Is the “stealth phase” over? Because Wall Street FOMO will make $ 20K Bitcoin look cheap

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The year 2020 sucked pretty much everyone. Unless you are holding Bitcoin (BTC).

Bitcoin’s price has risen 125% year to date, once again making it the best performing asset just as it has been for the past decade.

Oddly, the public seems completely oblivious to this fact. But not everyone is ignoring Bitcoin’s latest rally above $ 16,000. Currently, the price is only 20% below its all-time high.

Wall Street isn’t here yet

Considering the impressive year Bitcoin is having, it is no surprise that Wall Street is now starting to realize that the world’s first decentralized cryptocurrency is going nowhere.

Do you remember 2017? That historic spike in Bitcoin prices was largely driven by retail traders – the average Joe – who were anticipating a stampede to Wall Street along with the frenzy of new tokens being minted via initial coin offerings.

At the same time, the CME introduced its own cash-settled Bitcoin futures at its very peak in December 2017 and … pop!

The price of BTC dropped dramatically in the following months and the hype turned into a multi-year bear market. Media obituaries made average Joe eat the loss, and many have written Bitcoin as just another bubble that has burst.

Google searches for “Bitcoin” pretty much tell the whole story.

Google Trends searches for “Bitcoin” (2015-2020). Source: Google

But in 2020, public searches for Bitcoin no longer reflect BTC as its price has “decoupled”.

What’s more interesting is that even Wall Street still remains largely on the sidelines, suggesting that BTC could be highly undervalued at $ 16,000 and with a market cap of $ 297 billion. However, the latest data suggests this is already starting to change.

“Wall Street isn’t here yet,” said Cameron Winklevoss, co-founder of the Gemini Exchange, last month. Winklevoss added:

“The institutions aren’t into Bitcoin right now. It’s been a retail phenomenon for the past decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really into it from our point of view, but it’s starting. to happen “.

The rich postcodes of New York and Silicon Valley determine the price of BTC

As Cointelegraph reported earlier this month, it is especially the affluent areas of New York and Silicon Valley, home to many high net worth individuals, that are most interested in Bitcoin right now.

But while the public is largely unaware, many wealthy investors announce BTC as a new asset class. Paul Tudor Jones, Michael Saylor and Stanley Druckenmiller caused a sensation in 2020, revealing their positions in Bitcoin.

Do they realize something the public didn’t do in 2017? So was the average Joe just too early?

Jones said investing in BTC is like early investing in Apple stock. Saylor said his company, MicroStrategy, which bought a total of $ 425 million in Bitcoin, will hold it for 100 years calling it “the best collateral in the world.”

Meanwhile, Druckenmiller, the latest big name to convert to Bitcoin, now claims that “If the gold bet works, the Bitcoin bet will probably work better.”

Together, these smart money investors are starting to realize one thing. As Tyler Winklevoss said:

“Bitcoin is better to be gold than gold.”

Gold only grew 23% in 2020 during a year of global economic upheaval, when this safe haven metal was supposed to shine (pun intended).

But Bitcoin, or “digital gold,” stole the show by gaining 125% year to date and up to nearly 300% from the lows of the March coronavirus crash. Additionally, BTC’s market cap is only 2.36% of gold, which some long-term investors see as the best asymmetrical risk-reward ratio bet in history.

People who bought Bitcoin 10 or even five years ago would most likely agree.