Bitcoin bulls are refusing to give in to selling pressure, with price staggering up back above USD 10,000 as new data is emerging on the increasing US investor interest in the world’s most recognized digital asset.
Despite sellers being the winners in the past few days, bears have been unable to assert some kind of long-term dominance in mid-week, with prices just about climbing back above the psychological USD 10,000 level before a proper 48 hours had passed. This thereby canceled the trend that would have set Bitcoin down on a clear trajectory towards USD 8,950 as some analysts had predicted yesterday.
Of course, this does not mean much until the bulls can take their game up and ensure that higher levels are met over the next 24 hours. It does not seem likely, however, barring an unexpected spurt like the 10% gains we saw last weekend. North America has already taken over from Europe trading but prices are still showing sideways patterns trading in a very narrow range within USD 100 away from the five-digit barrier (CoinDesk).
Alts themselves are trying to do the rest of the crypto market some heavy favors, by pushing down on the brakes, halting days of corrections. Ethereum is enjoying the most relief in the Top 10 by market capitalization, rising over 4% to USD 223. Dominance from Bitcoin, as a result, is also slowly being chipped away to below two-thirds at 64.6% (CoinMarketCap).
It’s difficult to say if the recent growth in price of crypto has more to do with buyers trying to enter at what seems like a bargain price or if speculators are trying to readjust their optimism for Q3 2019, but there has been some good news in terms of Bitcoin fundamentals that could start fanning the fires for a new round of rallies.
This mainly stems from the new research from Grayscale Investments that shows that there is a growing interest from Americans in Bitcoin as an investment. One surprising metric to come out of that was that the majority of these interested people were already parents – 70% of the 21 million people showing interest, in fact.
— The Block (@TheBlock__) July 25, 2019
What this means is that Gen X and even some of the Gen Y who will now be raising children and young adults are already experienced in terms of financial management and investment. And the fact that they have shown an interest in Bitcoin is a huge marker of the changing attitudes of people towards Bitcoin as an alternative store of value and investment asset, despite the negative headlines from media and governments towards it.
The research, carried out in partnership with Q8 Research, asked 1,100 Americans between the ages of 25 and 64 and gave us even more insight into how the average bitcoin holder looked like. It is only the latest encouraging sign in the capturing of Bitcoin sentiment in the country that holds a long association with the digital currency.
Governments around the world are going to keep debasing their currencies by printing more money, while Bitcoin stays as scarce as it was designed to be.
Which do you want to store your wealth in?
— Pomp (@APompliano) July 25, 2019
What this latest study does debunk is the stereotype that Bitcoin was for the young and trendy. Investors thinking of Bitcoin turned out to be “middle-aged, middle-class and suburban”. Far from being a hip digital currency, Bitcoin’s main appeal to these experienced and mature age group, half of whom earned less than USD 100,000 annually, according to the study, was that you could invest as much or as little as you wanted.
Of course, much of this could change if regulatory developments related to crypto take a turn for the worst in the US. Until today, the state of crypto and how they should be regulated within securities laws faces some uncertainty, although the US Senate Banking Committee will be holding a regulatory framework hearing on crypto and blockchain next Tuesday.
If past hearings are anything to go by, don’t expect any definitive good or bad news. The crypto analysts and hedge funds certainly won’t!
This week on the Unchained podcast, Pantera Capital founder Dan Morehead also shared his analysis of Bitcoin’s logarithmic growth rate (as opposed to linear) and outlines a clear path towards a US dollar valuation twice that of its previous all-time high of USD 20,000. Should the pattern hold out for a further two years, Morehead even believes USD 356,000 to be possible.
Truth or not, we’ll find out in two years, but we first have to see if his first timetable of just over five months from now will give the price every Bitcoin holder will be praying for.
Image Courtesy: Pixabay
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