There have been more than a few comparisons between Bitcoin and gold, along with many lines of thought, but regarding the current rush, renowned trader Mark Fisher sees this like the silver run of 40 years ago.
Silver spiked in demand through the 70s and 80s as it became an asset that the regular man on the street could be involved in. There was no Wall Street elitism and its price was reasonable, it was an exciting time for common investors.
This is what Fisher sees at the moment with Bitcoin. The red tape and the egalitarianism of high-level investing is absent, and it is spurring a new wave of adoption with individuals.
“The reason people are so attracted to Bitcoin is because people want something that’s actually moved dramatically, that there’s no Wall Street to it,” said Fisher. “The thing that every cab driver is talking about all day long.”
“Bitcoin was what silver was back in the late ’70s and ’80s — for sure,” Fisher added. “No rhyme or reason.”
Indeed, Bitcoin has made its mark for individuals as it flies in the face of the institutionalized money and investing systems. Its decentralized network is what attracts many, and its functionality away from red tape and arbitrary rules are what keep people in.
With silver, it was a similar situation as those investors in the 70s and 80s were finding an opportunity to invest in something that was far more in their hands than an asset like gold, at the time.
The run is only beginning
Through the waves of adoption, it has ebbed and flowed between individuals, and the ‘Wall Street’ types. The most recent run towards $10,000 and above was attributed to market growth and mass adoption, especially in Asia.
However, the next level of this adoption metric will be when expected Wall Street whales enter the water through the power of soon-to-be-released futures.
Fisher predicts the launch initially is “going to be the Wild West.”
“It’s going to be great volatility,” he said. “And for someone like me, who cares what it is, as long as it moves, right?”