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It always booms because of the Bitcoin halving. People buy Bitcoin because it's going to be rarer and less mineable. Prices go up. Others buy because the price
by muzani 3y ago
It always booms because of the Bitcoin halving. People buy Bitcoin because it's going to be rarer and less mineable. Prices go up.
Others buy because the prices are going up. Some genius draws lines on a graph that tells them prices are going to go up even more, and they buy more. Because the Bitcoin halving tends to be over a 4 year cycle, it's very convenient for the line drawers to predict patterns, and it becomes a self fulfilling prophecy.
- inhumantsar 3y agoThat's certainly part of it, but the introduction of Bitcoin ETFs has played a huge role in this run as well. > On March 5, when Bitcoin reached a new all-time high, the BlackRock ETF (IBIT) saw a record inflow of $788.3 million in a single day. This meant that BlackRock had to buy over 11,000 Bitcoins, which likely brought Bitcoin to its new high. https://finance.yahoo.com/news/blackrocks-bitcoin-etf-breaks-net-222445688.html https://finance.yahoo.com/news/blackrocks-bitcoin-etf-breaks...
- RestlessMind 3y agoAnd then you add reputable entities like Blackrock or Fidelity offering Bitcoin ETFs and you further fuel the narrative of it being a great asset class.