Bitcoin is having some day. BTC temporarily broke $7500...but now it dropped and is sitting at around $7400 USD. Hopefully the bottom was in a few weeks ago, and this is the start of new life for BTC. Some people are still skeptical and saying that the last uptick was a "bull trap." Others believe the breakout is legit and with the upcoming vote for a BTC ETF, things are looking bullish for BTC. In this article/video below from cnbc, one BTC expert believes that BTC could take a major chunk from gold.
Gabor Gurbacs, director of digital asset strategies at VanEck/MVIS, believes that BTC is about to have a long term rally that could be stratospheric. He states that, “Gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — bitcoin has upside,” he explained on CNBC’s “Futures Now” on Thursday. Bitcoin currently has a market cap of $128 billion, according to Coindesk. If 10 percent of the gold trade were to shift into bitcoin, it would more than triple its market cap. Bitcoin could be seen as "Digital Gold."
Gabor also states that before Bitcoin can see this parabolic growth, it will need to meet some regulatory restrictions in order for institutional money to enter. He is optimistic the crypto market can change and mature to mirror more traditional investments once there are ways to implement BTC into the financial ecosystem that are used for ETFs, stocks, bonds, and commodities. What do you guys think? Is BTC in a "bull trap" or is this the start of a bull run? Please share your thoughts and thanks for reading.