Bitcoin has been gaining popularity and increased adoption during the past year and this year as well.
The king coin is gaining massive popularity among the mainstream, and this has also been mirrored in the coin’s price.
Bitcoin suffered a strong correction during the past week, and weak hand have been shaken off the market.
Strong hands, on the other hand, have recently just bought the dip, and this can also be seen in the current price of BTC.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $54,486.97.
The crypto sector to replace the current financial system
It’s been just revealed that the crypto influencer and host of Coin Bureau just said that there’s “no turning back” as the crypto sector is currently chewing on the entire current financial system.
In a new video, the trader who goes by the name Guy has listed some key factors that allow Bitcoin and cryptos to reshape the existing financial sector.
Guy noted that with the increasing concerns of inflation and currency debasement, investors all over the world are looking at Bitcoin’s scarcity, as well as its upside potential relative to gold.
“This makes Bitcoin an optimal hedge against inflation, and this hedge seems to be the reason why so many institutions have started to buy BTC recently. 40% of all US dollars in existence were printed last year to keep the corpse of the economy lurching along,” he recently said.
The analyst observed that with Covid-19 restrictions keeping businesses shuttered, many people don’t have the choice to spend their savings or stimulus money on anything except tradable assets such as stocks and crypto.
This is definitely boosting the adoption of Bitcoin and digital assets in general.
“This likewise leaves consumers with no other options but to save that stimulus money or invest it in assets. Individuals and institutions have consequently been accumulating BTC like mad, with PayPal and Square collectively buying 100% of all the newly mined BTC in March of this year.”