{"id":14958,"date":"2021-08-24T00:00:00","date_gmt":"2021-08-24T00:00:00","guid":{"rendered":"http:\/\/ci028b6c03b0002426"},"modified":"2025-10-01T15:31:01","modified_gmt":"2025-10-01T20:31:01","slug":"bitcoin-surging-all-time-high","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-surging-all-time-high","title":{"rendered":"Surging 60% Since Last Month, Is Bitcoin Heading Back To Its All Time High?"},"content":{"rendered":"
<\/div>

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.<\/em><\/p>\n

Summary Of The Week<\/h2>\n

A mere month ago, bitcoin was hovering below $30,000 with many expecting a further dump. But if you bought the dip, you\u2019d already be up over 60% with bitcoin breaking $50,000 on Sunday, trading on levels last seen in mid May. With bitcoin\u2019s surge of over 60% over the last month, can we expect it to hit its most recent all-time high of just over $64,000? <\/p>\n

Perhaps unsurprisingly, the last week has been full of bullish news as more institutional investors come onboard, banks pave the way for bitcoin adoption, and legendary investors jump on the bitcoin bandwagon (or confirm they\u2019ve been along for the ride this whole time). Let\u2019s take a look at the last week in bitcoin.<\/p>\n

Timeline Of Bitcoin This Week<\/h2>\n
<\/figure>\n

Bullish Financial Services News<\/h2>\n

\u2776 Not to be left behind, global retail giant, Walmart, posted a job listing for a \u2018digital currency and cryptocurrency product lead\u2019<\/a> on Monday. Following in the footsteps of other retail giants, such as Amazon, Walmart appears to be getting ready to explore the acceptance of bitcoin and other cryptocurrencies. For some context on the company\u2019s size, in its last fiscal year, Walmart reported nearly $560 billion in revenue, during a global pandemic. The scale at which they operate could bring a drastic increase to the bitcoin network should they choose to allow bitcoin payments.<\/p>\n

\u2777 Also on Monday, Jehudi Castro Sierre, an advisor to the President of Colombia called bitcoin the \u201cmost brilliant piece of software ever\u201d<\/a> leading many to speculate this could lead to the South American nation looking to adopt bitcoin as either legal tender, or an investment, much like El Salvador. Nothing to this effect has been announced, or even rumoured, but the markets love to speculate.<\/p>\n

\u2778 On Tuesday, news emerged that the UK\u2019s largest retail bank, Lloyds Banking Group, is hiring a \u201cDigital Currency Manager.\u201d<\/a> The bank has over 30 million customers in the UK and appears to be interested in offering services catering to increased demand for crypto and bitcoin specifically.<\/p>\n

\u2779 Also on Tuesday, Fidelity, one of the largest financial services company which manages $10 trillion in assets said that bitcoin is a key focus for them now as it is emerging as a real asset class, revealing that 90% of Fidelity\u2019s biggest clients are asking about bitcoin<\/a>.<\/p>\n

\u277a On Wednesday, news emerged that billionaire Peter Thiel’s company, Palantir Technologies, is now accepting bitcoin.<\/a> Thiel has welcomed bitcoin as a hedge against fiat currency inflation, however cautioned that “you have to be prepared for a future with more black swan events.”<\/p>\n

\u277b Also on Wednesday, legendary investor, Bill Miller, revealed that he\u2019s been buying bitcoin since it was $200<\/a>. The 71 year-old investor has been betting big on investments in software this year and announced that he\u2019s acquired a stake in Coinbase, appearing to remain bullish on bitcoin.<\/p>\n

\u277c Thursday was a busy day for bullish news as Mitsubishi UFJ Financial Group (MUFG), Japan\u2019s largest bank struck a deal with Coinbase<\/a> that will allow its 40 million customers to buy bitcoin. Japan has some of the highest bitcoin trading volume in the world and the government has been very open towards cryptocurrencies.<\/p>\n

\u277d Also on Thursday, banking giants Wells Fargo and J.P. Morgan both filed for private bitcoin funds<\/a>. Both institutions have been against bitcoin in the past, but it\u2019s become an asset that\u2019s hard to dismiss.Their pursuit of bitcoin-based products has undoubtedly been in part influenced by demand from customers.<\/p>\n

\u277e Wrapping up Thursday\u2019s bullish news, payments giant Worldline partnered with Bitcoin Suisse<\/a> to allow 85,000 merchants in Switzerland to accept bitcoin, paving the way for wider adoption in the country with over 8.5 million inhabitants.<\/p>\n

\u277f Finally on Friday, the world’s largest asset manager, BlackRock, revealed that it\u2019s pursuing investments in bitcoin mining<\/a>, joining the likes of Fidelity and Vanguard. The firm invested over $382 million in shares of Marathon Digital Holdings and Riot Blockchain.<\/p>\n

Bear FUD And Criminals<\/h2>\n

Just because nothing hit the headlines doesn\u2019t mean there hasn\u2019t been any negativity towards bitcoin over the last week. Jake Klein, executive chairman of Australian gold mining firm, Evolution Mining, made some misguided claims, saying that bitcoin\u2019s volatility will drive investors back to gold<\/a>.<\/p>\n

Criminals were also in the spotlight over the last week, as Helix operator, Larry Dean Harmon, forfeited 4,400 BTC to the U.S. Justice Department<\/a> as part of a guilty plea to laundering charges. The Swedish government was also forced to pay a jailed drug dealer 33 BTC<\/a>, after it sold his holdings when he was arrested. This will likely continue the \u201ccrypto is for criminals\u201d narrative wrongly being pushed by many.<\/p>\n

Then there\u2019s the continued FUD about bitcoin mining\u2019s effect on the government. This week Fortune published a piece about how CO2 emissions from bitcoin mining will exceed that of Mexico or Brazil should bitcoin hit $500,000, but doesn\u2019t consider that the higher bitcoin goes, the more incentive there will be for greener mining operations. Pieces like these continue pushing a narrative that bitcoin can\u2019t \u201cgo green\u201d or in fact won\u2019t, when the opposite is true.<\/p>\n

Overall it\u2019s good that the bearish news seems to be slowly fading to the so called \u201cback pages,\u201d but there still seems to be a push by traditional media to find negative angles to cover or negative voices to provide a platform to.<\/p>\n

A Bullish Verdict<\/h2>\n

I\u2019ve said for weeks now that bitcoin is overdue for a breakout, and the last month\u2019s trend upwards confirms that bitcoin is poised to start a new run. The last week has been overwhelmingly bullish, even if the price didn\u2019t necessarily \u201cmoon.\u201d More banks, institutional investors and others are joining the fray. Bitcoin is becoming undeniable as a sturdy investment and with the effects of the COVID-19 pandemic continuing, it\u2019s undeniable that the global economy is going to suffer for a few years.<\/p>\n

Bitcoin stands out as a hedge against inflation, and as the money printers continue in overdrive across the globe, it\u2019s becoming an increasingly important investment vehicle for those who want to uplift themselves from the so-called financial tyranny of the fiat currency system.<\/p>\n

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or <\/em>Bitcoin Magazine.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of bitcoin continues to rise as conditions for a bull run ripen.<\/p>\n","protected":false},"author":2955,"featured_media":6940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[132,1897,2708],"class_list":{"0":"post-14958","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitcoin-price","9":"tag-bullish","10":"tag-last-week-in-bitcoin"},"author_data":{"id":2955,"name":"Dion Guillaume","nicename":"dion-guillaume","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/715161a28a76b38287a13b36837311219ef34dcd77e78d290138261ec0d10110?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bull-price-market.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/14958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2955"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=14958"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/14958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/6940"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=14958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=14958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=14958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}