Bitcoin Reaches A New All-Time High Just Under $20,900

Today Bitcoin rallied at about 4:00AM CST and reached a new all-time high around 10:00AM. $20,000 is probably just the start, as stimulus talks still have not reached agreement and could potentially be derailed before the legislation is announced. This scenario is widely seen as unlikely, which plays into bullish sentiments around the financial sector that broadly support stimulus measures as a way to stave off inflation and boost the failing US Dollar.

This year has been a turbulent one for the Dollar, which has suffered from intense pressure from a variety of directions. During the late spring/early summer months, analysts predicted possible hyperinflation and the dangerously close call with an un-stimulated US economy veered very close to bearing out these predictions. Now that it is all but certain Pelosi and McConnell will put a bill on Trump’s desk that the President will then sign.

Cryptocurrency Market Outcomes During This Event

The most well-poised token for profit on the market today seems to be Ethereum, whose ETH2 launch is going very well to date, including an upcoming Coinbase support application. Successful feature launches appear to be on the horizon, and as these technical assets approach, we should see Eth prices rise due to increasing traffic. Organic and sustainable growth appears to be the most likely outcome here.

NEXO’s price seems to know no limits, as 60% of NEXO platform interest earning users elect to take their payout in the native NEXO token and a $12M buyback is already up to over $538,000 in held NEXO tokens. Watch the buyback in real time at this Etherscan address. The price has already appreciated over 300% from its summer dip to the sub-$.15 region and analysts are increasingly throwing around numbers like $5, which would still represent an increase of almost 1000% for investors who put money into the token today.

Twitter expects Bitcoin to pull back in the short term before a long term rally which various analysts have pegged at $25,000, $50,000, and $74,000—that’s not to mention the growing horde of raving lunatics who fervently insist that $1M is as good as certain for the BTC price in the long term. Coinmarketcap now shows an all-time high for Bitcoin as $20,836, and the market seems intent upon reaching $30,000. The sky appears to be the limit.

Bullish Sentiment Pervades Alongside Vaccines

As the vaccines have launched, the stimulus has been prepared, and we’ve had another day of smooth rollout, it is very difficult to call a top. Issues may begin to present themselves as Pfizer’s supply runs out and Moderna’s follows suit in the near-term after receiving approval from the FDA, so one possible sticking point will occur when the first round of doses have been distributed. However, assuming there are no issues acquiring enough to treat everyone within the first half of 2021 or thereabouts, we have plenty of time and each administered vaccination will help to reduce the infection rates within our communities.

Assuming that the economy retains some of its adaptations to the coronavirus world that were required to keep business moving along; i.e., remote work and increased reliance upon technology, it is difficult to see the future in a bearish light. Traditionally interpersonal industries such as music, restaurants, bars, shopping malls, office buildings, and even parks and grocery stores should see increasing sales figures and a very bright future as the world slowly returns to interpersonal community life.

Alongside the pandemic, the notion of a “digital dollar” rose to prominence in 2020, with an endorsement in May from top Democrat in Congress Nancy Pelosi. Now that democrats are taking office in January, it is likely that the federal government will take up the issue of sovereign digital and/or cryptocurrencies over the course of the next legislative session and perhaps beyond. This major endorsement of financial technology constitutes a rebuke of the banking industry’s slow pace of adoption with respect to this new technology and will force Bitcoin and Ethereum and other blockchain innovations increasingly into the spotlight.