Despite the subdued overall interest, a group that remains consistently passionate is the die-hard Bitcoin maximalists.
In recent weeks, Bitcoin price has once again captured the attention of the financial industry as it surged above $44,000, a level not seen since May 2022. However, this rally seems to lack the fervor and widespread interest that accompanied previous bull cycles, according to a Bloomberg report.
Despite Bitcoin Price Growth, Interest Remain Subdued
A notable indicator of the subdued interest in Bitcoin is the positioning of the Coinbase app in the Apple App Store. Currently, it stands as the 21st most popular free finance app, a far cry from its glory days in October 2021 when it claimed the top spot amid Bitcoin’s record high. This shift in rankings raises questions about the overall market sentiment and the level of FOMO (Fear of Missing Out) that typically accompanies a bullish market.
A more direct correlation between price movements and public interest is often observed through Google Trends data. Traditionally, when Bitcoin’s price rises, so does the public interest, and conversely, a price decline is mirrored by a decrease in interest. However, the current surge in Bitcoin’s price has not been met with a proportional increase in attention, challenging the conventional narrative of FOMO-driven market cycles.
Fear of Missing Out has been a driving force in the crypto space, with previous bull runs marked by intense media coverage, speculative investment, and widespread discussions on the potential transformative impact of cryptocurrencies. This time, however, the narrative seems to be more subdued. The absence of widespread FOMO raises questions about the nature of market participation and investor sentiment.
Recent legal actions against major crypto exchanges could be contributing to the subdued interest in Bitcoin. The high-profile case against Binance, which included allegations of operating in the US without proper registration and facilitating transactions in sanctioned regions, resulted in a $4.3 billion settlement.
Binance agreed to a complete exit from the US, and its co-founder and former CEO, Changpeng ‘CZ’ Zhao, stepped down. These regulatory challenges may be dampening the enthusiasm of potential investors and contributing to the overall subdued interest in the crypto space.
The conviction of Sam Bankman-Fried, former CEO of FTX Derivatives Exchange, for defrauding customers further adds a layer of complexity to the narrative. The contrast between legal challenges and the adaptability of key industry figures adds an intriguing dimension to the broader discussion about the current state of the crypto market.
The Role of Bitcoin Maximalists
Despite the subdued overall interest, a group that remains consistently passionate is the die-hard Bitcoin maximalists. These individuals, often referred to as “maxis,” continue to advocate for Bitcoin’s supremacy in the crypto ecosystem. Their unwavering support may serve as a stabilizing force amid the fluctuating dynamics of market sentiment.
Bitcoin maximalist, Max Keiser known for his bullish stance on Bitcoin price, links the recent valuation jump to an increase in hashrate. He goes a step further, suggesting that the targeting of Binance’s CEO was orchestrated by major Wall Street players. Keiser’s prediction aligns with an implied hash-adjusted price of $375,000, emphasizing the potential for significant upside shortly, and hopefully, the return of interest in the top asset.