{"id":15091,"date":"2021-08-16T22:00:00","date_gmt":"2021-08-16T22:00:00","guid":{"rendered":"http:\/\/ci028ad845e0042560"},"modified":"2025-01-29T14:57:59","modified_gmt":"2025-01-29T14:57:59","slug":"proof-bitcoin-is-heading-upwards","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/proof-bitcoin-is-heading-upwards","title":{"rendered":"The Last Week Has Proven Bitcoin Is Heading Upwards"},"content":{"rendered":"
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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

After briefly dipping below $43,000 on Monday, bitcoin has remained relatively steady around $46,000 during the week, briefly surpassing $48,000 over the weekend. It may be too early to call, but it appears as if it’s time to get overly bullish for the short term. Over the past week, the U.S. Senate passed their controversial U.S. infrastructure bill, Bloomberg and Kraken\u2019s CEOs seem to agree bitcoin is heading to $100,000 this year, and the president of Argentina says the country is open to adopting bitcoin as legal tender. Here\u2019s last week in bitcoin:<\/p>\n

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

Bullish News That Proves Bitcoin Is Heading Upwards<\/h2>\n

\u2776 On Monday, bitcoin mining firm Argo announced record profits<\/a> for the second quarter of 2021. They went on to state they own 1,100 BTC and have no intention of selling their holdings. This bullish sentiment appears to be shared across the market as miners continue to hold most of the bitcoin they mine.<\/p>\n

\u2777 On Tuesday, Reddit darling AMC Theatres announced they would soon start accepting bitcoin payments<\/a> for movie tickets and concessions. Whether moviegoers want to pay with bitcoin remains to be seen; however the company currently sits on a cash reserves pile worth $2 billion, which would be able to buy nearly 44,000 BTC, a larger stockpile than Tesla\u2019s.<\/p>\n

\u277a On Wednesday, a Bloomberg Intelligence report stated that bitcoin is still on track to surpass $100,000<\/a> later in this year. If that\u2019s not bullish enough, Kraken\u2019s CEO, Jesse Powell, shared a similar opinion<\/a>, suggesting bitcoin may far exceed $100,000 in the months ahead. As mentioned before, I share this same outlook and bitcoin\u2019s performance over the last two weeks seems to indicate that we\u2019re ready for liftoff.<\/p>\n

\u277b Also on Wednesday, digital car insurance firm, Metromile, announced that they purchased $1 million in bitcoin<\/a> with plans to purchase an additional $10 million. They also stated that they would enable bitcoin payments on the platform soon.<\/p>\n

\u277c On Thursday, Choice, an $18 billion investment firm, launched a new investment option through their app that will allow users to invest in bitcoin tax-free<\/a>. Users will be able to hold custody of their bitcoin or have Fidelity act as its custodian. The platform, launched last year, already manages over 125,000 retirement accounts.<\/p>\n

\u277d Also on Thursday, one of Mexico\u2019s richest men, Riccardo Salinas Pliego<\/a> added laser eyes to his Twitter profile. The business magnate, worth over $15 billion, later tweeted<\/a> \u201cI think #bitcoin has a great future and it will change the world…. we will see.\u201d<\/p>\n

\u277e Finally, on Friday, Alberto Fernandez, the president of Argentina, was asked if the country would follow in El Salvador\u2019s footsteps in an interview with local broadcaster, Filo News. He responded by saying<\/a> “I don’t want to go too far out on a limb […] but there is no reason to say no.” This may end up being very bullish. The country has long struggled economically and embracing bitcoin as legal tender could bring relief to its millions of citizens.<\/p>\n

Bearish News, Although Bitcoin\u2019s Price Doesn\u2019t Care<\/h2>\n

\u2778 On Tuesday, Black Rock Petroleum announced plans to install up to 1 million bitcoin miners<\/a> in Canada\u2019s Alberta province. Although that may seem bullish, this is a company that still utilizes fossil fuels and it may lead to a long term negative sentiment regarding bitcoin\u2019s energy use, a hot topic as of late. A million mining rigs is bullish; more carbon emissions associated with bitcoin, not so much.<\/p>\n

\u2779 Also on Tuesday, the U.S. Senate voted and pushed through the controversial $1 trillion US infrastructure bill<\/a>, choosing not to allow any of the proposed amendments to the \u201ccrypto clause.\u201d All hope is not lost however as it still has to go through Congress and even if it does pass without amendments there, it\u2019s only likely to be implemented sometime in 2023. <\/p>\n

The Verdict: Bullish Growth Ahead<\/h2>\n

Bitcoin has shown steady growth over the last three weeks. It\u2019s already up over 50% since dipping below $30,000 on July 21st and there appear to be no signs of stopping anytime soon. In just a few short weeks El Salvador will start its nationwide rollout of bitcoin as legal tender in the country \u2014 the first phase of which will likely push more countries to adopt bitcoin as legal tender and a hedge against deflation.<\/p>\n

Furthermore, more and more miners are opting to HODL their newly minted coins instead of selling them, indicating that they agree with the bullish sentiment that many investors and analysts are pushing out. More and more individuals and institutions agree that bitcoin may very well surpass $100,000 in the coming months, something I\u2019ve blabbered on about incessantly as well.<\/p>\n

The amount of companies investing in bitcoin is growing by the week. The amount of companies accepting bitcoin payments is growing by the week. I don\u2019t believe it would be too far-fetched to say that soon the amount of countries accepting bitcoin will grow by the week. As inflation rises, fiat currencies like the dollar continue to lose their value, but bitcoin doesn\u2019t.<\/p>\n

Bitcoin adoption is growing by the week and if you\u2019re not stacking while it\u2019s a five-figure asset, you\u2019re going to regret it when it\u2019s a six, or even seven-figure asset. So, stack up, strap up and get ready for a wild ride in the months ahead…<\/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":"

It was only a matter of time before the price of bitcoin began to match the continued bullish advances in the market.<\/p>\n","protected":false},"author":2955,"featured_media":6600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[132,1897,2708],"class_list":["post-15091","post","type-post","status-publish","format-standard","has-post-thumbnail","category-culture","tag-bitcoin-price","tag-bullish","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\/img_6033.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15091","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=15091"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/6600"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=15091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=15091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=15091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}