The Chief Strategy Officer of Coin Shares, Meltem Demirors, went to speak at the CNBC about the Bitcoin rally. She stated that the narrative of 2019 has drastically shifted to Bitcoin from the other speculative assets that are in the market. She believes that with the conditions of last year, most investors were terrified to scale the token.
There is a Shift to Bitcoin
At the same time, it leads several institutions in the market to get a better understanding of the coin and build platforms and products that will revolve around it.
“Last year we saw this crazy speculative bubble, we talked about the depths of the crypto crisis, I think a lot of people initially looked at Bitcoin and said ‘oh didn’t scale, it’s not fast enough’, and everyone tried to create new features that Bitcoin didn’t have and they learned that it was hard to do that.”
While in the bear market most institutions were focusing their effort in creating use cases for the coin and build the relevant platforms that will be able to help users around the globe to easily spend and access the token. It is a concept that was being observed by several institutions within the community, this is the likes of Binance, Coinbase, just to name a few.
She went on to add that Bitcoin has been considered to be the largest crypto within the market when looking at its market cap. Additionally, it has been able to establish itself as a brand that is recognized by all across the globe. The reason being, it is the most secure network you can find in the crypto space.
”As evidence this week, Microsoft, which was working with Ethereum for a long time has decided to move all of its identity work over to Bitcoin network, instead of another implementation of blockchain”
With the recent rally that took place, it was able to bring out all the hidden bulls, and investors have even gone ahead to hail the rally as the new bull run could just be the end of the crypto winter.
At press time the Bitcoin price was at about $7,904 and having a market cap of about $140 billion.
Bitcoin Market Price Chart in RealTime