During the last Bitcoin bull run and crypto hype bubble peak, the industry struggled to keep up with the overwhelming demand. Exchanges had no choice but to shut down new user registrations, and new user accounts began being sold on the black market for full Bitcoins as eager retail investors scrambled to buy into the altcoin mania at the close of 2017.
After a brutal bear market, Bitcoin is starting to find its footing once again, and is showing the early signs that the next bull market could be underway. But unlike the last time around, this cycle will be the first ever bull run where more established financial businesses will be supporting Bitcoin, exposing the asset to even more investors and capital than in the past.
The Largest Financial Firms in the World Are Ready for The Next Bitcoin Bull Run
The last crypto hype bubble was highly publicized and showed the world just a glimpse of what potential Bitcoin and the rest of the cryptocurrency industry means for the future of money and finance.
The emerging financial technology garnered the attention and support of most major businesses, who are just now starting to either develop or roll out their crypto-based products and services to clients, or investing in building platforms for future use cases.
Those building & investing in crypto:
– Fairfax County Pension
– Founders Fund
– Union Square
Are you going to bet against the most successful companies & investors in the world?
— Pomp 🌪 (@APompliano) May 22, 2019
The list is ever-growing, but even just the sampling provided by Morgan Creek Digital co-founder Anthony Pompliano shows the mix of tech and retail giants, financial firms, think tanks, and so many more.
As Bitcoin has found its bear market bottom and has made a golden cross on its price charts, signaling to investors that a bull market may be ahead, the industry has paused to reflect on the past bull run and imagine what the next one will bring. The one major difference from this cycle from the last? The support from these aforementioned well-established financial businesses.
The number #1 Finance app in the Appstore says it all.
Spend Cash, Buy Bitcoin.
This will be the first bull run when the most established financial business lets you buy bitcoin.
Buckle up. pic.twitter.com/axyea8jefa
— Misir Mahmudov (@misir_mahmudov) May 21, 2019
In an example provided by Bitcoin evangelist Misir Mahmudov, the #1 finance all in the Apple app store for iPhone is currently the Square Cash App, which tells its users to “spend cash, buy bitcoin.” Wise advice from an app store description.
The analyst’s comments underscore the importance of these major finance firms and the exposure to significant capital these businesses bring to the crypto industry.
Just Square Cash App alone has already begun to absorb as much as 10% of the Bitcoin supply miners are rewarded with each day, taking that supply out of the market and increasing demand.. Square Cash’s Bitcoin-based revenue trajectory has it devouring as much as 200% of that daily supply by 2020 if the firm stays on track.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble
And that’s just one example of the many financial firms only dipping their toes into the crypto space. When these major players full jump in, they’re bound to make a big splash and take the next bull cycle to heights never imagined.