The recent Bitcoin rally to as high as $42,000 has been predominantly been driven by institutional investors suddenly waking up and realizing the asset’s long-term value potential. Buying in now, means not paying ultra-high prices some day down the line if it ultimately catches on.
And while FOMO from wealthy individuals seeking to protect that wealth has been rewarding for cryptocurrency investors, the ongoing centralization of BTC and wealth could have dangerous consequences down the line, that the asset’s creator had sought to avoid. Here’s why the wave of institutional buying might not be as positive as it seems on the surface.
The Great Wealth Transfer From Cash To Bitcoin, Nothing More
Bitcoin price is trading at $37,000 per Bear
‘ href=”https://www.newsbtc.com/dictionary/bear/”>bearmarket wealthy, and that’s been a positive change in global wealth distribution.
Institutional buying is said to be driving up the price per BTC | Source: BTCUSD on TradingView.com
However, with whales absorbing such a sizable share of the Bitcoin supply, in isn’t the same decentralized asset that caught the attention of early evangelists hoping for a better financial situation for all.
Forget Financial Freedom If Cryptocurrency Becomes Centralized By Current Wealth
Bitcoin as a technology enables a free financial future, but because it is offered on a free market – as it should be – over time it is coming into possession and therefore the control of the world’s currently wealthy.
The cryptocurrency’s original creator,