Crypto fans are happy to see that Bitcoin’s price is recovering.
The king coin is up by more than 7% in the past 24 hours.
Bitcoin already hit an ATH for billions of people
It’s been recently reported that Pantera Capital’s Dan Morehead said that the devaluation of currencies around the world has already triggered all-time highs in the price of Bitcoin for billions of people.
In Pantera’s November newsletter, Morehead explained that Venezuela, Argentina, Turkey, Brazil, Nigeria, South Africa, Russia and India as eight countries where Bitcoin’s value has far outpaced fiat.
“We have to do all these podcasts to tell Americans or Brits how Bitcoin works and why it’s important. People in Argentina, you don’t need to do a big podcast. They totally get it… For billions of people, the price of Bitcoin is already at an all-time high,” he said.
Morehead also said that BTC has one of the most favourable positions that he’s ever seen.
“My own global macro background is what got me into crypto in the first place. It’s not surprising that so many other global macro investors like Mike, Paul Tudor Jones, and Alan Howard were also drawn to Bitcoin,” he said as cited by the Daily Hodl.
He continued and said that “The asymmetry of this trade – working on the largest markets in the world – make this opportunity orders of magnitude larger than the trades we’ve typically chased around the world. I believe it’s the most asymmetric trade I’ve ever seen.”
There have been a lot of optimistic predictions about the price of BTC these days.
It’s been revealed that Bloomberg’s senior commodity strategist Mike McGlone said that Bitcoin might be on a path to $180k in 2021.