Bitcoin Is Fading From The Hearts Of Mainstream Investors According To Chris Burniske


One of the key factors that determines the long-term survival of any asset is adoption. No matter how good an asset is, it cannot survive for long without mainstreaming. Towards the end of 2017, the surge in the price of cryptocurrencies led to an increased interest in the industry. Many retail investors who were looking for how to make quick profit quickly bought into the market. Unfortunately, the price surge was followed by a bear market that led to one of the worst sell-offs in cryptocurrency history.


Investors Dump And Run


According to some experts in the industry, the cryptocurrency market is currently stronger than ever. There are many strong fundamentals now even if the prices are still far from their all-time-highs. Without a strong bullish rally, it would be difficult to convince retailers of this strength. This is why the hype around Bitcoin and other cryptocurrencies is slowing down gradually.


A well known cryptocurrency analyst, Chris Burniske, took to Twitter to talk about the current state of the market. The co-author of Cryptoassets and partner at Venture Capital said that the mainstream is gradually forgetting about BTC. In his words:

“Last year, just after the bull run, almost everyone in the western world was talking about cryptocurrencies. People who had never heard of digital assets started investing in BTC and other cryptocurrencies. News outlets and social media platforms couldn’t get enough of cryptocurrencies. CNN, Bloomberg, CNBC and many other media houses couldn’t stop bringing up cryptocurrency related topics. Less than one year after the cryptocurrencies reached their peak, the matter died down.”


According to Burniske, BTC is no longer a popular word at offices, dinner tables, malls, conferences, etc. News outlets have also slowed down the frequency of their cryptocurrency related reports in recent time. This isn’t necessarily a bad thing and it definitely doesn’t mean it is over for the cryptocurrency industry. There are still many dedicated developers and decision makers who are striving to build the industry and also investing capital.


The story is different for retail investors. Many of these ones have dumped their investments after suffering significant loses. This has removed a large portion from the overall market capitalization. Let’s not forget the businesses that have gone bankrupt thanks to the drop in price of cryptocurrencies.


Is There Any Hope For The Industry?


It is going to take a lot of faith and foresight to believe this but there is still hope for the industry. Burniske said that the industry is still nascent and many of the active participants are dedicated investors and developers. So, there is still a lot in store for the industry.


One of the factors that will reignite mainstream interest in the industry is foray from Wall Street. Soon, Bakkt, a physically-backed futures trading platform will be launched. This will invite more investors to the market. Also, there is going to be a stream of institutional investors coming into the market as soon as custody offering platforms like Fidelity and others are launched.


Another possible catalyst is the launch of a Bitcoin ETF in the United States. In February, the SEC is going to make a decision to either approve or reject VanEck’s Bitcoin ETF. If it gets approved, this will give the industry a sustainable bullish run.

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