Newsweek, one of America’s biggest weekly news magazines, took a positive look at Bitcoin (BTC) in a recent article that explores whether the digital asset could become the new gold standard.
The article, which appeared on Wednesday, dissects the digital narrative of gold using the latest JPMorgan Chase model, showing a potential BTC price of $ 146,000. While the article presents little new information for crypto enthusiasts who are mapping Bitcoin’s meteoric rise, it does provide further validation that the dominant narrative around cryptocurrency has changed.
“Not everything that glitters is gold – but it could be Bitcoin,” wrote Scott Reeves. “And in the long run, it can be more valuable.”
That’s the message that appeared before readers of Newsweek, which is indexed in the tens of millions, many of which have never been exposed to Bitcoin.
Earlier this week, Bitcoin stamped the front page of the Financial Times – on the 12th anniversary of the genesis block, no less – offering more evidence that the mainstream can no longer ignore BTC.
Meanwhile, more investors are flooding the market, as evidenced by the strong increase in active addresses and the growing interest of companies and large institutions.
New users are entering Bitcoin in the long run, possibly for the next three to five years, at least, according to podcaster Peter McCormack. Sonny Singh, commercial director at BitPay, shares this sentiment, but recently argued that another increase in the price of BTC could lead to institutional profits.
Google’s search trends suggest that FOMO retail, or fear of losing, is increasing in the new year – a potential precursor to higher prices in the short term.
Searches for the word “Bitcoin” were ineffective during last year’s upward trend, compared to the 2017 bull market. Again, this suggests that Bitcoin’s less resistant path could be higher.
It remains to be seen whether retail understanding of Bitcoin is improving or whether people are paying attention just because of the price appreciation. In both cases, Bitcoin’s value proposition is no longer relegated to dark and esoteric corners of the Internet.