The post Bitcoin bulls are betting everything on Wall Street – The reality? appeared on BitcoinEthereumNews.com.

Bitcoin’s resurgence is undeniable, with its value skyrocketing to a 20-month high of $44,000, marking a stunning 160% increase this year. This rally comes in the wake of significant legal developments involving Changpeng Zhao and Sam Bankman-Fried, former heads of the Binance and FTX exchanges, respectively. These prosecutions seem to have marked a turning point, sparking optimism among Bitcoin bulls about the crypto’s future, particularly with Wall Street’s involvement. Wall Street’s Embrace and Bitcoin’s Resilience The bullish sentiment in the Bitcoin community is not just a fleeting reaction to the recent price surge. It stems from a deeper conviction that the worst of regulatory crackdowns has passed and that the path is now clear for substantial institutional investment. Investors are betting big that global fund managers and investment banks will soon welcome Bitcoin into their portfolios. This optimism is echoed by Ed Hindi of Tyr Capital, who points out that despite significant challenges, Bitcoin has demonstrated remarkable resilience. But it’s not just faith driving this sentiment. Concrete developments are lending credibility to these hopes. The Federal Reserve’s anticipated rate cuts are seen as a catalyst, but that’s just part of the story. CK Zheng of ZX Squared Capital highlights that the fundamentals driving Bitcoin’s price are the entry of regulated entities into the market. There’s a growing consensus that Wall Street’s adoption of crypto is not just imminent but inevitable. Regulatory Tides Turning in Bitcoin’s Favor The recent actions of U.S. authorities have been pivotal. The fine imposed on Binance, while substantial, did not lead to the closure of the world’s largest crypto exchange, a decision that has been interpreted as a positive signal for the industry. El Salvador’s President Nayib Bukele and Coinbase CEO Brian Armstrong’s public endorsements of Bitcoin further fuel the bullish sentiment. What’s truly exciting for…

---

Filed under: News - @ December 9, 2023 3:12 am