Ас Битцоин (BTC) continues to show resilience amid unfavorable conditions in the broader financial landscape, the focus is increasingly turning to its use cases and divergence from the traditional markets, such as резерве, the correlation with which has often been осматран аналитичари.
According to the Bianco Research President and macro strategist Jim Bianco, Bitcoin needs to develop “a real use case” in order to grow and reach highs on its own, without the traditional market’s interference, as he told Natalie Brunell in an interview for Приче о новчићима подцаст објављен у новембру КСНУМКС.
Problem with Bitcoin and traditional markets
Referring to the current correlation with the traditional markets, Bianco noted that “the current setup in the market now needs the [money] printer to reinitiate [in order for Bitcoin] to get back to $70,000, and that’s not good.”
In his opinion, the current use case for digital assets is faulty, as “you buy them, they go up a lot, and then you convert them to TradFi, and you buy a Lambo – that’s basically what you can do with them now.”
However, Bianco opined that developing a real use case and “decoupling” or creating a separate ecosystem from TradFi would bolster the growth of the сектор криптовалута, јер:
“When you develop its own use case, you could see the diverge, you could see the correlation go to zero, and that would be good because then when the correlation goes to zero, it doesn’t need the [money] printer to make a new high.”
In his view, this would require developing “a patent system where [crypto] never leaves the system – you pay me in Bitcoin, and then I turn around and use Bitcoin to pay somebody else,” which does not exist on a larger scale at the moment.
Solution for financial system’s disadvantages
On top of that, Bianco believes that the current финансијски систем is broken and “fundamentally not working for people and we need something else and I think that something else is Bitcoin or crypto.”
As he concluded:
“I think the next бик market will be, I kinda dubbed it the ‘adoption bull market’, that people are going to say ‘oh yeah, купити Битцоин, because in addition to holding it and watching it go up, you can do this with it, other than just hold it and watch it go up.”
Finally, he opined that “if we could ever get to that point that you can really see it moon from there.”
Meanwhile, Bitcoin is at press time trading at $20,398, down 1.14% across the previous 24 hours, as well as 1.22% compared to seven days before, as per data retrieved by Финболд on November 2, although technicals suggest a future breakout is possible.
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Watch the entire podcast below:
Source: https://finbold.com/macro-strategist-suggests-bitcoin-decoupling-from-stocks-would-allow-it-to-prosper/