As a counterpoint to the last couple of thought posts, perhaps Bitcoin was and is the one.
It’s possible the “moat” established by months of being the only crypto with massive ETF inflows causes BTC to take on a shine that no other crypto can mimic.
Very few people saw the 2020 rally before it happened, or 2021’s rise for that matter.
Yet those were hit without the benefit of massive ETF inflows from the likes of Fidelity and BlackRock.
The subsequent FTX negative news cycle shook most non-experts out of crypto completely.
Most people had no idea that Wall Street’s big 2024 play would be — apparently — packaging and marketing spot Bitcoin ETFs.
Lol.
It’s a historic change. Digital gold is suddenly a thing — not real gold, of course. But rare bits with the liquidity to finally serve as an alternative to the dollar, on a global basis.
Interesting times.
D