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Seeking Alpha 2022-09-28 15:19:48

Bitcoin: Compelling Reasons The Future Remains Bright

SummaryGlobal adoption of cryptocurrency is still far above levels before the bull market of 2020.Venture capital firms invest over $30 billion into crypto in first half of 2022.Societe Generale, BlackRock and Nasdaq offering Bitcoin products or services.Colorado announces it will now accept Bitcoin as payment for taxes.Bahrain enables crypto payments at 5,000 point-of-sale terminals.From the time the Federal Reserve realized it had a steep inflation issue it had to deal with, it was apparent it would have to start raising interest rates to get it better under control, and to bring it back to its target level of approximately two percent.When the market realized this was going to have a negative impact on future cash flows, especially of high-growth tech companies, investors started selling off these types of stocks and asset classes in order to mitigate risk.Since so many institutional investors had taken positions in Bitcoin (BTC-USD), when the sell-off began, they lumped Bitcoin with high-growth tech stocks, which has brought about a period of correlation between the two, which is the key catalyst that has driven the price of Bitcoin and other cryptocurrencies down.In this article we'll look at why, over the long term, this isn't going to continue on, primarily because of the ongoing growth and interest in Bitcoin from countries, states, and venture capitalists.Global crypto adoption remains strongThere are several factors ...

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