8 months ago
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Bitcoin price has rallied to a new all-time high above $73K, with about five weeks to the fourth halving, thus indicating heightened demand from institutional investors.
The adoption of Bitcoin (BTC) has reached mainstream investors, with celebrities led by popular Canadian rapper and musician Aubrey Drake Graham alias Drake, advertising the flagship coin. On Tuesday, the well-decorated singer posted a short video of Michael Saylor, the executive chairman and co-founder of MicroStrategy Inc (NASDAQ: MSTR), explaining the importance of Bitcoin (BTC) in every investor’s portfolio.
Notably, Saylor was speaking in a CNBC interview on Tuesday after the flagship coin scaled above $72k. In the short clip, Saylor highlighted that Bitcoin is the digital gold that does not need to be a currency.
“It doesn’t have to be a currency. Nobody is trying to buy a cup of coffee with a fraction of their building on Fifth Avenue,” Saylor noted.
Bitcoin’s Euphoric Season at Hand
Every time Bitcoin consistently closes above its prior all-time high (ATH) different celebrities have taken to their respective social media platforms to inform their followers. The post by Drake is a testament that Bitcoin bulls are in control.
During the 2021 crypto bull run, different celebrities were involved in the marketing of crypto assets. However, the collapse of the FTX crypto exchange and its sister firm Alameda Research proved to be a huge blow to the marketing industry.
Notably, the United States Securities and Exchange Commission (SEC) charged several celebrities, including Larry David and the players from the Golden State Warriors, for enabling the FTX scam. However, with Bitcoin largely classified as a commodity in the United States among other major global jurisdictions, celebrities are confident in sharing it with their respective followers.
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year was the ultimate trigger for the mass adoption of digital assets. With Bitcoin price trading above $73K and the halving event being five weeks away from happening, analysts are confident this bull run will be a supercycle akin to 2017.
Market Check
The notable growth of Bitcoin and the cryptocurrency market to over $2.8 trillion has closely followed the stock prices. The prospects of interest rate cuts in Europe and the United States before the end of this year have instilled confidence in the long-term success of Bitcoin.
Furthermore, more investors are using Bitcoin and other digital assets to hedge against rising inflation and geopolitical instability.
On Tuesday, the United States Consumer Price Index (CPI) data reflected on the untamed inflation as the government’s national debt crossed $34.5 trillion. Ultimately, Bitcoin and the rest of the crypto assets are expected to outshine the entire precious metal industry and all global fiat currencies.
