Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem. So, brace yourselves, folks. Unlike previous cycles, we might witness a more aggressive buying spree during price pullbacks. Even in the midst of volatility, buyers could be more proactive this time around.
Every time Bitcoin goes up, big brain analysts say that it means people believe it's digital gold. So if Bitcoin crashes, does that mean people stop believing it's digital gold or what?
What I learned in my almost 8 years in Bitcoin is that so-called analysts just throw lazy explanations for the current trend, because no one cares about actual research. Market participants just want an easy narrative to stir them to buy or sell.
Bitcoin ecosystem today is not different from the ecosystem half a year ago when the price was 3 times lower. This means the price growth is a result of the halvening bull-bear cycle and not people waking up to digital gold.