Bitcoin in November: Bull run to $16000 and institutional acceptance

November 2020 is definitely exciting time for Bitcoin. Being traded at the $4850 mark in May 2020, it is currently breaking through the $16000 per Bitcoin barrier and setting new records in wallets holding 1 BTC or more and the number of active wallets overall.

The new record for Bitcoin is the overwhelming interest from institutional investors, banks and governments organizations.

Bitcoin nearing the $16000/BTC mark

For instance, in a recent interview to CNBC channel, Billionaire investor Stanley Druckenmiller revealed that he holds Bitcoin in the portfolio. He goes further, saying that Bitcoin is an attractive store of value and may even be a better investment than gold.

Digital asset investment companies buying Bitcoin in bulk

A new weekly record of Bitcoin accumulation by digital asset investement company was set in the 7 day period ending on October 27.

Greyscale Investments have accumulated $215 million worth of Bitcoin (15,907 BTC), which overwhelmed all of its weekly inflows ever seen.

It is estimated that at current rate the Greyscal will hold 500,000 BTc by the end of 2020, which sums up to 2,7% of total circulating supply. And by the end of 2021 it can reach up to 5%.

Some other companies such as Square, MicroStrategy and Stone Ridge have accumulated significant amount of Bitcoin, which is driving their revenue growth in 2020.