Michael Seiler, Executive Chairman of Strategy (MSTR), the largest publicly traded bitcoin , X said on Thursday According to data from CoinDesk, the crypto winter ended as Bitcoin topped $78,000, a level the price first reached on April 22.
In a Game of Thrones-style photo, dressed in a fur coat, an outfit especially suited to the end of winter, and riding a horse, Siler, whose firm recently added 13,927 bitcoins, bringing its treasury’s total BTC holdings to 780,897, said that “when winter is over, not all winter statements agree.
“Even though winter is over for bitcoin, which I disagree with, it’s still very cold for altcoins,” said Jason Fernandes, market analyst and co-founder of AdLunam.
For Mati Greenspan, former senior market analyst at EToro and founder of Quantum Economics, what bitcoin and the broader crypto market have experienced since the Oct. 10 “flash crash,” which triggered nearly $19 billion in forced liquidations within 24 hours, doesn’t even qualify as winter.
“I’m not sure I would classify what we just saw as a crypto winter,” Greenspan said, adding that it was “a big pullback in a broad bull market.”
However, Greenspan agrees with what Siler seems to be suggesting: Bitcoin has bottomed out and is likely to go up from here. “Yes, I think it is very possible that we have looked down,” he said.
Greenspan and other experts say Seiler’s comments, along with his firm’s ongoing bitcoin purchases, suggest a transition to a permanent institutional bitcoin era. A new era characterized by market dominance of corporate Bitcoin Treasuries and a shift in institutional sentiment.
Adoption of the nation-state
Yet, institutional adoption is only one piece of the puzzle.
“Yes, increased institutional adoption will trigger this next phase, but what Saylor is missing is nation-state adoption, which is undoubtedly just around the corner,” Greenspan said.
To date, the crypto industry has experienced three distinct cycles of adoption, said the crypto founder and market analyst.
The first, he said, was driven by early adopters in 2013. And then came the “mass retail awareness of 2017” and, now, institutional adoption in 2021.
“The fourth and final key driver is the adoption of the nation-state, which I believe will happen very quickly, especially with the sudden reversal of America during the second term of US President Donald Trump,” Greenspan said.
“Imagine central banks adding bitcoin to their balance sheets to maintain price stability, just as they have added gold in the past,” he added.
From Greenspan’s point of view, the adoption of the nation-state is already moving beyond ideology and onto government balance sheets. Under Trump, for example, The US is planning a strategic bitcoin reserve.Although it is neither formal nor operational; The government already has about 300,000 BTC. El Salvador continues its daily buying program towards a 7,500 BTC treasury, while China and the United Kingdom hold around 190,000 BTC and 61,000 BTC respectively. Activity is also emerging at the sub-sovereign level, with institutions such as Wisconsin and New Jersey introducing exposure to bitcoin within public pension allocations.