Shortly after its birth in 2009, Bitcoin didn't cost anything. Not a penny. On Wednesday of this week, a Bitcoin was at times worth more than $ 23,000 - that's almost 19,000 euros. A price increase of more than 180 percent this year alone.
 Emden Research's crypto analyst Timo Emden commented:
 Today will definitely go down in the history of Bitcoin and Co.
 The oldest cryptocurrency in the world has so far crashed after its respective new all-time high. But this time everything seems different.

 First bitcoin hype in 2017

 Review: The Bitcoin hype reached its preliminary peak in 2017. At the time, the price scraped past $ 20,000.
 The demand was mainly driven by cyber freaks, hardcore fans, visionary techies and the digital natives who did not want to understand that money cannot be sent everywhere via mobile phone.

PayPal's accolade

 In the Corona year 2020, large institutional investors and companies will suddenly join.
 "PayPal's entry into the digital money business can already be seen as the highlight of the year," said Emden. With the online payment service PayPal, US customers can now use Bitcoin and other crypto currencies. The service is to be expanded to the global user base from 2021.
 But not only the hope of millions of new Bitcoin buyers is driving the course. PayPal's accolade may also have called other heavyweights on the scene. The US software company Microstrategy, major hedge fund managers and the US insurance giant MassMutual recently invested several hundred million dollars in Bitcoin.


Interest in digital currency is increasing

 The cryptocurrency seems to have matured and grown up. Bitcoin and co. Are now a recognized asset class for the super-rich, even at traditional German banks and family offices.
 According to a recent study by the fund company Universal Investment, 28 percent of asset managers recommend investing in cryptocurrencies.
 Much for a “gangster money”, as Bitcoin is still called: Since it is also used by drug dealers and criminals on the Internet as a means of payment, Bitcoin has long been a headache for the largely analog financial supervisors and criminal authorities around the world.


Tailwind for Bitcoins from the ECB

 Institutional tailwind is coming from the leading central banks. They are discussing the introduction of a digital currency. The ECB wants to decide on this by summer. "The debates are the best marketing for existing cryptocurrencies", analyst Emden is convinced.
 The crypto industry is eagerly awaiting the German law on electronic securities, which is expected to be introduced in 2021. "This law will form the basis for handling digital securities, not necessarily just Bitcoin, and thus create further trust in this form of assets," says crypto manager Karb.
 It's good news for cryptocurrencies. But given the large price jumps up and down, an investment is not for the faint of heart.


Corona attracts more attention

 According to experts, the uncertainty caused by Corona and rising national debt worldwide is causing many investors to look for alternatives.
 Karb also sees the interest of finance professionals growing. "In recent years, these major investors have tended to avoid these assets, also for reasons of a lack of trust, high volatility and a lack of control. Bitcoin is increasingly becoming a kind of" escape asset "like gold or precious metals used to be, and this trend continues. "



Banks see opportunities

 The financial industry now seems to be less skeptical. The more than 200-year-old private bank Hauck & Aufhäuser has recently launched its own crypto fund, making it one of the first in Germany.
 Patrick Karb is the head of the crypto arm and sounds optimistic. "We see a sustainable business model of the future here. The market for digital securities and crypto assets is growing at a disproportionately high rate, and Germany is offering suppliers and customers a good breeding ground here."