Record institutional interest in Bitcoin reported (video)

Bitcoin has reached its bottom and will not fall below $ 6,000, says Tour Demister.

Bitcoin continues to be in an impressive price trend amid economic turmoil.

The price of the cryptocurrency shot up by about 150% after reaching $ 3,800 on March 12 this year.

Meanwhile, analysts and traders are betting on a sustained rise, with some seeing prices ranging from $ 280,000 to 2024.

Tour Demister is one of those super bull analysts. He said the price would go between $ 50,000 and $ 100,000, stressing that Bitcoin would never fall below $ 6,000 again. 

This prediction came after CME’s open Bitcoin interest rate jumped to $ 150 million – the highest value ever reported.

Analysts treat CME as the best measure of institutional interest in Bitcoin. Demister uses a similar measure to emphasize why Bitcoin can be launched at 950%.

The analyst noted that the cryptocurrency is entering a ‘ deployment phase ‘. In it, big players from Wall Street begin to ‘ associate ‘ with emerging blockchain assets. Demister mentioned JPMorgan Chase & Co, which accepted two huge US crypto exchanges as customers.

This trend continued with the investment of Paul Tudor Jones. The billionaire has distributed 1-2 percent of his portfolio in Bitcoin futures, which validates BTC as a hedge against economic uncertainty.

In a letter to investors this month, he explained that he was investing in Bitcoin futures because he was looking for a hedge against inflation caused by the Federal Reserve’s printing of money.

Interest from billionaires, hedge funds and large investors in Bitcoin could quickly push the price of the asset above $ 50,000, Demister said.