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It's definitely true on the DeFi / lending front. Check out BlockFi for example. But I wouldn't say these are the _main_ reason why Bitcoin is going up. More l
by RedditKon 6y ago
It's definitely true on the DeFi / lending front. Check out BlockFi for example.
But I wouldn't say these are the _main_ reason why Bitcoin is going up. More likely reasons:
- Inflation concerns from the massive QE efforts in 2020
- Equities market are very overvalued right now, people are looking for alternate asset classes and fiat isn't a great option (see point #1)
- Institutional (more risk adverse) names are getting in. Ex: Mass Mutual bought $100M of BTC last week. Because this was for their general account it needed Fed approval, which is a big milestone.
- The idea of BTC as a true alternate store of value to gold is becoming more widely accepted.
Specifically in regard to the point around Bitcoin as an alternative to gold, the market cap of gold is around $9T. If even half of that moves to BTC we'd hit about $130k/BTC.