Can you even imagine being a no-coiner while all this is going on? Bitcoin is trending close to 50,000. BTC is all set to be legal tender in El Salvador. We are now seeing the emergence of a new asset class. The price of BTC is trending through landmark numbers.  This is happening after a lot of negative news and price. Bitcoin adoption is surely picking up steam.

Previously, Willi Woo, an on-chain analyst expressed:  “Long-term investors are still climbing towards their peak accumulation, which marks bottoms. Early signs to me that the bull market may continue into 2022 and BTC is in the process of breaking free from the 4-year internal cycle from the halvenings.”

Those who did not buy it when the price was below 30,000 feel it is a very high price, further stating, they are waiting to buy the dip again.

The relentless optimism of Michael Saylor has already made many believe that there is no second best.

The point of Michael Saylor’s belief when expressed sarcastically is:  “Sell your family business, sell your kids, and sell your soul.”

For some Saylor’s conviction is fun to watch, to others it is scary, and to many, they have no clue if this will work at all.

Individuals and nations alike are beginning to trust BTC.  El Salvador is trusting their guts on Bitcoin with $150 Million allocated to a BTC Trust Fund.

The trust fund has been approved by the finance commission of El Salvador’s Legislative Assembly.  It is expected to be used to support the country’s plan to make BTC a legal tender. Further, the government might also increase the money in the trust fund, if a need arises. Despite not all El Salvadorians in agreement with the government’s plan, BTC would be legalized.

It has been interesting to see that Bitcoin whales were accumulating BTC during the rally while the price was holding strong! Historically, September used to be a bearish month for Bitcoin (BTC) feeding investors with negative returns, but this time the story is showing a different face. There has been no specific reason for BTC behaving thus during September, but analysts are waiting to see this pattern change.

BTC is accepted as a type of alternative currency, a store of value, a payment network, or an asset class by different people in different ways.  By whatever names, it has gained adoption. Despite having inspired several imitation Altcoins with different unique use cases, BTC continues to reign.