Bitcoin has seen some incredible adoption over the last six to twelve months, but why hasn't the price gone up?
What Adoption?
In the last six months we've seen Google legitimized Bitcoin by adding the Bitcoin symbol on the Google keyboard.
The Bitcoin symbol now ranks equally up against the other major currencies symbols of the world.
We've seen Jack Dorsey, CEO of Twitter and Cash App, come out publicly saying that, support on the Cash App of Bitcoin's Lightening Network is not a question of if but when.
Google adding a Bitcoin Symbol, the Cash App adding and extra button, is that Adoption?
Well, what about the New York Stock Exchange's parent company ICE, upcoming launch of Bakkt?
What about the little worldwide company called Fidelity announcing that this month in 2019, they will be launching Bitcoin custody service?
What about NASDAQ, announcing that they will be launching Bitcoin and Ethereum Indices?
What about Facebook and JP Morgan? Both announcing that they are getting into cryptocurrency, announcing that they see a future, they find value in what cryptocurrency has to offer, that's the adoption.
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But When to the Moon?
Well, we can't see the future and we can't tell when Bitcoin is going to the moon, nor this is a financial advise but the fact is, despite Bitcoin bottoming around 85% down from its all-time highs, despite how far down we've gone, we might have further down to go, but the truth is, that institutional money, they are not that excited to invest in an emerging asset with low liquidity that may drop 20 to 30 percent the day after they invest.
That may drop lower and probably the next bull market has the potential to be really incredible because this time, it's not going to be the retail investors, the people like you and me, this time it's going to be the institutional money that are going to be the ones that are driving the price up. The would rather come in on a market that's clearly on its way up then com in on a market that might have further down to go. That's the institutional investors.