 ▲ Bitcoin (BTC) |
Bloomberg reported on the 14th (local time) that as stocks and bonds showed higher returns (growth rates) than Bitcoin (BTC) in the second quarter of this year, the analysis that the cryptocurrency fever will soon cool down is gaining weight.
The media said, "Since last April, global stocks, bonds, and raw materials have all outpaced the Bitcoin price growth rate. During this period, Bitcoin fell about 5%, and we are only watching gold, which is far ahead. Bitcoin has been After hitting $73,798 in March, it turned to a downward trend, and although several attempts were made to break new highs, all failed. In particular, most of the ingredients for raising the price of Bitcoin, such as the influx of funds from the US Bitcoin spot ETF and expectations of a US benchmark interest rate cut, appear to have been exhausted. explained.
In relation to this, Noelle Acheson, creator of the Crypto is Macro Now newsletter, said, “It is highly likely that most of the funds flowing into the U.S. BTC spot ETF will come from existing BTC holders rather than new funds. Bitcoin “In order to raise the price, new funds must flow in, and the selling of Bitcoin miners, whose profitability has worsened, appears to be having an impact on the decline in BTC prices,” he emphasized.
Meanwhile, Jurrien Timmer, head of the global macro division at Fidelity, a large U.S. asset management company, said through “It tends to depend on the recent price and adoption rate, and the recent gap between the price and adoption rate seems to be a factor slowing down Bitcoin’s price rise, and network indicators may need to improve for BTC to hit its highest price.”
Additionally, Hunter Horsley, CEO of Bitwise, a cryptocurrency asset manager and Bitcoin spot ETF issuer, recently said, “Bitcoin must abandon the ‘digital gold’ narrative and head to the next level.”
He said, "The expression 'digital gold' has been instrumental in the development of Bitcoin, but it is time to graduate from that concept. If anything, the continued association with gold, one of the world's least popular asset classes, is diminishing Bitcoin's potential. Unlike gold, BTC does not require analysis or physical storage and is relatively free from counterparty risk, and the potential return on investment is much higher for most BTC holders. “Does not hold gold. The ‘digital gold’ link is a contradictory view,” he explained.
