FOMO Fuels Latest Bitcoin Rally

FOMO Fuels Latest Bitcoin Rally

Why is Bitcoin on such a tear lately? Because major companies are investing due to a fear of missing out! That’s according to Jimmy Nguyen, president of the Bitcoin Association.

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Mr. Nguyen told Business Insider that it was MicroStrategy that set off the chain reaction. When the BI and analytics firm invested $425 million in the cryptocurrency, it caused an industry-wide shift. Soon after, Square followed suit with a $50 million purchase, and then PayPal announced it would allow users on its platform to trade Bitcoin.

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Not long after, the token climbed to its highest price since July 2019. Soon fund managers without some bitcoin in their portfolios were feeling left out.

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For more on the explosion of interest in cryptocurrency, and why it has a better chance of holding onto its high price than before, make sure to read the full article on Business Insider.

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