Bitcoin BTC/USD is the largest cryptocurrency in terms of market capitalization, and it has maintained its level of dominance in the crypto space despite the bearish crypto market.
Despite its recent bearish outlook, a lot of investors and even entire countries are buying cryptocurrency.
El Salvador and MicroStrategy’s purchases of BTC as catalysts for growth
On June 29, 2022, Michael Saylor made an announcement that MicroStrategy purchased an additional 480 Bitcoin (BTC) for $10.0 million, with an average price of $20,817 per Bitcoin (BTC).
Furthermore, Saylor announced that the company holds 129,699 Bitcoin (BTC), which was acquired for $3.98 billion at an average price of $30,664 per Bitcoin.
On July 1, 2022, the president of El Salvador, Nayib Bukele, disclosed the country’s latest purchase of Bitcoin (BTC).
According to the announcement posted on Twitter, El Salvador purchased 80 BTC at $19,000 per coin.
Alongside all of this, the South Korean electronics company Samsung started working on three-nanometer chips, which will be utilized in Bitcoin (BTC) mining.
Specifically, these chips will be compatible with specific integrated circuits (ASICs), which are machines known due to their efficiency at mining Bitcoin.
Samsung secured its first customer, PanSemi, which is a Chinese ASIC firm.
Should you buy Bitcoin (BTC)?
On July 1, 2022, Bitcoin (BTC) had a value of $19,553.44.
To get a better perspective as to what this value point represents for Bitcoin (BTC), we will be going over its all-time high point of value, as well as its performance throughout the previous month.
The all-time high of the Bitcoin (BTC) cryptocurrency was on November 10, 2021, when the coin reached a value of $69,044.77.
When we go over the performance of the coin throughout June, we can see that Bitcoin (BTC) had its highest point of value on June 1 at $31,950.98.
Its lowest point of value, however, was on June 18 at $17,744.9.
Here we can see that the cryptocurrency saw a decrease in its value by $14,206.08, or by 44%.
However, from June 18 to July 1, we can see that Bitcoin (BTC) increased by $1,808.54.
With companies such as Samsung creating Bitcoin (BTC) mining chips, and with El Salvador and MicroStrategy buying Bitcoin heavily, we can expect the cryptocurrency to reach a value of $25,000 by the end of July 2022.
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