Bitcoin’s price skyrocketed to over $41,500, causing a positive ripple effect across the entire cryptocurrency market. Some developments include predictions of Bitcoin reaching a whopping $220,000, Nayib Bukele discussing EL Salvador Bitcoin investments, and rumours about Qatar’s Sovereign Wealth Fund potentially buying Bitcoin.
Bitcoin Surges Above $41,000
Bitcoin surpassed $41,000 for the first time since April 2022, allowing investors to feel confident about the future of the largest virtual currency. Now, Bitcoin’s market capitalization is well above $800 billion. BTC was not the only digital asset to move higher. Indeed, the whole crypto industry is now registering gains, including altcoins.
Ethereum (ETH), for example, expanded by 10% in the last 7 days and its price is currently at $2,200. Solana (SOL), the sixth-largest digital asset in the market hit $60 per coin and it expanded by 11.2% in the last week. Thanks to the most recent price increase, its market capitalization surpassed $25 billion.
Nayib Bukele Talks About El Salvador’s Bitcoin Investments
Nayib Bukele, the president of El Salvador, published on X a message in which he defends the decision taken to purchase BTC. He explained that El Salvador did not only recover 100% of the investment, but they made a profit of $3,20,277.13 USD at the time in which he wrote the message.
At the same time, he mentioned that their intention is not to sell their BTC but to hold them for the long term. On that matter, he commented:
“Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
Max Keiser Says Qatar’s Sovereign Wealth Fund Could Buy BTC
The famous crypto-figure and investor Max Keiser reported that Qatar’s Sovereign Wealth Fund entered the Bitcoin market. Moreover, he suggested that the fund could purchase as much as $500 billion worth of Bitcoin.
Let’s not forget that Bitcoin’s market capitalization right now is $814 billion, according to CoinGecko. Therefore, there could be a new push for BTC price moving higher in the coming months if that turns out to be true.
Now, the question is related to what will happen with Bitcoin as the halving is getting closer. With the end of this year in just a few weeks, BTC is up 151% as of today.