Signs That The Bitcoin Bulls Are Ready To Break Out
Here are a few of the most significant signs that the bulls are getting ready to break out and stampede on the markets.
Five years ago, the industry didnât have as many investors as we see today and most mainstream media wouldnât have given any crypto related news the light of day. There werenât as many fans of blockchain as there is now and most updates regarding the industry wouldnât have been heard by many. The people that this applies to will be probably kicking themselves now.
Looking at the most significant signs now, which suggest that the bulls are about to break out.
Some of you may have heard of Bakkt already but weâre going to go through a few reasons why you should get excited about it.
An InterContinental Exchange (ICE) announced the launching of a company called Bakkt in order to introduce physical Bitcoin backed features which essentially means that there will be a lot more Bitcoin heading into circulation at the back end of this year.
Designed for serving as a scalable on-ramp for institutional, consumer and merchant participation in virtual assets by promoting greater efficiency, security and utility according to the CEO of Bakkt, Kelly Loeffler.
According to a recent news article, if Bakkt keeps up with where it's going and successfully goes through with its plans, Bitcoin could become accessible through retirement plans and âMillennials getting their first 401(k)s [offering Bitcoin]; Wall Street could then tap Bitcoinâs popularity as an alternative to stocks and bonds to generate giant trading volumes.â
This company has over 9 trillion dollars worth in assets and has come into the crypto space with hedge funds betting on Bitcoin and Ethereum. The President of Northern Trust âI do believe that governments will ultimately look at digitizing their currencies, and having them trade kind of like a digital token â a token of the U.S. dollar â but the U.S. dollar [would still be] in a vault somewhere, or backed by the governmentâ
In July this year, Coinbase opened up its custody service. This left the crypto market to institutional investors which are aiming to invest but stayed away due to the lack of custodial services. Coinbases development in this occurred during the bear market so it is yet to see its full potential.
What are your thoughts? What other signs are there that the bulls are getting ready to run? Let us know what you think down in the comments below!