FOMO Fuels Latest Bitcoin Rally
January 29, 2021
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.
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.
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.
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.