Kraken director of growth marketing Dan Held says the Bitcoin (BTC) supercycle theory that he first put forward in 2019 still holds water.
According to Held, the theory advances the idea that a perfect storm such as mistrust in governments and institutions, will propel the mainstream adoption of Bitcoin and drive up the price of the leading crypto asset.
In a new interview on the What Bitcoin Did podcast, Held says that current events and conditions serve as a perfect storm for Bitcoin.
“I think in the supercycle thesis we do have the perfect storm, an even more perfect storm than 2019. So much has happened. COVID, I think, has given us good reason to doubt our government’s capability of handling various parts of our economy and our lives, and with all the money printing that went down too. Bitcoin’s utility has never shined brighter. We also have Canada and geopolitical struggles all across the world that I think highlight exactly why Bitcoin is valuable right now.”
Held says that events that cause distrust in the government are happening in a very short time span, leading to people considering the possibility of obtaining crypto assets.
“I think we’re seeing en masse a lot of people entering that awareness stage and maybe more catalyst moments or shocks in the economy or a war shakes them down into the acquisition sort of level where they start to go okay, I’ve considered it. I’m ready now, I’m ready to sign up. I’m ready to go try out Bitcoin.
It takes them entering those stages before they can start to buy Bitcoin and Bitcoin’s price starts to move up, so I think we have a large amount of people ready there and there’s a certain sort of events that I don’t know exactly what those events might be or narratives, but those could push all those people into those lower stages of the funnel and that means direct price action, the price going up.”
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