An award-winning investigative journalist and cryptocurrency analyst has told a Russian state-owned media outlet he believes the Bitcoin rally is only just getting started.
During an exclusive interview on RT Television today, Ben Swann discussed the recent rally and joined the growing number of pundits who’ve pointed out major differences between the 2017 Bitcoin bull market and the current price surge.
“There’s a lot that makes it different to the last time around but I don’t think a lot of the people that were hurt the last time – because they didn’t really understand what they were getting into – I don’t think that they understand why it’s different this time and that’s what I think is holding people back,” said Swann.
“If you go back to 2017… Bitcoin jumped from US$10,000 to a little over $19,000 in just a matter of days, so as Bitcoin sky-rocketed there were a lot of people who looked at it and said we need to get in on this, the problem is they didn’t really understand cryptocurrency.”
But Swann, who has conducted extensive research on cryptocurrencies during the past decade, now believes this time the Bitcoin rally is being driven by investors who know exactly what they’re doing.
“A lot of institutional investors have been getting involved in blockchain technology and specifically looking at Bitcoin… From JP Morgan to Fidelity.
“What’s fascinating about this latest jump to over US$11,000 yesterday and then again today is that it’s only institutional investors who seem to be pushing those highs right now, it’s not the general public.”
Another panellist on the pro-Bitcoin Russian television segment, Daniel Brito, also pointed out improving ‘fundamentals’ which have contributed to the recent rally.
“Hash rate hit a new all-time high, daily on-chain transactions are growing, indicating that people are actually using Bitcoin.”
Retail FOMO about to kick in?
During the interview, Swann indicated that he believes the current price action may soon be fuelled further by FOMO (fear of missing out).
“As the general public sees it taking place (the Bitcoin rally) I think we’ll see them come back in again, but this time there’s a lot more infrastructure built around the blockchain and Bitcoin than there was in 2017, so I think it’s much more sustainable,” he said.
The price of a Bitcoin has risen by around 180% since the start of 2019.