The never say never saying could apply to a Bitcoin revival. Indeed, the technicals and fundamentals are pointing to a Bitcoin revival. Cryptocurrencies are sexy again. Bitcoin, the yardstick for all cryptocurrencies, is up 18% against king dollar in the first quarter of 2019.
Bitcoin’s revival is probably no dead cat bounce but the beginning of a new secular bull market in cryptocurrencies
Jack Dorsey, the billionaire co-founder of Twitter and Square, is the latest ultra-successful hipster billionaire to take to the stage and throw his weight behind cryptocurrencies.
For Jack Dorsey a Bitcoin revival would not come as a surprise, the digital entrepreneur has remained an unshakable advocate of Bitcoin which has earned him the title of “Bitcoin evangelist.”
Bitcoin revival comes hot on the heels of Jack Dorsey’s March 4 podcast called, “Tales from the Crypt” where he talks about investing in Bitcoin
Jack Dorsey said he “maximizes the $10,000 Bitcoin purchase limit on Square Cash to acquire the leading cryptocurrency”.
Square, is a fintech revolution-game changer, with its payment platform and cash App that enables people to send money to others almost instantly. The payment has a merchant payment system too which according to Square’s website is, “Empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.” Square and Bitcoin are just a few examples of financial disruptors that could be tomorrow’s mainstream players.
What is energizing Bitcoin’s revival?
Brian Kelly, CEO of BKCM, another cryptocurrencies bull, recently said that he believed, “the so-called crypto winter is approaching its last phase and is slowly thawing.”
Put another way, the seeds for the next cryptocurrencies bull market could soon be about to sprout.
Bitcoin price has been climbing the escalator since the beginning of the month adding $6 billion in valuation. See Bitcoin (USD) price chart here.
Here is Brian Kelly’s explanation for Bitcoin’s revival
“If you look at the number of addresses that have been created on the Bitcoin network, that’s up about 20 percent from the January lows, it’s apt highs at the levels we saw in the spring of 2018 when Bitcoin was well above $6,000. So Fundamentally, you’re starting to see improvement,” said Brian Kelly.
One of the main reasons for Bitcoin’s revival is that smart money has recently piled in
“Some high profile investors and endowments have been dipping their toe into space, add in that you’re talking about Fidelity coming out with custody this week and Jack you know, he understands the payment network,” added Brian Kelly.
Jack Dorsey, the “Bitcoin evangelist,” thinks that Bitcoin’s revival is due to improved scalability and institutional interest in Bitcoin. Moreover, Jack Dorsey is a heavyweight investor in alternative payment platforms.