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Why Bitcoin will never be able to conquer the world

This is a bit dramatic, I know. No one ever assumed Bitcoin could take over the world. But if we assume AI can do it, then why not Bitcoin?

After all, yesterday Bitcoin’s market cap hit a record high of $1.33 trillion. But as I mentioned in a post yesterday with an animated version of this chart, so what? You still couldn’t buy out NVIDIA with this amount of Bitcoin in circulation. AI is just too big, even for crypto currency markets.

So what’s the story behind this rally. Firstly, there is an impending decrease in the token's supply growth expected next month, with a Bitcoin halving on the cards. Secondly, Bitcoin has been given a boost from inflows into several newly launched US spot Bitcoin ETFs. Since the introduction of these ETFs in January, Bitcoin ETFs from prominent firms such as BlackRock Inc. and Fidelity Investments have gained over $7 billion in net inflows.

The excitement around cryptocurrency has surged once again, spanning from high-risk bets in derivatives markets to significant intraday spikes in meme coin values. This indicates that the digital asset market could face a downturn if the inflow into ETFs begins to slow and the current enthusiasm dims.

Source: Eeagli

Coming up:

• Postings for artificial-intelligence-related job roles are growing

• An animated humanity globe in 3D showing population density

• The ECB is widely tipped to keep rates at record highs in March

• US financial conditions are easing, provide support for equity markets

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