BlockTower Capital co-founder and CEO, Ari Paul disclosed that he has seen some similarities to the surge Bitcoin had in 2017. During 2017, BTC reached $20,000, the highest it has ever reached in its trading history. Based on that analysis, he thinks BTC will reach its highest point very soon.
I haven’t seen this much organic new interest in bitcoin since early 2017 in my non-crypto circles.
Another reason that has made Paul so aware of this trend was due to some of his friends reaching out to him about their Bitcoin purchases. His friends bought their first ever BTC recently and shared the news with him.
He added that:
Got pinged by three separate old friends I haven’t spoken to in years about buying their first bitcoin yesterday.
Another Bitcoin specialist felt that the increase in BTC buying was due to the current COVID-19 pandemic and how it is affecting persons mentally. Pierre Rochard, who is a Bitcoin strategist for Kraken, a cryptocurrency exchange company in the US, says its a way of protesting.
He spoke to Decrypt and had this to say:
With Western governments struggling to contain COVID-19 and forcing cities and nations into blanket quarantines, individuals feel an urgent need to get out of the centralized financial system. He added, they can’t go protest in the streets, so they protest with bitcoin.
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