Bitcoin is said to break the markets in 2021 even harder than it did back in 2020.
Now, it’s been revealed that Kraken’s growth lead Dan Held explains the reasons for which he believes Bitcoin’s current bull run could be a part of a supercycle that is taking crypto to $1 million.
Analyzing BTC’s success and rapid price appreciation
During a recent video, the crypto veteran analyzed BTC’s success and rapid price appreciation.
Held pointed out to the fact at Bitcoin’s founder Satoshi Nakamoto believed that Bitcoin’s speculative nature would be the key feature that would be helping it grow.
He quoted Satoshi and said that his vision is similar to a traditional marketing phenomenon known as the ‘viral feedback loop’ – this means that content derives value simply from the number of people interested in it.
“I feel like a lot of people are looking at the market, and they’re going, ‘Oh well Bitcoin will just have a typical cycle.’ I think there’s a ton of different reasons why that won’t be the case… Satoshi actually hypothesizes that speculation would lead to Bitcoin’s inception and adoption…” he said as quoted by the Daily Hodl.
He continued and said: “For example, Satoshi says, ‘As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.’ He wrote this before Bitcoin was worth even a penny… We can see this over time. The dotted lines of the halving events and we see these speculative bubbles occur and these we hypothesize are due to a reduction in supply and increase in demand…”
It’s been just revealed that the veteran trader who became popular in the crypto space for accurately calling Bitcoin’s descent from its 2017 parabolic highs says BTC is now in the midst of a new parabolic advance.