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- Bitcoin saw some social dominance stimulation as the prospects of spot ETF improved.
- Bitcoin’s deflationary characteristics could make it a hedge against financial and regulatory tyranny.
With each passing day, the possibility of a Bitcoin [BTC] white swan soars. The market has seen a resurgence in optimism after previously struggling with downside. This is apparent in Bitcoin’s social dominance.
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The social dominance metric soared to its highest monthly level in the last 24 hours. This was no coincidence, considering that the hopes of a Bitcoin ETF soared as the SEC’s deadline to appeal Grayscale’s Bitcoin ETF expired.
But that’s not all. Ferrari, the famous Italian automobile manufacturer, just announced that it will accept BTC as payment for vehicle sales.
More than 70 million bitcoin interactions across social media today.
Here’s what’s trending:
→ US officials say they’re worried a Chinese-owned #Bitcoin mine in Wyoming will pose a national security threat.
→ SEC will not appeal court’s decision on Grayscale’s #Bitcoin ETF.… pic.twitter.com/ZeRFkp8uxB
— LunarCrush (@LunarCrush) October 14, 2023
But not all good news contributed to Bitcoin’s social dominance surge. There were also reports that the U.S. is reportedly concerned about a Chinese-owned Bitcoin mining operation in Wyoming as a potential threat to national security.
While this might not necessarily indicate a potential negative impact on price, the former two underscored the possibility of stronger demand in the long term.
The wheels of Bitcoin adoption could spin faster
The reports of Ferrari’s decision to accept BTC payments also emphasized the growing pace of adoption by mainstream businesses. However, there are many other reasons that could push for the rapid adoption of Bitcoin.
One of Bitcoin’s major traits is that its deflationary characteristics make it an appealing long-term investment. But there is also another trait that often goes overlooked.
Bitcoin’s immutability and DeFi offer freedom from the traditional finance system and tyrant government regimes. So, let’s look at how that could lead to more Bitcoin adoption.
The reality of things on the ground is that governments are pushing for more strict regulations as they seek more control over the masses. This is evident especially in Canada, where regulators just made it legal for banks to suspend accounts without requiring Court orders.
@LeeElci
Lee. Did you hear about this !
Canada to freeze or suspend Bank accounts without a Court Order & this is like what was done to their Truckers & On Line cancel culture monitoring squads
It’s JUST Like in Communist China 🇨🇳
Next will be you can’t leave home pic.twitter.com/9TcpLKjIFD
— Larry Patrick (@Larry1969) October 13, 2023
Read Bitcoin’s [BTC] Price Prediction 2023-2024
China already has a social credit system, which can also take away some social freedoms and render one unable to access finances if they fail to act accordingly. Such measures make it easier for governments to maintain financial control.
Thus, the long-term outcome could yield more demand for Bitcoin based on the above factor as people attempt to salvage their financial freedom.
