- Crypto YouTuber Lark Davis has covered several developments in the Bitcoin and greater crypto space that point towards some bullish momentum.
- Among them are increased adoption, including that by institutional firms, and acceptance by countries.
Brighter days are coming for Bitcoin and the wider crypto space. This is the conviction of crypto YouTuber Lark Davis.
Davis first noted that Bitcoin is currently attempting to break out of its downtrend in the RSI (Relative Strength Index). A similar trend was seen for half of 2021, after which the crypto asset massively rallied by 130 percent from its summer lows. Crypto charts are notorious for repeating history, and so a similar breakout is quite possible in the future, even with the current prevailing sideways momentum.
Additionally, a weekend report by CoinDesk reveals that investors pulled out Bitcoin worth $670 million from centralized exchanges after hawkish comments from the Fed. This is an indicator of long-term bullishness since most investors prefer to have direct custody of their crypto coins when the intent is long-term hodling.
Additionally, the US state of Arizona is looking at a bill legalizing Bitcoin as its legal tender. Davis says this is unlikely to happen due to existing American laws, which strive to maintain the dollar’s “supremacy” across American soil and beyond. The “symbolic move” shows great political interest in the digital asset, and its possible adoption as a means of payment or for other use. However, should it happen, the news will likely ignite interest in other states with crypto-friendly politicians.
Good news for Bitcoin and crypto
There is also a great activity in the world of institutional asset managers, who are looking to adopt Bitcoin and other crypto-assets one way or another. $67 billion asset manager WisdomTree has plans to launch a Bitcoin and general crypto wallet. Moreover, the ultra-wealthy investors of TIGER 21, have doubled their investments in cryptocurrencies, including Bitcoin and lead altcoin Ethereum.
Other similar firms expressing bullish sentiments include Fidelity Investments, BlackRock – the world’s largest asset manager ($10T in AUM), investment management firm Charles Schwab and BNY Mellon – the world’s largest custodian bank ($2.2T in AUM).
More recently, several agencies of the Russian government drew a crypto road map. Its contents depict regulation rather than the central bank’s complete crypto ban proposal. This is a plus for Bitcoin and other digital assets especially since the country is one of the world’s biggest economies.
Read More: Russia authorities choose accommodative crypto “road map” over the blanket ban
Indonesia, another country that has had a back and forth regarding crypto, recently approved trading for Bitcoin and about 200 other cryptocurrencies. The country’s religious leaders disapprove of cryptocurrencies, saying they are not sharia-compliant. However, the Commodity Future Trading Supervisory Agency’s (CoFTRA) decision is much more legally binding. Like Russia, Indonesia’s crypto adoption is of importance since it is one of the world’s most populous countries with one of the world’s highest internet usage rates.
Most crypto enthusiasts, including Ark Invest, are confident in Bitcoin hitting the $1M mark by 2030. Davis points out that should this be the case, those purchasing Bitcoin in its $30K levels are likely to have their investments multiplied by 30-35-fold – an event that is quite unlikely for gold or traditional stocks, according to Davis.
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