A popular cryptocurrency strategist is saying that Bitcoin (BTC) is inadvertently undergoing a positive brand-building process.
In a new interview with David Lin, the anonymous host of InvestAnswers says that Bitcoin is currently “witnessing its best marketing campaign ever.”
According to the analyst, the ongoing banking crisis has led to the increased adoption of Bitcoin as people seek safe havens.
“During this last crisis of the last 10 days, we had the most rapid acceleration of new Bitcoin wallets we’ve seen. And of course, Bitcoin has gone up 70% in the last 90 days. Extraordinary movement for an asset like that.
And the question the people face, like you mentioned, it’s a brilliant question – what do you do, okay? I can’t trust the banks, I can’t trust the treasuries because the US government is printing money like crazy, so it’s going to debase like crazy.
Yeah, I might get 3.5% or 4% but the purchasing power is falling by 14% in real terms. What am I going to do? Do I put it into the stock market? Well, everybody says we’re going into a recession so the stock market is going to crash.
That doesn’t sound good. Where do I find a hard asset? We saw gold spike to above $2,000 for a few hours…
And that’s an example of exactly what people are seeking out. They want to find that hard safe harbor for assets, where they can deploy cash. And that’s why we’re seeing Bitcoin as a new asset class…
It’s probably witnessing its best marketing campaign ever.
And it was built during the last financial crisis. It’s designed for financial crises. And that’s why it’s doing so well.
I think a lot of people are saying, okay you know even though I may not trust Bitcoin, I better have 2% – 5% of my cash in it, just in case. Just in case everything else goes to hell.”
On Bitcoin’s adoption rate, the host of InvestAnswers says that only a tiny percentage of the global population has embraced the flagship crypto asset.
“In terms of a store of value, I look at something that is not very well adopted and at the same time has a lot of value and is extremely hard i.e. there can’t be more of it printed. That is Bitcoin.
You know 2.5% of the world has adopted it, but 97.5% of the world hate it. And they hate it because they don’t have it. And they hate it with a vengeance.
But after what’s just happened right now in the banking crisis we’ve had, it really speaks to the narrative of that.”
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