Michael Saylor, chairman of the board of directors of the US technology company MicroStrategy, argued that a new era has entered the crypto markets with his post on the X platform. MicroStrategy, which has recently accelerated its Bitcoin purchases, increased its Bitcoin portfolio to 780,897 BTC. The “Winter’s over” message shared by Saylor came at a time when Bitcoin maintained its level of $ 78,000 and had a wide impact in the industry.
Different opinions from analysts
This statement is not shared by every expert. Market analyst and AdLunam co-founder Jason Fernandes pointed out that he disagrees with the comment that winter is over in Bitcoin. Fernandes stated that perhaps there has been a recovery for Bitcoin and major cryptocurrencies, but the weather is still cold in the altcoin market.
Similarly, Mati Greenspan, who once worked as a senior market analyst at eToro and is now the founder of Quantum Economics, argues that the recent declines do not correspond to a typical “crypto winter”. Greenspan said, “Actually, we cannot exactly describe what we are experiencing as a crypto winter; I would rather call it a major pullback in a bullish market.”
Greenspan and other experts believe that MicroStrategy’s Bitcoin purchases and Saylor’s statements signal the beginning of a new era in which institutional investors are increasingly entering the market.
Greenspan also agrees with Saylor’s point; He is of the opinion that the bottom point in the price is behind us and new peaks are on the way. “The bottom has been seen, it is very likely that the upward movements will continue from now on,” he said.
Institutional interest and new cycle debate
Many analysts believe that Bitcoin investments made by large companies such as MicroStrategy have ushered in a new corporate era in the market. Now not only individual investors, but also corporate treasuries and large funds are interested in purchasing Bitcoin. The increasing weight of assets such as Bitcoin in company portfolios may change the balance in the market in favor of institutions.
However, the involvement of institutions in the market is seen as only part of the cycle. According to Greenspan, the big wave in the near future will come with adoption at the state level. The view that “After El Salvador, when other countries, especially the USA, add Bitcoin to their strategic reserves, the fourth and last major adoption cycle will begin” comes to the fore.
Greenspan suggests that central banks of major governments have begun adding Bitcoin to their reserves for price stability, similar to what they have been doing with gold for some time.
It is reported that the US government currently holds 300,000 BTC, El Salvador has accumulated 7,500 BTC with daily Bitcoin purchases, while China and the United Kingdom have 190,000 and 61,000 BTC respectively. In addition, Bitcoin investment has begun to take place in the public pension funds of states such as Wisconsin and New Jersey in the USA.
Bitcoin’s new era: National reserves and public funds
Greenspan states that the first wave of Bitcoin adoption started with early users in 2013, was strengthened by mass individual investment in 2017, and the institutional investor effect was seen in 2021. According to him, a new circle is about to be added to this cycle as countries add Bitcoin to their treasuries.
With these developments, Bitcoin’s price stability and market dynamics will gain a different dimension through institutions and governments in the coming period. Investors in the market now feel the need to closely follow government and company policies.
