Is this cycle different?
We just passed 500 days post the last halving which has historically marked the beginning of bear markets. There are a few reasons this cycle could be different. 1. Significant demand sources that didn’t exist in prior cycles (ETFs, corporations, governments) 2. I question whether halving events will continue to be major catalysts moving forward. 20m of max 21m BTC is already in circulation. Supply additions are no longer significant regardless of halving cycles.
An obvious risk in my mind is that the creation of ETFs caused a surge in demand that will likely decelerate over time. But if that creates a scenario where demand is only outstripping supply by 2-3x instead of 5-6x, aren’t prices still going higher?
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from Bitcoin - The Currency of the Internet https://ift.tt/MUPH6nI
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