In an interview with economist Mark Friedrich, MicroStrategy CEO Michael Sailor said Bitcoin is not what it was in 2015 or 2017. According to Sailor, the arguments against Bitcoin (BTC) that were valid four years ago are no longer relevant.
How does Bitcoin look like LeBron?
Bitcoin has grown significantly since its peak in 2017 in terms of infrastructure, fundamentals, and adoption. Over the past year, institutions have increasingly viewed bitcoin as a valuable store and hedge against inflation.
In 2017, critics argued that Bitcoin is too volatile and that there is a risk it could drop to zero as it is a resource in its early stages. Sailor emphasized that these arguments are less important now, as BTC has grown significantly in three years.
Sailor stressed that LeBron James played basketball between the ages of 8 and 18, but had matured to become one of the best players. He said Bitcoin had gone through a similar period and said:
“I thought it was also important to deal with the fears and anxieties of the original bitcoin and cryptocurrency community, which had all these tropics, for example,“ Oh, this is risky, this is not stable, it could drop to zero ”, and they don’t They still live in time 2012, 2015 and 2017. And I want to tell them that LeBron James played basketball from the age of 9-18, and he was talented, but irrational and unstable, but grew up after that and from 18 to 28 destroyed everything in his path . ”
One of the biggest changes to Bitcoin since 2017 has been the market structure. Three years ago, retail platforms like BitMEX were the dominant players in the derivatives market.
As Cointelegraph reported, institutional platforms such as the Chicago Mercantile Exchange (CME) consistently handle volumes similar to those on leading exchanges focused on retail. On December 4, the CME BTC futures market has an open interest of $ 1.14 billion, higher than Binance Futures, Bybit, Huobi and BitMEX.
Data on the chain also shows a significant increase in institutional growth based on large transactions on the Bitcoin blockchain.
Major Bitcoin transactions have doubled this year
According to IntoTheBlock, the number of transactions over $ 100,000 has doubled over the past year. According to analysts, this indicates an increase in institutional activity on the Bitcoin blockchain.
Analysts write that given the marked change in volume and chain data trends over the past 12 months, Bitcoin has experienced strong institutional growth. They wrote:
“The number of transactions over $ 100,000 per day on the Bitcoin blockchain has doubled more than the previous year. In addition, the total volume transferred to them increased 6 times during the same period.”
Based on a number of factors, including the fact that there is significant institutional participation in the bitcoin market, investors like Sailor remain confident that BTC is evolving into a stable value and this improves its perception among ordinary investors. …