CryptoQuant’s CEO, Ki Young Ju, doesn’t think the Bitcoin bull market is over yet. He points to continued strong demand for Bitcoin ETFs as a key indicator.
Bitcoin ETF Demand Fuels the Bull
Ju believes that as long as big investors keep buying Bitcoin ETFs, the price will continue to rise. He notes that in 2021, the Bitcoin downturn happened only after the inflow of investments into Grayscale Bitcoin Trust (GBTC) slowed down. He thinks we shouldn’t declare the market peak until we see a similar slowdown in ETF, MicroStrategy, and other institutional buying. At the time of writing, Bitcoin was trading around $99,669.
Altcoins: A Five-Year Outlook
Looking ahead to the next five years, Ju predicts a significant shift in how investors view altcoins.
Beyond Speculation
He believes the days of altcoins being purely speculative assets are numbered. Instead, he foresees investors valuing them based on their actual earnings, similar to how stocks are valued. He expects most altcoins to transition away from their current speculative nature.
The Future of Altcoins
Ju predicts that meme coins will likely remain primarily gambling tools. However, altcoins with real projects behind them will evolve into something much more significant. He envisions them becoming integral parts of the internet’s economic framework, offering compensation for creating, distributing, and acquiring information. Essentially, he sees them as creating employment opportunities for those working with online information.
