Bitcoin has always been a controversial subject, with some people seeing it as the next big thing and others being more skeptical. As pop-culture increases its support for Bitcoin, are we seeing the tipping point where cryptocurrency becomes mainstream?
The “crypto news” is a cryptocurrency that has been growing in popularity over the past few years. The “crypto news” has been recently embraced by pop-culture as well.
We’ve lately seen a lot of attention paid to the link between Bitcoin and prospective institutional investors, as seen by events like the debut of BTC Futures ETFs. While these changes are fascinating, Bitcoin’s rising popularity among the general population has been emphasized in the last week.
Although the events listed below are insignificant in and of themselves, their existence indicates – and promotes – Bitcoin’s rising visibility and acceptance in popular culture. As a consequence, celebrities and sportsmen alike are increasingly introducing the general public to digital assets and the advantages that they may provide.
Football with Tom Brady
A game-ball that was used by Tom Brady to throw his 600th touchdown pass this week is believed to be worth over $500,000. A fan who was handed the ball was later requested to return it by team employees, which was an unexpected turn of events. Tom Brady, on the other hand, did not go ignored, repaying the generous fan with a 1 BTC and a variety of souvenirs.
Endorsement by Matt Damon
Matt Damon delivers a motivating message in a new commercial for crypto.com, promoting digital assets in general. “Fortune favors the courageous,” Damon says in the commercial, which is chock-full of Bitcoin allusions, like astronauts dubbed “Satoshi” blasting out to the moon.
NBA Victories
A fan successfully completed an on-court shooting challenge at a recent Dallas Mavericks game. His award was $100,000 in Bitcoin (BTC). Despite the fact that this event did not directly feature a celebrity or athlete, it was aired live to millions of people and took place in front of tens of thousands of people.
Metrics and Market Reaction
Despite the fact that Bitcoin and the rest of the digital asset market saw a normal weekend slump to finish October, BTC nevertheless managed to produce its highest monthly closing of the year. With a 40% rise in the last four weeks, BTC seems to be on track to maintain its upward trend as it enters November with some exciting numbers.
Although traders use a variety of variables to forecast what the future holds for Bitcoin, two of the most often used are Hashrate and Exchange Reserves.
Hashrate is reaching all-time highs, as shown above. With an increasing number of miners coming online or extending their operations, the Bitcoin network is virtually as robust and secure as it has ever been.
Exchange reserves, on the other hand, are fast dwindling. As seen in the graph above, levels are at their lowest point in almost a year. When investors withdraw cash from exchanges, it usually means that they are putting them into long-term investments. This reduces the amount of stock available for purchasing, providing merchants an advantage. This, together with increasing mining difficulty/costs, is likely to keep pushing prices upward.
Bitcoin has been gaining popularity in the past few years, with more and more people embracing it as a form of currency. This weekend roundup will cover some of the pop-culture that is increasingly embracing Bitcoin. Reference: coinbase.
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