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Dan Held, growth lead at crypto exchange Kraken, is outlining the catalysts that he believes could ignite a Bitcoin ‘Supercycle’, catapulting the BTC price to $1 million.
In a new episode of the What Bitcoin Did podcast, Held explains why he believes the current bull market could grow exponentially larger than Bitcoin’s boom cycles in 2013 and 2017.
“When I look at these cycles though, what makes me very excited about this upcoming one, which could be… a supercycle, is that this time, is different. The 2013 bull run, the 2017 bull run, it was mainly based on retail-driven speculation. The macro markets, the rest of the world, was doing fine. It was a large bull run and these were mainly speculative cycles run by retail with a very shaky infrastructure…
With this bull run, we’ve got a lot of different things lined up.”
According to Held, Bitcoin’s primary use case as a store-of-value asset was put into the spotlight by the Covid-19 pandemic amid the rampant money printing of governments across the globe.
Covid was the catalyst moment that makes Bitcoin shine. With the Covid lens when we look at Bitcoin, for most people who had dismissed it previously, now it makes sense. And that’s where we see this echoed by the institutions. The managers of all the wealth in the world, the large portion of wealth in the world, they look at Bitcoin as a store of value, as a gold 2.0… And that is a huge value for the world.
As the governments had their response to Covid-19 being money printing, that will devalue these currencies eventually and folks are looking at the 21 million fixed hard cap of Bitcoin. They are looking at this monetary policy, they are looking at Bitcoin’s construction, and how decentralized it is. Now you can store value in it and no one can take that value away from you, as this incredible lifeboat…
So Bitcoin’s demand, or people believing in Bitcoin, that market has grown tremendously to where now we have institutions.”
Held adds that the improvement in cryptocurrency infrastructure, which has made the flagship crypto asset more accessible to retail investors, is another factor that could continue fueling demand.
“We also have a much more vast retail customer segment. So retail buyers can now buy Bitcoin on PayPal, Robinhood, Cash App. They can buy it everywhere. And eventually, that’s going to reach brokerages like Fidelity, like within a retail brokerage Fidelity or E-Trade and Interactive Brokers. Eventually, you’re going to be able to buy Bitcoin everywhere, which means Bitcoin can now tap into all demand that wants it.”
For the current bull run to qualify as a supercycle, the Kraken Bitcoin needs to appreciate over 20x from its current value of $48,944.
In other trending Bitcoin News today:
Bitcoin Breaks $50K: Why BTC Price Is Primed For Another Leg Up
The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major exchanges, including Coinbase and Binance Futures.
CryptoQuant CEO Ki Young Ju explained that Bitcoin’s struggle to break past $50,000 is about “Coinbase whales (USD) vs. Stablecoin whales (USDT).”
Ki emphasized that there was a negative Coinbase premium at the time Bitcoin rejected $50,000 in the morning. For BTC to cleanly break past it, he explained that the negative premium has to be “cooled down.”
Since the initial rejection, the Coinbase premium has stabilized, reaching parity with Binance’s Tether price.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Number of the day: 4,000,000,000,000$4T of cash sitting in US non-financial corporations.$4T is also Gold’s financial cap.
$4T is also #Bitcoin‘s projected cap for end of this year on current models.
— Willy Woo (@woonomic) February 16, 2021
https://cointelegraph.com/news/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up
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Unraveling Bitcoin’s Sentiment: Wild Divergence from Reality as $53K Triggers Extreme Fear – BTFD Alert Activated
The cryptocurrency landscape is currently experiencing a whirlwind of emotions as Bitcoin’s price hits $53,000, sending shockwaves through the market and triggering a state of extreme fear among investors. The article at the center of the discussion highlights the wild divergence between Bitcoin’s sentiment and the reality of its current valuation, prompting a “Buy The Dip” (BTFD) alert among savvy traders.
The Fear and Greed Index, a popular metric gauging market sentiment, is sounding alarm bells with an indication of extreme fear. This divergence from the underlying reality of Bitcoin’s value creates a unique scenario, as market sentiment often plays a crucial role in shaping short-term price movements.
The term “BTFD” has become a rallying cry for opportunistic investors during times of market downturns. It encourages a strategic approach to buying assets at a perceived low point, capitalizing on potential undervaluation. The extreme fear triggered by Bitcoin’s dip to $53,000 has prompted some investors to consider this a buying opportunity.
However, the situation also prompts reflection on the factors contributing to the wild divergence between sentiment and reality. Is this fear warranted by fundamental market conditions, or is it an overreaction to short-term fluctuations? The crypto community finds itself at a crossroads, evaluating the impact of external factors such as regulatory developments, macroeconomic trends, and overall market sentiment.
For seasoned investors, extreme fear can signal potential buying opportunities, but caution is advised. The cryptocurrency market is notoriously volatile, and factors influencing sentiment can change rapidly. Traders need to balance the allure of buying the dip with a careful assessment of the underlying factors influencing Bitcoin’s current valuation.
As the crypto community navigates this period of extreme fear, it’s essential for investors to remain informed, exercise prudence, and make decisions based on a comprehensive understanding of the market dynamics. Whether this situation resolves with a market rebound or introduces new challenges, only time will tell.
In the grand theater of cryptocurrency, where sentiment and reality often dance a complex tango, the extreme fear triggered by Bitcoin’s descent to $53,000 is but one act in the ongoing drama. As the narrative unfolds, traders and enthusiasts alike will be watching closely to see if the BTFD alert rings true, and whether Bitcoin can weather the storm and emerge stronger in the face of market uncertainty.
