Newsweek, one of the largest US weekly news magazines, has put a positive spin on Bitcoin (BTC) in a recent article exploring whether the digital asset could become the new gold standard.
The article, which appeared on Wednesday, dissects the digital golden story using the latest model from JPMorgan Chase with a potential BTC price of $ 146,000. While the article offers little new information for crypto enthusiasts who have charted Bitcoin’s rapid rise, it provides further confirmation that the mainstream cryptocurrency narrative has changed.
“The only thing that glitters is not gold, but it could be Bitcoin,” wrote Scott Reeves. “And it could be more valuable in the long run.”
That’s the message that appeared to Newsweek’s readership, linked to the tens of millions, many of whom have never been exposed to Bitcoin.
Earlier this week, Bitcoin graced the front page of the Financial Times – no less on the 12th anniversary of the genesis block – with further evidence that the mainstream can no longer ignore BTC.
Meanwhile, more investors are flooding the market, like proven due to the sharp increase in the number of active addresses and the growing interest from companies and large institutions.
New users are entering Bitcoin for the long term, possibly for the next three to five years, according to podcaster Peter McCormack. Sonny Singh, BitPay’s Chief Commercial Officer, shares that sentiment, but recently argued that a fresh rise in BTC price could lead to institutional profit-taking.
Google search trends suggest that retail FOMO, or fear of missing out, is on the rise in the new year – a possible precursor to higher prices in the short term.
Searches for the word “Bitcoin” were tame during last year’s uptrend compared to the 2017 bull market. Again, this suggests that Bitcoin’s least resistant path could be higher.
It remains to be seen if the understanding of Bitcoin by the retail industry improves or if people are paying attention only because of price hike. In either case, Bitcoin’s value proposition is no longer relegated to obscure and esoteric corners of the internet.