Bloomberg Intelligence analyst Jamie Coutts thinks crypto and blockchain technology are at the beginning of a \u201cstructural uptrend.\u201d<\/p>\n
Coutts says<\/a> on the social media platform X that central bank liquidity, global M2, Bitcoin\u2019s (BTC<\/a>) price, crypto prices and crypto user count are all linked.<\/p>\n Global M2 is a money supply metric that measures peoples\u2019 cash, checking accounts, and other types of deposits that are easily convertible to cash.<\/p>\n Says the Bloomberg analyst,<\/p>\n \u201cThe liquidity cycle bottomed in Q4 2022 as did users of smart contract blockchains. However, the liquidity cycle only impacts the rate of change of adoption. Consistently, blockchain adoption increases YoY (year over year), irrespective of asset prices.<\/em><\/p>\n Blockchain technology is in a structural uptrend that will last for many years, and we are at the start of the next cyclical upswing.\u201d<\/em><\/p>\n Coutts also notes<\/a> that Bitcoin is already a reserve asset for certain countries.<\/p>\n \u201cSeveral energy-rich nation-states have invested hundreds of millions into facilities with projected investments of $1 billion-$2 billion and >2,000 megawatts coming online in a couple of years. These countries have publicly stated that Bitcoin mining is a strategic energy initiative. If that is true, then they are already holding BTC on their balance sheet.<\/em><\/p>\n The first of the sovereigns have arrived.\u201d<\/em><\/p>\n At time of writing, Bitcoin is worth $37,574.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n
![\"Image\"](\"https:\/\/pbs.twimg.com\/media\/F_R677Pa8AAQxyG?format=jpg&name=medium\")
![](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2018\/06\/Get-Alerts-728x90.png\")
<\/p>\n