The price of Bitcoin could continue to climb above USD 350,000, according to trader Michaël van de Poppe. The purchase of large amounts of Bitcoin by large corporate entities proves their confidence in the pioneering cryptocurrency.
In recent days, Hong Kong tech company Meitu revealed that it had added USD 10 million worth of Bitcoin to its holdings. They said that they had bought that amount at around USD 57,000 per unit. Their total cryptocurrency portfolio consists of USD 49.5 million worth of Bitcoin and USD 50.5 million worth of Ether. This proves the confidence of institutional investors that the price of Bitcoin could reach even higher levels.
The data also shows that the number of retail investors trading cryptocurrencies has increased. Trading app Robinhood recently indicated that the trading of cryptocurrencies increased in Q1 2021, six times over that in Q4 2020.
Even though the adoption of crypto assets is on the rise, some legacy financial firms are still taking an anti-crypto position. Investment bank HSBC has reportedly blacklisted MicroStrategy shares and will not allow the users of its platform to buy them.
Bitcoin Could Reach USD 350,000, According to Michaël van de Poppe
Well-known trader Michaël van de Poppe recently forecast the highest prices for Bitcoin, Ethereum and Cardano, among other crypto assets. He suggested that the price of Bitcoin could reach even higher levels, towards USD 350,000 to be exact, before this bull market expires.
On his Twitter account, van de Poppe said that Bitcoin will close the bullish market with a price between USD 350,000 and USD 450,000. Considering that the current value of the cryptocurrency is around USD 58,427 that prediction represents a potential upside of over 670%.
HSBC Allegedly Blacklisted MicroStrategy Shares to Invest in BTC
Business intelligence and software company MicroStrategy has pioneered the adoption of Bitcoin among publicly traded companies in the United States.
According to reports, the customers of investment bank HSBC can no longer buy MicroStrategy shares on its online trading platform. According to a message from the institution, they have told the users who already own MicroStrategy shares not to buy additional ones.
The blacklisting of MicroStrategy seems to be part of the bank’s modified user policy that prohibits users from interacting with cryptocurrencies.
Meitu Has USD 100 Million Worth of Bitcoin and Ether After Its Latest Bitcoin Purchase
Hong Kong tech company Meitu recently acquired 175.67 BTC for a combined price of USD 10 million. This purchase suggests a price of around USD 57,000 per unit. They reportedly bought that amount using existing cash reserves, based on spot prices on the open market.
In March, Meitu accumulated USD 90 million in cryptocurrency purchases split between Bitcoin and Ether. Following the latest acquisition, the company has bought USD 49.5 million worth of Bitcoin and USD 50.5 million worth of Ether.
Before that, the firm had stated that it made the purchases through cryptocurrency exchange Coinbase. The latter has been responsible for managing the investments of other corporate entities, such as MicroStrategy.
By Alexander Salazar