Newsweek, one of the largest US weekly news magazines, took a positive turn on Bitcoin (BTC) in a recent article examining whether the digital asset could become the new gold standard.
The article, which appeared on Wednesday, dissects the digital gold story using JPMorgan Chase’s latest model showing a potential BTC price of $ 146,000. Although the article offers little new information for crypto enthusiasts who have mapped Bitcoin’s meteoric rise, it provides more confirmation that the main narrative surrounding cryptocurrency has changed.
“All that shines is not gold, but it could be Bitcoin,” Scott Reeves wrote. “And in the long run, it could be worth more.”
This is the message that appeared in front of Newsweek’s readership, linked in the tens of thousands of millions, many of whom have never been exposed to Bitcoin.
Earlier this week, Bitcoin appeared on the cover of the Financial Times – on the twelfth anniversary of the genesis block – no less – and provides further evidence that the mainstream can no longer ignore BTC.
Meanwhile, more investors are flooding the market proof through the sharp increase in active addresses and growing interest from corporations and large institutions.
New contractors are entering Bitcoin for the long term, possibly for at least the next three to five years, according to podcaster Peter McCormack. Sonny Singh, BitPay’s chief executive, shares the sentiment, but recently argued that another rise in the BTC price could lead to institutional profit-taking.
Google search trends suggest that retail FOMO, or fear of missing out, is on the rise in the new year – a potential forerunner for higher prices in the short term.
The searches for the word ‘Bitcoin’ were tame during last year’s uptrend compared to the 2017 bull market. This again suggests that Bitcoin’s least resistance path may be higher.
It remains to be seen whether retailers’ understanding of Bitcoin is improving and whether people are just paying attention to price increases. In both cases, Bitcoin’s value proposition is no longer relegated to obscure and esoteric corners of the Internet.