On the 19th of February, Bitcoin hit $54,416, achieving yet another record high. According to CoinMarketCap data, the king coin hit the mark after climbing nearly 5% in the last 24 hours. At press time, Bitcoin’s market cap has surpassed $1 trillion for the first time since it launched back in 2009.
The Bitcoin price has been on a steady rise, continuously pulling in new highs in recent weeks. Speaking on the rise, popular analyst and creator of the stock-to-flow model, PlanB, believes that the Bitcoin takeover is inevitable. According to the analyst, money loses value in the “old world” because governments debase fiat currencies for warfare and welfare. Noting further, PlanB said:
“In the new world #bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now.”
Digital asset manager, Grayscale, has added BTC worth $87 million to its Bitcoin Trust (GBTC). According to data from Bybt, the GBTC fund added 1,672 BTC, taking the Trust’s total past $34 billion. In January, Grayscale spent about $80 million on 2,170 BTC. With the recent purchase, the company’s total assets under management (AUM) has crossed the $40 billion mark for the first time.
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