The “sovereignty race” will be the next catalyst for a rise in Bitcoin prices, says analyst Willie Wu
On-chain analyst Willie Wu believes that a “sovereign fund race” will spur a rise in Bitcoin (BTC) prices.
In new interview With Natalie Brunelle, Woo says MicroStrategy kicked off the corporate BTC treasury trend last cycle.
It is expected that the current session will witness other sovereign wealth funds following the example of El Salvador and Bhutan.
“I think this cycle is starting to emerge and the cycles are coming. And so everything becomes a race, and I don’t know if these are big openings, I think it’s one step after the next, and then the next.
Wu says the big moment in the current cycle was when BlackRock CEO Larry Fink expressed his approval of Bitcoin.
“You won’t get fired for recommending Bitcoin. Asset Managers [previously] They would buy it themselves and not recommend it because it was too risky for their career. Now I see CIOs at banks not just talking about Bitcoin as an investment, but talking about it as the next global reserve currency.
BTC is trading at $105,785 at the time of writing after hitting a new all-time high of over $108,000 on Monday. The top-rated crypto assets by market capitalization rose more than 4% in the past 24 hours.
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