Dan Held, director of growth marketing at Kraken, believes the Bitcoin (BTC) supercycle theory, which he first proposed in 2019, is still valid.
According to Held, the theory promotes the idea that a perfect storm, such as public distrust of governments and institutions, could boost Bitcoin’s mainstream adoption and drive up its price.
Held claims that current events and situations serve as a perfect storm for Bitcoin in a recent interview on the What Bitcoin Did podcast.
“I think in the supercycle thesis we do have the perfect storm, an even more perfect storm than 2019. So much has happened. COVID, I think, has given us good reason to doubt our government’s capability of handling various parts of our economy and our lives, and with all the money printing that went down too. Bitcoin’s utility has never shined brighter. We also have Canada and geopolitical struggles all across the world that I think highlight exactly why Bitcoin is valuable right now.”
According to Held, events that engender suspicion in the government occur in a relatively short period of time, prompting people to explore buying crypto assets.
“I think we’re seeing a lot of people hitting that awareness stage, and maybe more catalytic moments or economic shocks or a conflict knocks them down into the acquisition type of level where they start to say, okay, I’ve thought about it.” I’m ready now, I’m ready to sign up. I’m ready to go try out Bitcoin.
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