Bitcoin Hits N11.8m ($25k) For the First Time in History Surpassing Visa Market Capitalization
The price of bitcoin (BTC) topped N11.8m Naira~$25,000 for the first time ever in history. This is just weeks after breaking $24,000 for the first time ever.
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The price of the leading cryptocurrency continued its recent bull run, setting a new all-time high of $25,005.53 before falling back to $24,808.23 at the time of writing.
Institutional investors are said to be the driving force behind the torrid run setting new records. Bitcoin is up 240% from the beginning of the year.
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Top three notable institutional investors perceived to have invested heavily on Bitcoin includes:
- Anthony Scaramucci’s Skybridge Capital ($25 million in December).
- MassMutual ($100 million in December).
- Guggenheim (up to 10% of its $5 billion macro fund).
The new high has now valued Bitcoin, the largest cryptocurrency by market cap above Visa, the financial services giant, to about $462 billion.
The current milestone, once again, comes at the time the country’s economy is facing a downturn. The value of naira to dollar has so far appreciated from near N500 naira to N472 per $1.
Moreover, the country has passed Latin-America to take the second spot as the country that utilized/searched bitcoin most in 2020, coming right behind USA.
Quick Facts: Bitcoin (BTC) is the largest cryptocurrency by market capitalization. It surpassed the Visa Market Capitalization on 25th December 2020 at $25,000 price per BTC.