It took bitcoin 10-plus years to reach $20,000, but then just another 3 plus weeks to double again to $40,000. Experts believe that the bull run is due in large part to increasing institutional investment in digital currency from established firms such as PayPal PYPL and Ruffer Investment Management, which purchased around $745 million in bitcoin in November. In an interview with CNBC, Social Capital’s Chamath Palihapitiya said bitcoin is “probably going to $100,000, then $150,000, then $200,000. In what period? I don’t know. [Maybe] 5 or perhaps ten years, but it is going there.”
Ether, the cryptocurrency of the Ethereum network, is now worth more than $140 billion, while Bitcoin has a total market cap of around $750 billion. Then there’s a long list of less valuable cryptocurrencies, including Tether at $22 billion, Litecoin at eleven billion, and Bitcoin Cash at eight billion.
Bitcoin creator Satoshi Nakamoto is believed to own around 1 million bitcoins. Most of these were mined in the first 2 years of Bitcoin’s existence when there was little competition. In case he still has copies of the private keys that control these coins, that would give him a net worth of nearly $40 billion – enough to make him among the 40 wealthiest people on the earth. Nakamoto has never publicly revealed his true identity and has not communicated publicly since 2014.
Ethereum also happens to one of the few cryptos that can be used on exchanges to buy other cryptocurrencies. While its market cap pales in comparison to Bitcoin’s, it’s slowly been making headway. And with momentum on the side of its, Ethereum is actually an easy pick for one of the best cryptocurrencies to buy,
While the latest surge in Bitcoin value is great news investors, this’s especially true for Satoshi Nakamoto. The designer of the virtual currency is actually thought to own one million Bitcoin. If true, Ars Technica reports that the investment would put his net worth at more than forty billion. That would make him one of the 35 richest folks in the world, according to the Bloomberg’s Billionaire Index.
While bitcoin is undoubtedly playing a huge role in these movements, they are also being driven by alternative cryptocurrencies, known as altcoins, making significant gains. In the last five days Ethereum, XRP, stellar, chainlink, litecoin, bitcoin cash, tezos and cardano have each provided returns in excess of 20%. The headliner is stellar, which gained 138%. If bitcoin continues to climb, perhaps aided by additional stimulus measures following the inauguration of Joseph Biden as the 46th president of the United States USM , altcoins could be poised for additional future growth as they typically follow bitcoin’s lead.