The long-awaited Bitcoin (BTC) price all-time high finally happened on March 5 after the world’s first cryptocurrency rallied above $69,000.
And there we have it. We are officially in a bull market.
During the last bull market, developers, projects and artists all shared their lofty goals and ideas of how crypto and blockchain would revolutionize the entire world. While some of that happened, in reality, a lot was left unachieved.
So, now that market conditions have finally improved, everyone has another chance at delivering on what was promised. The Agenda co-hosts Jonathan DeYoung and Ray Salmond’s assumption is that with better market conditions and profitable balance sheets, blockchain projects should have sufficient runway to build the products and services that hope to solve a lot of the world’s problems.
On episode 31 of The Agenda, Salmond and DeYoung share their views on the significance of Bitcoin’s price hitting a new all-time high and what this could mean for crypto in 2024.
Bitcoin’s phoenix moment is a sign of a maturing asset and market
Once one gets past the excitement and fixation surrounding Bitcoin hitting new all-time price highs, a more contemplative mood sets in, wherein the significance of the milestone is considered.
When asked about what BTC price going to the moon means in the larger scheme of things, Salmond suggested that it is “a sign of maturity,” especially considering that:
“The ETFs are kind of like buyers of infinite demand, right? They’re like purchasers of infinite demand. Every day for the last two or three weeks, they’ve been buying $500 million minimum of Bitcoin daily, or $450 million daily. Even today, as Bitcoin price sold off after hitting a new all-time high, ETFs like IBIT from BlackRock traded like 1 billion shares.”
DeYoung expressed his perspective that, unlike previous bull markets, social chatter from non-crypto bros pales in comparison to what was seen in 2017 and 2020 and that he found himself somewhat surprised not to be looking at his…
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