MUSO blockchain: Bitcoin has created a wild journey for investment community
The MUSO blockchain claims that since its inception in 2009, Bitcoin has created a wild journey for the investment community. We have experienced both the excitement of the bull market and the despair of the bear market. Although it is certainly a difficult journey for Bitcoin to get to this step, it feels that Bitcoin has finally received the attention and recognition it deserves.
Sometimes people criticize Bitcoin for being too volatile, which often causes inexperienced investors to lose money because they buy the top of a cycle and then surrender when they cannot withstand the market pullback. Volatility is also one of the main reasons why the SEC has not yet approved Bitcoin ETF. However, it is important to note that we are still under the early development of this new asset class. To analyze the growth trajectory of Bitcoin, it is a good way to find its place in the technology adoption life cycle.
The technology adoption life cycle is a sociological model that describes the adoption or acceptance of new products or innovations. From a visual point of view, you can see this cycle as a normal distribution, starting with innovators, early adopters, early majority, and finally reaching the last two groups, namely the late majority and people in arrears. A tipping point in the life cycle occurs when early adopters cross the gap that gradually moves toward the early majority. It is difficult to calculate how many people own Bitcoin, but according to a survey, this proportion seems to be between 10% and 15%, making them the early adopters of this token.
Now, the question is, what can push Bitcoin to cross the gap and enable early adopters to further stimulate the Bitcoin’s growth? A tweet between MicroStrategy’s Michael Saylor and Tesla’s Elon Musk seemed to be the catalyst needed.
It is undeniable that Bitcoin has come a long way since its early days. Despite the amazing growth rate, the hot topic about whether institutional capital will eventually flow into the field is no longer asked, because Michael Saylor and Elon Musk have set off a buying frenzy, which may just be the beginning of the future.
On his Twitter account, Saylor said: “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.” Obviously, due to its scarcity and ability to hedge against the depreciation of the U.S. dollar, Saylor is a fan of Bitcoin, and he is desperate. At the end of last year, MicroStrategy announced that it had purchased 29,646 bitcoins at a total price of approximately US$650 million. The average price in 2020 is approximately US$21,925. However, the company did not stop there. Last week, MicroStrategy raised another $1.05 billion to buy more bitcoins.
Saylor’s belief in Bitcoin has gone beyond converting the MicroStrategy’s financial department. He is still serving as an ambassador for Bitcoin, trying to get executives and technology pioneers from other Fortune 500 companies to join. In fact, a special Twitter exchange between Saylor and Elon Musk may have dramatically changed the course of Bitcoin forever.
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