Have we successfully crossed the Bitcoin adoption chasm?

At the time of writing, Bitcoin price is hovering above $15,000. This bull run could be the result of a recent confluence of events during which some prescient entities began investing in BTC, further boosting the price of BTC to over $13,000 in October.

But more recently, the U.S. presidential campaign and discussions about Federal Reserve stimulus may have further left a significant mark on the crypto market.

However, Novogratz, a former partner at Goldman Sachs, believes that in these current events, BTC appears to be stronger given its current rebound, which is consistent with the performance of all other markets at the moment.

Novogratz explained that cryptocurrencies have been bidding up all night, that we could be in a big bull run for Bitcoin, and that the Fed will continue to print dollars, seemingly suggesting less fiscal spending, more Fed (money), which is bullish for cryptocurrencies .

In addition, Novogratz predicted that all banks and financial companies may soon start investing in BTC . Regarding corporate investment in Bitcoin, last month, Square, a payment business led by Jack Dorsey, announced that it had purchased 4,709 Bitcoins worth about $50 million at the time. Prior to this, MicroStrategy, a large business intelligence company, had invested about $450 million in Bitcoin.

In fact, analysts at JPMorgan Chase’s Global Market Strategy Group see Bitcoin as a gold alternative, even suggesting that the price of Bitcoin could “double or triple” in the future .

Novogratz’s comments about Bitcoin crossing the adoption chasm are similar to his previous tweet, which he posted when PayPal decided to allow users to trade BTC, ETH, LTC, and other cryptocurrencies starting in 2021.

He tweeted at the time that this is huge news for PayPal and the biggest news of the year for cryptocurrency. Now all banks will rush to provide cryptocurrency services , we have crossed the great divide for Bitcoin, it's an exciting day.

At the time of writing, Bitcoin is currently trading above $15,000 and doesn’t seem to be slowing down anytime soon.

In line with this, Glassnode, a blockchain analytics firm that provides on-chain market intelligence and transaction data, revealed that 97% of Bitcoin addresses are now profitable , meaning that most of these wallet owners bought Bitcoin at prices below the current price.

If Bitcoin continues to grow at this rate and breaks through its all-time high of around $20,000, all wallets will soon be making profits.