Crypto Twitter This Week: Bitcoin Is So Hot Even Elizabeth Warren Wants To Get Involved.

adminFebruary 19, 2024

Crypto Twitter This Week — Illustration by Mitchell Preffer for Decrypt

After a while starts and stops After historic approval Bitcoin ETF Spot Last month, Bitcoin hit new record highs this week, creating a wave of confident, even cocky, optimism on cryptocurrency Twitter that BTC’s best performance is yet to come.

bitcoin on monday It surpassed $50,000. This is the first time since 2021 that the cryptocurrency soared to an all-time high of nearly $69,000. Throughout the week, the token continued to rise. $51,000 or more It hovered around $52K for most of Wednesday.

On Twitter, users were surprised not only by BTC’s incredible performance, but also by the fact that those gains did not cause much enthusiasm.

$50,000 Bitcoin and the timeline is too cold.
— Aubrey Strobel (@aubreystrobel) February 12, 2024

Many cryptocurrency holders did not find these violent comments worrying or defeatist. Rather, they saw it as an indication of widespread confidence that Bitcoin is now poised to rise even further.

Bitcoin $50,000.
There is no MSM coverage.
No texts from family.
The timeline is uninterrupted.
For humans, this is a good time to be alive.
— Mipo 🟪 (@MikeIppolito_) February 12, 2024

The last bull market was euphoric, hitting 50,000 bitcoins.
I feel like I’m rich now, this cycle is going to get wild
— Crypto Tea (@CryptoTea_) February 16, 2024

This confidence was further strengthened by news this week of net outflows into spot Bitcoin ETFs. Exceeded $3 billionThis dwarfs the performance of gold ETFs launched 20 years ago.

Cumulative NET flows for 10 Bitcoin ETFs (including GBTC) have doubled over the past three days to over $3 billion. $GLD It took almost 2 years to get to this point) Another 500 million passed yesterday. The Nine alone generates close to $10 billion in cash flow. via chart@BitMEXResearch⁩ pic.twitter.com/jTht9wDqVf
— Eric Balchunas (@EricBalchunas) February 13, 2024

Adding to the excitement is the widespread sentiment shared across cryptocurrency Twitter this week that BTC’s boost could maintain steam due to a number of factors, including the upcoming Bitcoin halving, which could lead to a surge in demand for the token. Accordingly, the supply rights of BTC will be reduced.

Bitcoin ETFs are taking 10 times more Bitcoin out of the market than are issued every day. If these inflows are sustained through the halving, the Bitcoin ETF will have 20x more returns on the market than the daily mint. I like where this is going.
— Cameron Winklevoss (@cameron) February 14, 2024

This demand also appears likely to grow, with several well-known Twitter users indicating that demand on Wall Street continues to grow in 2019. more Exposure to the world’s leading cryptocurrencies.

From the Bitwise Relationship Manager:
“Many of the advisors we support at banks and broker dealers are complaining that they don’t have access to Bitcoin ETFs yet. They want it.”
A huge unlock is coming.
— Hunter Horsley (@HHorsley) February 16, 2024

US banks that have left the role of leading Bitcoin ETFs are pressuring the SEC to revise its guidelines for holding digital assets. The Bank Trade GP Association sent a letter to the SEC requesting that ETFs be excluded from the broad cryptocurrency umbrella. They want action. I don’t blame them. That’s not fair… pic.twitter.com/advPa94nK2
— Eric Balchunas (@EricBalchunas) February 15, 2024

By the weekend, the mood on cryptocurrency Twitter was so high that it seemed almost appropriate when reports about the cryptocurrency surfaced. archenemy Senator Elizabeth Warren has reportedly ordered flags to be flown at half-staff over the U.S. Capitol in honor of Bitcoin founder Satoshi Nakamoto.

Ah, here comes Warren. did ~ no Become a Bitcoin HODLer overnight. But not all dreams come true.