Recent studies indicate that Bitcoin continues to be in a growth phase within its adoption cycle. Fidelity's Director of Global Macro, Jurrien Timmer, shares his insights on current trends and corporate adoption's impact on the market.
Bitcoin and Its Growth
According to analytical data, Bitcoin is still in a growth phase despite trading around $120,000. Jurrien Timmer compares its rise to the internet boom, emphasizing that Bitcoin's trajectory closely resembles the internet's adoption curve from previous decades. "Bitcoin continues to follow both the Power Law curve of its wallets as well as my demand model based on the internet adoption curve. We are right in the middle."
Corporate Adoption of Bitcoin
Data indicates that 125 public companies now hold Bitcoin on their balance sheets, adding it to their assets. In the quarter, it was found that 46 companies acquired BTC, resulting in a total of 847,000 BTC, valued at approximately $91 billion.
New Investors and Market Update
In the past two weeks, first-time investors have accumulated over 140,000 BTC, signaling a renewed buyer interest. This resurgence of 'FOMO' (fear of missing out) supports Bitcoin's current rise, demonstrating strong organic demand from both new and seasoned market participants.
Thus, according to recent data, Bitcoin is in an active growth phase with a number of positive indicators. Corporate adoption and active purchasing by newcomers highlight the demand for the cryptocurrency.
