Is Bitcoin Eating the World?
Bitcoin has leapt back into the limelight after taking a backseat to the “summer of DeFi” craze. Initially, I thought this was just another intermarket move driven by the reallocation of capital from big winners back to BTC, but something seems different this time and I can’t help but notice the landscape shifting beneath our feet.
Ask anyone what’s driving bitcoin recently and they’ll likely point to a series of notable headlines:
- PayPal, the online payments giant, introduced the ability to “buy, hold and sell select cryptocurrencies” directly within the PayPal digital wallet along with support to increase the utility of cryptocurrencies by making them available as a “funding source for purchases at its 26 million merchants worldwide”.
- Earlier this month, Square disclosed it had invested $50M in BTC, following in the footsteps of MicroStrategy last month.
- In the investing world, several prominent fund managers have put their reputations behind the world’s largest crypto asset, betting on its ability to outperform conventional alternatives (i.e. gold) when the house of cards built by unsustainable debts and extreme monetary growth start to topple.
The PayPal press release aptly described the growing interest in crypto and digital assets and their motivation behind the announcement:
“The migration toward digital paym