As Bitcoin (BTC) continues to show resilience amid adverse conditions in the broader financial landscape, focus is increasingly turning to its use cases and deviations from traditional markets, such as stocks, whose correlation analysts have often noted.
According to Bianco Research President and Macro Strategist Jim Bianco, Bitcoin needs to develop a “real use case” for growth and peak on its own, without traditional market intervention, he told Natalie Brunell in an interview with Currency Stories The podcast was published on November 1.
Problems with Bitcoin and traditional markets
Referring to the current relationship with traditional markets, Bianco noted that “the current market setting needs now [money] reboot the printer [in order for Bitcoin] Going back to $70,000, that’s not good.”
In his view, the current use case for digital assets is flawed, because “you buy it, it goes up a lot, then you switch it over to TradFi, you buy Lambo — that’s basically what you can do with it now.”
However, Bianco argued that developing a real use case and “decoupling” or creating a separate ecosystem from TradFi would boost the growth of the crypto sector, as follows:
“When you develop your use case, you can see the difference, you can see the correlation goes to zero, and that would be good because when the correlation goes to zero, it doesn’t have to [money] The printer to take it to a new level. “
In his view, this will require the development of a “patent system there.” [crypto] Never leave the system – you pay me in bitcoins, then I turn around and use bitcoins to pay someone else,” which is not widely available at the moment.
Solve the disadvantages of the financial system
Moreover, Bianco believes that the current financial system is broken and “basically not working for people and we need something else and I think there is something else that is bitcoin or cryptocurrency.”
As he concluded:
“I think the next bull market is going to be, I kind of called it the ‘bullish adoption market,’ where people are going to say ‘Yeah, buy Bitcoin, because in addition to holding it and watching it go up, you can do this with it, other than just holding it and watching it go up’ Rises “.
Finally, he said, “If we can get to the point where you can see the moon from there.”
Meanwhile, Bitcoin is trading at $20,398 at press time, down 1.14% in the past 24 hours, as well as 1.22% from seven days prior, according to data compiled by Coinphony on November 2, although technical data points to an outbreak. In the future. possible.
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