The crypto market is currently undergoing a new correction, with Bitcoin and the most important coins trading in the red. At the moment of writing this article, BTC is trading at $36,417.
Kraken director of growth marketing Dan Held said just recently that the BTC supercycle theory that he first put forward in 2019 still holds water.
The Bitcoin sypercycle is still going
Held says that the bullish factors around BTC are still here.
According to Held, the theory advances the idea that a perfect storm such as mistrust in governments and institutions, and this is what will propel the mainstream adoption of Bitcoin and drive up the price of the leading crypto asset.
It’s been reported that during a new interview on the What Bitcoin Did podcast, Held says that current events and conditions serve as a perfect storm for Bitcoin.
“I think in the supercycle thesis we do have the perfect storm, an even more perfect storm than 2019. So much has happened. COVID, I think, has given us good reason to doubt our government’s capability of handling various parts of our economy and our lives, and with all the money printing that went down too.”
He said that Bitcoin’s utility has never shined brighter.
“We also have Canada and geopolitical struggles all across the world that I think highlight exactly why Bitcoin is valuable right now.”
Held also made sure to say that the events that cause distrust in the government are happening in a very short time span. He also said that this is leading to people considering the possibility of obtaining crypto assets.
He believes that there’s a massive amount of people who are ready to buy Bitcoin. The mass adoption of BTC and crypto, in general, is still going strong despite the massive volatility that we are seeing in the crypto market.