Bitcoin Rally Is More Than Just A Bounce – Get Bullish

Bitcoin is holding over $21K this morning – and beginning to move upward with the current price at $21345. Time to get bullsih for all the regular folks out there who have been sleeping on Bitcoin. Time to wake-up and get this party started!

Bitcoin Rally Is More Than Just A Bounce – Get Bullish

“If there was ever a time for the long-running calls among crypto skeptics for Bitcoin to crash and burn to zero, 2022 would have been it, but here it is standing firm.

One of the biggest stories last year was the apparent overnight collapse of “FTX”, once among the largest crypto exchanges in the world. The case we made in an article at the time was that the bankruptcy would ultimately prove to be positive for Bitcoin as it could mark a capitulation of the 2022 crypto sell-off and a final reset compared to the exuberance that got ahead of itself at the highs. That prediction is starting to look good now.

In our view, the FTX fallout may have helped Bitcoin consolidate its place as the ‘gold standard’ of crypto, with the real losers being the category of smaller crypto-alts and tokens which played a central role in the demise of 2022 crypto casualties including FTX and other examples like the case with “Celsius Network”.

We sense that efforts at new regulation being discussed by governments looking for tighter control of the crypto market will be directed towards that side of centralized exchanges and private coin offerings, which are a source of system vulnerabilities. There was a time in 2021 when any crypto-related startup could get away it just a flashy name. The difference now is that investors will be much more skeptical to jump on those types of ideas.

That leaves Bitcoin as the first and largest cryptocurrency where its decentralized public protocol is bigger than any single celebrity character and has proven to be secure. By this measure, Bitcoin simply got caught up in the scandal headlines while not directly connected.

To be clear, we still see a place for various other cryptocurrencies including the established majors like Ethereum (ETH-USD), but the bigger takeaway is that the case for BTC gets reinforced. A growing understanding of its importance as a store of value and alternative asset bodes well for its continued demand as a form of money and payments, beyond the scarcity value assigned by both small and large investors. The upside potential in the long-term bullish case for BTC has only grown over the past year.”


Master Asked on January 17, 2023 in Bitcoin.
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