What fueled the spike in bitcoin value from October 2020 to April 2021?
The spike in Bitcoin value from October 2020 to April 2021 was primarily fueled by a combination of several factors that led to increased adoption, institutional interest, and mainstream recognition of Bitcoin as a viable asset. Some of the key factors that contributed to this surge are: Institutional Adoption: Large institutional investors, hedge funds, and corporations began showing interest in Bitcoin as a hedge against inflation and economic uncertainties caused by the COVID-19 pandemic. High-profile companies like MicroStrategy and Tesla announced significant investments in Bitcoin, signaling institutional acceptance of the cryptocurrency. MicroStrategy's Bitcoin Strategy: MicroStrategy, a business intelligence company, made headlines by adopting a "Bitcoin-first" treasury strategy, converting a substantial portion of its cash reserves into Bitcoin. This move garnered attention from other companies and institutional investors, generating more interest in Bitcoin as a