Bitcoin's incredible bull run, which started at $4,887 during the covid-19 lockdowns in March, picked up the pace on Thursday, breaking above its three-year high of $16,000. This represents a 227% increase from its 2020 lows. Bitcoin's price is now up 3% in the last 24 hours, 8% in the last week, and 39% in the last month. Bitcoin is leading the market, with most other coins either slightly in the green or in the red, and bitcoin trading volume rose from $28 million to $176 million in the last two hours, a 500% increase. This price increase comes at the tail of Grayscale Investments announcing in its Digital Asset Investment Report for Q3 that it bought more than $1 billion of bitcoin during the third quarter of this year. The report also announced year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, with institutional investors accounting for over 80% of their clients. Even for a notice trader, it's hard to see Bitcoin having much resistance to $20,000, if it's able to break through the $16,000 price resistance. On Monday, U.S. billionaire investor Stanley Druckenmiller said in a CNBC interview that he owns bitcoin, believing it will outperform gold in the long run for many reasons, "Frankly, if the gold bet works, the bitcoin bet will probably work better because it's thinner, more illiquid and has a lot more beta to it. It has a lot of attraction as a store of value to both millennials and the new West Coast money." Druckenmiller also said he's anticipating a three- to four-year decline in the dollar, and revealed he is shorting the dollar. The S&P is up about 9.5% in 2020, while Bitcoin is up 120%.