As #Bitcoin hit its all-time high exactly three years after the 2017 bull run, many are drawing comparisons between the two.
But a lot has changed since then and this time is very different.
Here’s why.
Retweet it for a friend that recently got into the game.
/THREAT/
But a lot has changed since then and this time is very different.
Here’s why.
Retweet it for a friend that recently got into the game.
/THREAT/
1)The number one thing is the nature of the demand for BTC.
2017 was described as a bubble, and with good reason. The demand was coming mostly from individuals investing their personal funds.
That’s not nearly enough buying pressure to sustain that kind of a rally.
2017 was described as a bubble, and with good reason. The demand was coming mostly from individuals investing their personal funds.
That’s not nearly enough buying pressure to sustain that kind of a rally.
2)This time couldn’t be more different.
Institutions are lining up to buy massive amounts of BTC, with any bearish whales being gobbled up like plankton by the big players.
An announcement of a $100 mil+ investment into BTC is hardly news anymore.
Institutions are lining up to buy massive amounts of BTC, with any bearish whales being gobbled up like plankton by the big players.
An announcement of a $100 mil+ investment into BTC is hardly news anymore.
3)Aside from demand, the use cases have also changed dramatically.
Now we have DeFi. Of course, it isn’t possible on Bitcoin itself, but wrapped versions of BTC are extremely popular on other chains, especially ETH.
There’s almost $3.5 BILLION worth of BTC locked in DeFi.
Now we have DeFi. Of course, it isn’t possible on Bitcoin itself, but wrapped versions of BTC are extremely popular on other chains, especially ETH.
There’s almost $3.5 BILLION worth of BTC locked in DeFi.
4)Today’s macroeconomic outlook and inevitable inflation of all major fiat currencies motivates many to protect their funds by investing in crypto.
Briefly, the more the money printers go BRRRR, the more crypto goes WOOOSH.
Briefly, the more the money printers go BRRRR, the more crypto goes WOOOSH.
5)Finally, adoption and fiat on- and off-ramps have skyrocketed in the past few years.
From PayPal to the growing number of crypto payment cards, NFTs, tokenized securities, and more, crypto is no longer a niche.
And it’s set to expand far beyond the finance sector.
From PayPal to the growing number of crypto payment cards, NFTs, tokenized securities, and more, crypto is no longer a niche.
And it’s set to expand far beyond the finance sector.
So, while the new ATH came on the same date as the previous one, we’re unlikely to see an equally dramatic sell-of.
Sure, there will be selling, but even the biggest individual whales won’t be able to have as much of an effect as they did three years ago.
Sure, there will be selling, but even the biggest individual whales won’t be able to have as much of an effect as they did three years ago.
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