari, Coinbase could fetch a valuation of $28 billion if the IPO goes ahead. That's a substantial rise compared with its most recent funding round in October 2018, which gave the company a price tag of $8 billion. | | #3. Bitcoin shortage as Wall Street FOMO turns Bitcoin whales into plankton | | | As long-term investors rush to offload Bitcoin at a profit, big firms are lining up to snap up their crypto en masse. | | | A shortage of BTC on exchanges, coupled with institutional buying at over-the-counter venues, has laid the foundation for a fight over the remaining supply. Price rises are the only logical solution. | | | And there's no sign of institutional activity slowing down, either, with some indicating that "there is going to be a generational allocation to this new asset class." | | #4. Prediction of the Week DeVere CEO says Bitcoin will rise 50% and "possibly double" in 2021 | | | DeVere Group CEO Nigel Green has proclaimed that Bitcoin will have another "record-breaking year" in 2021. | | | Green believes prices will explode by 50% and hinted that they could even double. On this basis, he expects BTC to trade between $34,500 and $46,000 at some point next year. | | | Robert Kiyosaki — the bestselling author of Rich Dad, Poor Dad — has also thrown his hat into the prediction ring. "A wall of institutional money" is coming to Bitcoin in 2021, he said, setting a target of $50,000. | | #5. FUD of the Week Shock survey suggests most investors think Bitcoin won't top $50,000 by 2030 | | | A Genesis Mining survey of 1,000 current and former U.S.-based Bitcoin investors suggests that just 17% believe BTC prices will exceed $50,000 in 10 years' time. That's despite the fact that this would only require an increase of 108% from current levels — with BTC surging by 230% year-to-date. | | | In total, 50.1% of those who took part in the poll believe that Bitcoin will be worth $20,000 or less by 2030; a third think it'll be under $10,000; and a tenth fear prices will fall below $1,000. | | #6. FUD of the Week IRS tax form question leaves U.S. crypto users confused and concerned | | | Crypto users in the U.S. have been left confused and frustrated over the wording of a question about digital currencies on this year's tax return form. | | | Form 1040 asks: "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" | | | But here's the problem: There's a lack of explicit guidance on the definition of a "virtual currency." | | | One crypto tax specialist has likened the question to a "perjury trap." | | | Feel free to explore the most important news with Hodler's Digest: | | | |
