This was followed by a $50 million Bitcoin purchase by Jack Dorsey’s Square in October. The ongoing Bitcoin bull run has pushed Bitcoin's price above $40,000. The influx of Bitcoin’s institutional investors began when business intelligence firm MicroStrategy invested over $400 million in Bitcoin during August and September of 2020. “Unlike 2017, where price growth was driven by a swell of global retail buying, this year we’ve seen institutions finally starting to dip their toes into crypto, with publicly listed companies investing tens of billions of dollars in Bitcoin,” said Sam Bankman-Fried, CEO of cryptocurrency exchange FTX. And there are several reasons for Bitcoin’s ongoing bull run, a run that is markedly different from the great 2017 rally. Just since the start of 2021, Bitcoin’s price has already risen by over a third. In the last 12 months, Bitcoin’s price has increased at an unprecedented rate from lows of $4,000 to over $40,000.
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