Mainstream People Coming to Bitcoin, Digital Assets Data CEO Says
Digital Assets Data CEO Mike Alfred explains increased Bitcoin interest from a number of parties.
Mike Alfred, CEO of analytics firm Digital Assets Data, described increased Bitcoin (BTC) enthusiasm from the public amid flying prices.
â€œWe are seeing more signs of increased institutional interest,â€� Alfred told Cointelegraph of Bitcoin on July 28 â€” the day after bitcoin rose more than $1,000 in a 24-hour period.
Bitcoin broke upward
â€œVolume was strong on Bakkt and CME yesterday,â€� Alfred said on July 27, referencing two mainstream traditional financial entities housing BTC trading products.
The analytics company CEO also noted other inquiries from the traditional financial world. â€œAnecdotally, we are receiving a lot more inbound requests from traditional firms looking to get into the space quickly,â€� he said. â€œI continue to be bullish,â€� he added.
The DeFi has also boomed
â€œDeFi is also a very interesting development but the real economic impact is still somewhat limited,â€� Alfred explained.
The decentralized finance, or DeFi, sector has seen growing interest in 2020 â€” at least in terms of associated asset prices. A number of DeFi assets have posted over 100% gains in 2020, often in short amounts of time.
â€œThe DeFi-related activity is very interesting but ultimately BTC is still the ultimate barometer for the health of the ecosystem,â€� Alfred told Cointelegraph in a July 27 comment. â€œThe industry has put in a ton of work over the last two years and it finally feels like we’ve â€˜earnedâ€™ sustainably higher prices in the underlying assets,â€� he added.
The past two years have yielded a rollercoaster price ride for Bitcoin and the overarching crypto space. Matched with various legal cases, regulatory noise and project developments, the industry has hosted no shortage of action.
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