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26 November 2020

Why Hasn’t Bitcoin Mania Kicked in Yet? - Decrypt

Why Hasn’t Bitcoin Mania Kicked in Yet? - Decrypt

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Even billionaire investors are backing Bitcoin, and yet only some outside the crypto bubble are taking note.

“In my opinion, most advocates/investors in cryptocurrencies have a long-term belief/outlook on them, and it was no doubt in their minds that we would return to the ATH of 2017, much like it has in previous cycles,” John Dantoni, research analyst at The Block, told Decrypt.

“While Bitcoin has done very well year to date, and will likely even experience a correction (at some point), this doesn’t feel like euphoria to me,” he added.

“For euphoria to kick in from traditional investors, I believe crypto blue chips (mostly just Bitcoin, maybe Ethereum) need to significantly outperform the percent gains we’re seeing in equity markets,” said Dantoni.

It’s harder to feel like you’re missing out when stocks have been more volatile than they’ve been historically and specific stocks like Tesla are trading like lower-end altcoins,” he said.

Alternatively, investors may be waiting to see Bitcoin show that it can compete against major commodities like gold.

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