What’s Next for Bitcoin?
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- Опубликовано: 18 сен 2024
- The S&P 500 has made a major comeback since the start of the month. Yet we haven’t seen a similar rebound in crypto assets yet.
What gives?
It's easy to draw long-term conclusions from short-term data, especially around volatile assets. Just think about the best-performing stocks of the last 20 years.
Time and time again, major companies like Tesla, Google, Facebook, Microsoft, and Apple have put their shareholders through intense emotional ups and downs.
There have been periods in Tesla's history when it’s essentially traded sideways for more than three years before going up more than 10x. Over the last 18 months, Facebook has dropped 60% to 70%. Today, the company’s stock is up over 5x from its lows.
The key takeaway here is to understand the difference between short-term headwinds and long-term changes in the viability of an asset. Bitcoin is currently dealing with a few short-term headwinds. Some people believe they’ll last forever.
In this week’s video, I break down the key headwinds we’re facing right now, including the liquidations of bitcoin holdings by the German and U.S. governments, and the release of more than $8 billion worth of Mount Gox claims in recent months.
I believe these issues explain why the recovery in Bitcoin’s price has been slower than the broader market - there's been no need to be an aggressive buyer when you know so much overhang is out there.
Here’s the good news: Eventually, that overhang will be removed. In the meantime, we just need to focus on the long-term drivers behind Bitcoin’s adoption rate.
We’re at the cusp of the Wall Street adoption cycle. And Wall Street shepherds the largest pools of capital in the world. We just need to position ourselves to benefit when the spigot is turned on.
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