Bitcoin was founded in 2009 and has stood the test of time since then. It has had multiple rallies and major bear markets during this 13 years period. And in every single bear market, everyone talked about it being dead. That didn’t change the fact that Bitcoin made new highs during its next halving. So, we can clearly understand that Bitcoin ‘isn’t going away.’
The situation is quite similar in this bear market as well. There are so many predictions that BTC will go to zero or that the bubble has finally burst, but we have been here in the past. Yes, every bear market is different, and this time the world economy (inflation and recession) alongside other macro-economic factors are playing a major role. Still, we cannot overlook the factor that retailers and investors are still coming in and the general interest rise in BTC and crypto stays put.
Bakkt CEO says Bitcoin isn’t going anywhere
Garvin Micahel, the Chief Executive Officer at Bakkt, a digital asset management company, was recently interviewed by Yahoo Finance. There he stated that the crypto industry is here to stay. Garvin is optimistic that the interest in this sector is only going to increase from here on after this bear market phase passes.
We can see Garvin’s views make a lot of sense when we observe the market and what other market players are doing. For example, the largest asset manager in the world, Blackrock, has started offering crypto services for its clients. They have also partnered with Coinbase for the same.
At the same time, if we just look at the general adoption trend of crypto, it is also on the rise. Countries are bringing positive regulations and providing more clarity to crypto businesses. Baktt’s CEO also points this out, saying many international institutions are still showing a very high interest in crypto.
When can we expect a rally?
Mike McGlone, the senior commodity analyst at Bloomberg, believes that the 2nd half of 2022 will be a recovery period for crypto. We are currently down more than 60% from all-time highs in terms of market cap. BTC is currently trading just above $21,000, and ETH is currently at $1,600. The total crypto market cap is above $1 trillion.
What are your thoughts as Baktt’s CEO, Garvin Michael, says crypto isn’t going anywhere? And do you think we will see a recovery rally in h2 2022? Let us know in the comments below. And, if you found our content informative, share it with your friends.