Nevertheless, amidst the gloom and doom in the markets, Bitcoin’s bulls are ranging stronger than ever. Now at $8,300 on Bitstamp, the digital currency is enjoying another ending of its fourth straight month on a roll gained over 60 percent in value. This is the longest monthly winning streak the token has been on since August 2017.
As the China and U.S trade tiff escalates, the fear of a global economic recession is eating away at Wall Street’s bottom-line, especially where volatile assets are concerned. These assets, highly sensitive to any disturbance on the growth of the economy, have been reporting monthly losses. Brent Oil and Copper, for instance, have both lost an average 10 percent of their values, while the Yuan has also lost 2 percent of its former weight.
At crypto world, BTC is getting its standing ovation for a job well done, especially after the depressing crypto winter of 2018 slashed its price by almost 70 percent of its glorious 2017 values. With Wall Street beginning to turn their eyes towards it, crypto fans had hoped that the traditional fiat based market, would make some hullabaloo about BTC’s potential. However, the asset managers over at Wall Street are still held back by what some crypto influences say, are their old notions towards Bitcoin.
Tweeting on the issue Joe Pompliano, says:
“Wall Street is completely underestimating Bitcoin. They don’t recognize the value drivers of network effects, branding, scarcity, computing power, decentralization, etc. The bankers’ lack of understanding is the average citizen’s opportunity.”
Nonetheless, some crypto enthusiasts think Joe’s thoughts are not factual and are a generalization made, based on Wall Street’s former view of Bitcoin, and not the current. Gabor Gurbacs, for instance, says that according to data Wall Street is highly invested in the crypto market with lots of research being done on Bitcoin and other digital assets.
Another pundit says that the traditional investors market “has always followed the money,” but they love to hide their moves.
Wall Street Neck Deep In Crypto
According to the Chicago Mercantile Exchange, the Bitcoin futures trading volume broke records after garnering 112,700 BTC trades worth $563 million on April 4th. This amount almost matched the $685 million made by the combined volume of all top ten exchanges.
Futures nevertheless are not HOLDer or retail investor territory. Clearly, Futures are a favorite of old money hedge funds and investors, ‘whales’ who pundits believe are behind BTC’s recent Bull Run. Crypto pundits would, hence, say that any bearish views from Wall Street towards Bitcoin right now should be taken with a pinch of salt.
The general skepticism regarding BTC’s security, stability, transaction capacitor lack of merchant acceptance or governmental blessing, has quickly been overtaken by timely innovation. Solutions are being built up daily to meet them, including the lighting network, enhanced security on offline hardware wallets, crypto custodian services, and Bitcoin ETFs amongst others.
Even long-standing problems of extensive BTC mining energy are being solved through the use of abundant natural resources like gas that lies unused in the vast North American oil fields. Such steps are not only cleaning up a potential environmental pollutant but are going to be the preferred cost-effective BTC mining fuel once BTC’s prices skyrockets in the future.