Does the data indicate crypto adoption is increasing even in a bear market?
Quote of that Day "User adoption and innovation are the signal. Price is mostly noise"
The simple answer to the above question is resoundingly YES! What data points support that?
-Microstrategy, Tesla, Block where not involved in the last bear market in 2018.
-Bitcoin mining by oil and gas majors such as Exxon and ConocoPhilips, with gas flares, produced when drilling for oil is a new phenomenon. See this article.
Berkshire Hathaway is an investor of some of these companies, so Buffet owns some bitcoin, and he might not even know it.
-daily on-chain trading volume of bitcoin is often above 40 bln dollars. That is comparable to the daily volume of shares like Alphabet, even in the current bear market.
-According to a survey conducted by crypto exchange KuCoin, around 3 million Saudi Arabians (or 14% of the adult population aged 18 to 60) have become crypto investors who, as of May 2022, either currently own cryptocurrencies or have traded in the past six months. Crypto could be bitcoin and other coins.
Looking at the number of active addresses could be used as an indication, but we don’t know how many new users that indicates. It could be current holders using new addresses. Surveys and announcements is probably just as reliable.
There are many more data points I could point to, they all indicate the same thing. User adoption and innovation are the signal, price is mostly noise!
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