On-chain analyst Willy Woo thinks “a race of sovereigns” will catalyze higher Bitcoin (BTC) prices.
In a new interview with Natalie Brunell, Woo says MicroStrategy kicked off the corporate BTC treasury trend in the previous cycle.
He predicts the current cycle will see other sovereign wealth funds follow El Salvador and Bhutan’s lead.
“I think this cycle, that starts to come out and the cycles ahead. And so everything becomes a race, and I don’t know if these are big unlocks, I think it’s one step after the next and the next and the next.”
Woo says a big moment of the current cycle was when BlackRock chief executive Larry Fink expressed approval of BTC.
“You’re not going to get fired for recommending Bitcoin. Asset managers [previously] would buy it themselves and not recommend it because it was risky for their career. Now I see CIOs at banks not only talking about Bitcoin as an investment but they’re talking about it as the next world reserve currency.”
BTC is trading at $105,785 at time of writing after hitting a new all-time high of more than $108,000 on Monday. The top-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
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