Bitcoin has defied the odds again and pushed to new all-time highs.
This once fringe concept is now in the mainstream. Senator-elect Cynthia Lummis, a Republican from Wyoming, is a bitcoin bull. She warned that government overspending could lead to a black swan event — and bitcoin could help the world stabilize afterward.
The 2017 bull run ended near $20,000. Many said the scheme was up and Bitcoin was headed to zero.
But the conditions are ripe for an alternate store of value. The Fed continues to print money at a record pace. Stocks appear overbought. It’s even been said that we’re in a bubble. People are seeking safer havens to store their wealth.
Bitcoin is a digital currency outside of any government control. The supply is limited to 21 million bitcoins. About 18.5 million are currently in circulation.
The price spike to $20,800 occurred exactly three years to the day of its 2017 peak. It’s also happened just hours before the Fed is expected to announce it will continue pumping $120 billion per month into the financial systems.
Several small-cap stocks are rising dramatically in price as the world’s best-known cryptocurrency rallies. These include:
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Bit Digital, Inc. (NASDAQ: BTBT)
This company is in the bitcoin mining business.
Nxt-ID, Inc. (NASDAQ: NXTD)
Nxt-ID enables contactless bitcoin payments at millions of retailers.
Code Chain New Continent Limited (NASDAQ: CCNC)
This is a Chinese based company; there are unconfirmed rumors this company is moving into the crypto space.
Marathon Patent Group, Inc. (NASDAQ: MARA)
Marathon Patent Group operates a cryptocurrency mining business for a range of assets including bitcoin.
Riot Blockchain, Inc. (NASDAQ: RIOT)
They’re also a bitcoin miner with expanded operations to support blockchain services and payment systems.
To believers in bitcoin, the price spike comes as no surprise. CNN declared bitcoin to be the “investment of the decade.” Investors who bought when it was first available in 2010 and held until the end of 2019 returned 90,000%.
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