- Bitcoin has done extremely well over the past few months in terms of its price action.
- The cryptocurrency shot to all-time highs above $40,000 earlier this month.
- The cryptocurrency now trades for $32,500 after some consolidation following the strong rally.
- This price action has drawn the cryptocurrency some attention from prominent investors and celebrities.
- One of the latest prominent names in media to take note of Bitcoin is Mr. Beast, the Youtuber.
- Mr. Beast recently tweeted about Bitcoin following lots of mainstream discussion about the asset.
Bitcoin Gets Attention From Mr. Beast Yet Again
Bitcoin has done extremely well over the past few months. Ever since bottoming at $3,500 in March 2020, the cryptocurrency has been on a steady path higher, pushing to new all-time highs above $40,000 this past month.
The cryptocurrency now trades for $32,500 after some consolidation following the strong rally.
This price action has drawn the cryptocurrency some attention from prominent investors and celebrities. One of the latest prominent names in media to take note of Bitcoin is Mr. Beast, the Youtuber.
The entertainer, who sports over 50 million subscribers on Youtube, recently tweeted about Bitcoin to his close to 10 million followers on Twitter. He asked if his followers hold any crypto assets other than BTC.
Out of the 640,000 that responded, more than half, nearly 60% in fact, said that they don’t hold cryptocurrencies aside from Bitcoin.
His recent tweet caused quite a stir within the crypto community, with some commenting under the post to try and get him to engage with the space.
Do you hold any Bitcoin or other crypto? Retweet so we can get a larger sample size! I’m curious
— MrBeast (@MrBeastYT) January 30, 2021
Institutional Capital Is Arriving As Well
While some think that the recent retail and more broadly mainstream interest is a sign of a market top, there is Wall Street capital entering Bitcoin as well. Billionaire investor Paul Tudor Jones commented on Bitcoin late last year about the asset’s potential upside in the years ahead:
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go.”
He explained that BTC is most likely going to be the best trade against inflation:
“The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade.”
Tudor Jones is believed to be up over 100% on his position in the cryptocurrency’s futures.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Mr. Beast Tweets About Bitcoin to His 10 Million Twitter Followers