Considering the impressive year Bitcoin is having, it's not surprising that Wall Street is now starting to realize that the world's first decentralized cryptocurrency isn't going anywhere.
Remember 2017? That historic Bitcoin price rally was largely driven by retail traders - the average Joe - who were anticipating a Wall Street stampede alongside the frenzy of new tokens minted via initial coin offerings.
Obituaries from the news media made the average Joe eat the loss and many wrote Bitcoin off as just another bubble that burst.
The public searches for Bitcoin no longer reflect BTC as its price has "Decoupled."
"Institutions aren't in Bitcoin right now. It's been a retail phenomenon for the last decade. So Wall Street talks about it, they're aware of Bitcoin, but they're not really in it from our perspective, but it's starting to happen."Wealthy zip-codes in New York and Silicon Valley drive BTC price.
Druckenmiller, the latest big-name Bitcoin convert, now argues that "If the gold bet works, the Bitcoin bet will probably work better."
Cryptocurrency trader Michael van de Poppe believes that the Bitcoin market is now exiting the Stealth Phase and entering the Awareness Phase.
"With Stan Druckenmiller, Michael Saylor, and more listed companies jumping into the Bitcoin markets, it's quite clear that we're at the early stage of a new bull cycle."Bitcoin is a small club, and you can be in it.
What makes Bitcoin truly unique is that it doesn't play by Wall Street's rules.
This is precisely why Bitcoin still presents a unique opportunity for the average Joe: to acquire BTC now at lower prices than what Wall Street will pay for it later.
'Stealth phase' over? Why Wall Street FOMO will make $20K Bitcoin look cheap
Published on Nov 14, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.