Bitcoin Is Finally Going Mainstream

Blockchain, Technology, Smart, Bitcoin, Money

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This week’s Coinbase COIN initial public offering (IPO) is a major moment for crypto. That amazing $85 billion valuation is turning heads all over Wall Street. I imagine that for some old-school investors, this crypto thing suddenly looks more legit. 

We were already in the midst of an institutional adoption cycle before. I think the Coinbase IPO is likely to drive us a lot higher.

Recent comments by Fidelity’s Head of Digital Assets, Tom Jessop, reinforce my view.

“I think we’ve reached a tipping point. I think you’ve had the accumulated experience of now roughly 12 years of the Bitcoin blockchain being operative since the genesis block in early 2009. And the pandemic, quite frankly, was a catalyst for institutional adoption, and specifically Bitcoin and the narrative, or use-case, around digital gold…”

“…Bitcoin adoption has hit a tipping point and investors don’t want to sit on the sidelines…”

I just love saying that: Fidelity’s Head of Digital Assets. It’s sometimes hard to believe that we’ve reached the point where Fidelity — an absolute monster with $4.9 trillion in assets under management (AUM) — has a big bitcoin division. 

And Jessop is exactly on point. It’s the “digital gold” use that’s driving bitcoin higher, which is being fueled by low-interest rates and ongoing quantitative easing. 

Looking Back to 2017

In July 2017, I wrote an article titled “What Happens If Bitcoin Goes Mainstream?” Bitcoin was trading around $2,600 at the time.

As is the case with most new disruptive technologies, the world’s never seen anything quite like crypto. There’s still quite a bit of skepticism to overcome.

Bitcoin is still in the very early adopter phase, which means it still has quite a ways to go, assuming we’re headed for mainstream adoption.

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