On Twitter, on July 8th, investor Luke Broyles presented a bold vision of how Bitcoin will become the “fundamental currency of society.”
According to Broyles, the key attribute of Bitcoin is its fixed and unchangeable supply, which makes it a unique asset for the future.
His perspective aligns with the recently published views of Arthur Hayes, former CEO of the cryptocurrency derivatives exchange BitMEX.
Similar to Hayes, he believes that BTC serves as the financial lifeblood, thanks to its unique qualities compared to other assets.
Broyles argues that the liquidity of Bitcoin actually reached its peak during the market crash in March 2020 and will never return to previous levels.
With the world’s largest asset manager, BlackRock, announcing the filing of a Bitcoin futures-based exchange-traded fund (ETF), the Bitcoin activity in the United States has witnessed a significant surge.
According to on-chain analytics firm Glassnode, the United States appears to be reevaluating its level of involvement with Bitcoin.
Following the announcement of BlackRock’s Bitcoin ETF filing on June 15th, the ratio of Bitcoin supply held/traded by US-based institutions has experienced a notable increase, signaling a potential turning point in supply dominance if this trend persists.