Where Have The Bitcoin Haters Gone?

Despite recent stagnation, Bitcoin and cryptocurrency investors are loving life right now.

• Bitcoin halving just occurred.

• Recent Bitcoin all time high of over $70,000

• Institutional adoption into Bitcoin ETFs

And in the wake of these milestones, it seems as though there’s something strange in the air, with regards to historic cryptocurrency adversaries.

They’ve all disappeared…

• The SEC.

• Private equity.

• Peter Schiff (only joking, he’s still around)

What’s going on? Where have they all gone? Have they all admitted defeat?

Recent Market Uptrend

It seems as though the cryptocurrency market is gearing up for arguably it’s biggest bull run yet, and the recent Bitcoin halving is historically the catalyst for this.

Of course, macro economic conditions are likely to play a big part, but the greatest catalyst for a bull run is always the bitcoin halving.

An event taking place every four years, which halves the supply of new Bitcoin entering the market, making Bitcoin more scarce, and more valuable.

As a result, recent hype, alongside mainstream adoption via new Bitcoin ETFs, have caused Bitcoin to reach and hold a price above $60,000 for the first time since 2021.

That’s quite some time, huh?

Sure, prices have stagnated for a few months now, but I don’t think anyone is complaining too much.

But what is bizarre is the lack of opposition this time round.

Where have all the haters disappeared off to?

Changing Mainstream Sentiment

Every so often, there seems to be some catastrophic news regarding the cryptocurrency industry which sends the market into temporary chaos.

It’s happened every cycle…

• A hack, with investors losing billions.

• An investment platform collapsing.

• Regulation restricting the uses of certain cryptos.

• Or just some harshly worded news articles trying to damage the reputation of DeFi.

But… nothing like this has happened, for quite some time.

As someone who keeps well up to date with the cryptocurrency industry, something seems off.

In this community, there’s usually a certain level of hostility and toxicity, almost like a civil war between crypto investors and the establishment.

You almost feel like you’re doing something illegal, because of the way that the mainstream looks at Bitcoin.

But it doesn’t feel like this anymore.

It feels like the artist who you love, that nobody else has heard of, is now everyone’s favourite artist, and is completely mainstream.

There’s no friction. No toxicity.

It’s like everyone became a crypto fan overnight.

So, why is it now like this?

The big talking point here is the recent approval of several Bitcoin ETFs.

But the significance isn’t just the approval of them, it’s the reaction, and how much money has flooded into the crypto market as a result of these ETFs.

Bitcoin ETFs are seeing daily inflows of over $500 million, with over $50 billion in Bitcoin currently under management across the top ETFs.

All of this, in just a few months.

There’s mainstream adoption, and then there’s this.

I think a lot of people, even crypto enthusiasts have been surprised at the rate of which these asset management companies have been buying Bitcoin.

I thought it was going to be met with more resistance, but it seems as though everyone now wants a piece.

So, like I asked earlier, where have the haters gone?

Well, here’s what I think…

What This Means for Cryptocurrency

The way I see it, I think that the approval of Bitcoin ETFs have changed a lot of peoples opinions on the industry, who maybe thought that this milestone wasn’t possible.

It’s a simple shift.

A lot of big crypto adversaries have gone from seeing cryptocurrency as the enemy, to now seeing it as an opportunity to make a lot of money.

There’s no need for them to admit defeat, they’ve just got to load their bags, because now, there are some big players in town.

Most notably, BlackRock.

But for me, this won’t change my:

• Sentiment.

• Conviction.

• Investing approach.

I’m still a huge believer in the fundamentals of cryptocurrency, and the fact there will be potentially life-changing opportunities in the next 1–2 years.

But with the new Bitcoin ETFs, and the buying power of some of the players in the industry, I have one concern…

Well, it’s not really a concern, but a thought.

And that’s about the supply of Bitcoin.

Because the reward for mining a bitcoin block has recently halved to just 3.125 Bitcoins, the level of new Bitcoin entering the market has slowed dramatically.

There are a few facts that could suggest a serious supply shock to Bitcoin in the next 2 years. A shock that the market has never seen before.

• Over 70% of Bitcoin supply hasn’t moved in over a year — people are HODLing.

• There are less than 2 million Bitcoin left on exchanges.

• ETFs are currently buying Bitcoin at 10x the rate of which new Bitcoin is being mined.

• New Bitcoin supply has recently reduced by 50%.

I still don’t own any Bitcoin for the simple reason that I think there are better ROIs elsewhere in the cryptocurrency market.

But, have I had second thoughts when considering these points?

I’ll keep that answer to myself.

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