With the November 3rd election playing out as I had figured it would I assumed that while the market health with the uncertainty that Bitcoin would be able to once and for all break free from how it appears to mirror the US stock market. While it does not exactly mirror it there is a general consensus that they both tend to go together.
With the uncertainty, the market was going to be a mixed bag if not fall. This gave Bitcoin the opportunity it needed to finally break free I thought....... While it has seemed to break free initially the last few days with the COVID vaccine development announcements Bitcoin seems to yet again be traveling with the market again. I am really dumbfounded by the huge jump that has occurred today.
Bitcoin has always seemed more primed to be a safe haven token and really function as a digital gold however this is not at all what is occurring. Looking at the crypto market Bitcoin really does stand apart by its gold like standard. You have stable coins pegged to fiat and Ethereum which is functioning as a well-run finance operation. I label Ethereum as this because its functioning allows all sorts of things to be spun off of it like games, DeFi, real estate tokenization, etc. This leaves Bitcoin as the one currency that against all odds you can put your money in and rest easy, at least as easy as someone wheeling and dealing in crypto can rest!
While it is by no means glamorous it is something that Bitcoin can thrive in and still produce a ton of value for investors as its adaption grows and the amount of Bitcoins left to mine continues to dwindle. By having a finite level of coins, before we even begin to try and figure out all the "lost" coins that ended up in limbo or thrown in the trash, Bitcoins value by laws of scarcity will increase from the levels it is today. Bitcoin has already reached the levels it has before mass adoption and so with that further adaption price can/will only increase. The law of scarcity is something that investors in that thing whatever it is love to see. As more people want in on that thing the leverage those who already have it only increases leading to huge benefits for the early adaptors. While some people still might not call the people currently buying and trading or buying and hodling crypto early adoptors really at this time they are! So so so many people while interested have still done nothing in the crypto realm and institutional investors are rapidly increasing via publically traded companies putting part of their cash rewards into it driving up its price here.
Bitcoin though seems to be trying to straddle both following the stock market and paving its own way. This cannot last forever given the stock market has ups and downs and Bitcoin somehow tends to ignore these down days and just trends relatively flat. The quicker it finally breaks itself free in my opinion the sooner more people will further accept it. For wider adaption I believe that cyrpto needs a "gold" like coin. Bitcoin can easily fill this and thus increase peoples interest in crypto.
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