The impressive scores of Lebron James, the price increase records and the new Bitcoin ATH (BTC): that makes some points in common, but Michel Saylor goes further. The BTC would no longer be this immature “active kid”, treated like no other then, with criticisms which seemed then founded, 3 years ago. Bitcoin has grown, matured. Institutional investors are now backing BTC and exploding the volume of transactions in the BTC derivatives markets.
Would you dare to criticize the Lebron James of today?
During an interview with the economist Marc Friedrich, the CEO of MicroStrategy, Michael saylor, compared Bitcoin at Lebron james.
Saylor believes that the Bitcoin is very different from the period 2015 to 2017. The arguments against the BTC at that time are therefore no longer valid.
Saylor underlines that the beginnings of Lebron james in basketball were similar to those of Bitcoin : described as talented but irrational and unstable, the player has experienced a period of maturation, just like Bitcoin.
This development makes criticism of Bitcoin – its volatility, its risky nature, the possibility of its value falling back to 0, etc. – less relevant.
The growth of Bitcoin was particularly marked in terms of infrastructure development, improvement of its fundamentals and the degree of adoption.
The end of BitMEX’s reign
One of the most important mutations of Bitcoin is the modification of the structure of its market.
3 years earlier, exchanges like BitMEX dominated the derivatives market BTC. Currently, institutional platforms such as the Chicago Mercantile Exchange (CME) record transaction volumes similar to those of retail platforms.
As of December 4, 2020, CME had open interest of $ 1.14 billion, higher than that of Binance Futures, Bybit, Huobi and BitMEX.
According to statistics fromIntoTheBlock, the number of transactions above $ 100,000 has doubled over the past 2 years, indicating an increase in institutional investor activity on the blockchain.
The best basketball player of all time: Michael Jordan still has the quote, some basketball fans will say MJ was great but not the best. Bitcoin is undoubtedly at the top of cryptocurrencies and even outperforms traditional assets. From 0 to 20,000 USD: you can hardly do better in terms of vertical relaxation.
Litecoin, welcome in the Silver Age