Bitcoin Price Hit $44K, Here Are Top Factors Supporting The Bull Run

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Attorney John Deaton recalls a notable shift in the perspective of a financial advisor who once dismissed Bitcoin as fool’s gold and a potential government target.

Back in 2018, Deaton approached his financial advisor with the idea of allocating a portion of his portfolio to Bitcoin. The advisor vehemently rejected the suggestion, comparing Bitcoin to a Ponzi scheme and labeling Deaton as “crazy” for considering a 50% investment in the cryptocurrency.

Further in 2024, and the same financial advisor has had a different perspective. Influenced by prominent figures like Larry Fink of BlackRock and institutions like Fidelity advocating for a Bitcoin Spot ETF, the advisor now advises clients to consider investing in the ETF but recommends limiting exposure to no more than 5% of their net worth.

This transformation underscores the gradual mainstream adoption of Bitcoin, with once-skeptical financial professionals acknowledging the cryptocurrency’s potential. The advisor’s reversal reflects the growing acceptance and legitimacy of Bitcoin within traditional financial circles.

Key Data Points Supporting a Bullish Outlook:

1. Bitcoin halving event in 134 days.
2. Global assets totaling $900 trillion.
3. S&P500 holding $2.6 trillion in cash.
4. 2 million Bitcoins on exchanges.
5. 75% chance of interest rate cuts by April.
6. 105 countries engaging in money printing.
7. 7.992 billion people yet to adopt Bitcoin.
8. Spot ETFs accumulating $17 trillion in assets under management in just 36 days.

Considering these factors, Deaton expresses a strong long-term bullish sentiment for Bitcoin.

He emphasizes, “The moral of the story: Don’t sell your Bitcoin because it’s going to be very hard to get it back. 70% of people refuse to sell to BlackRock and others.”