According to the Bianco Research President and macro strategist Jim Bianco, Bitcoin needs to develop “a real use case” in order to grow and reach highs on its own, without the traditional market’s interference, as he told Natalie Brunell in an interview for Coin Stories podcast published on November 1.
Problem with Bitcoin and traditional markets
Referring to the current correlation with the traditional markets, Bianco noted that “the current setup in the market now needs the [money] printer to reinitiate [in order for Bitcoin] to get back to $70,000, and that’s not good.” In his opinion, the current use case for digital assets is faulty, as “you buy them, they go up a lot, and then you convert them to TradFi, and you buy a Lambo – that’s basically what you can do with them now.” However, Bianco opined that developing a real use case and “decoupling” or creating a separate ecosystem from TradFi would bolster the growth of the cryptocurrency sector, because: In his view, this would require developing “a patent system where [crypto] never leaves the system – you pay me in Bitcoin, and then I turn around and use Bitcoin to pay somebody else,” which does not exist on a larger scale at the moment.
Solution for financial system’s disadvantages
On top of that, Bianco believes that the current financial system is broken and “fundamentally not working for people and we need something else and I think that something else is Bitcoin or crypto.” As he concluded: Finally, he opined that “if we could ever get to that point that you can really see it moon from there.” Meanwhile, Bitcoin is at press time trading at $20,398, down 1.14% across the previous 24 hours, as well as 1.22% compared to seven days before, as per data retrieved by Finbold on November 2, although technicals suggest a future breakout is possible. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. Watch the entire podcast below:
