According to Adam Back, his fund alone helped people buy more than $1 million in BTC in the last 2 weeks.
This is definitely not surprising considering the recent surge in the price of Bitcoin and the entire crypto market. Just yesterday, the digital asset managed to break above $7,000 briefly. Bitcoin has been the only asset to see significant recovery after the overall market crash on March 12.
The S&P500 and other major indexes have seen slight recoveries over the past weeks but nothing like Bitcoin.
At the same time, the number of Bitcoin addresses holding more than 1 Bitcoin has reached another ATH of almost 800,000 addresses total.
Is This New Organic Interest in Bitcoin Real?
According to many cryptocurrency analysts and influencers, yes, it’s absolutely real. Ari Paul recently tweeted that he was contacted by 3 different friends asking about Bitcoin and how to buy the digital asset.
Similarly, other influencers have posted the same arguments and how normal people are suddenly really interested in Bitcoin even though major news outlets haven’t really covered the digital asset in any special way.
The recent crisis due to the Coronavirus pandemic was a big hit for Bitcoin when it crashed down to $3,750 but it seems to be helping the digital asset now. If traditional stocks cannot recover, the likelihood of Bitcoin continuing its uptrend increases. Perhaps, the narrative about Bitcoin being a safe-haven will resurface again.
We are also only weeks away from Bitcoin’s halving which is also probably a factor in the recent demand for the asset.
Additionally, according to recent statistics by CoinDesk, Bitcoin has now entered a strong yearly quarter that has been historically almost always positive for the digital asset.
A lot of analysts are also pointing out the fact that many countries have been printing massive amounts of money to slow down the downtrend. Concerns about inflation are also driving the adoption and demand for Bitcoin up.