Bitcoin (BTC) price is now closer to its previous all-time high than ever before. However, social media mentions are way below the levels seen during the Initial Coin Offerings (ICO) mania of 2017, suggesting there is plenty of room to go up.
Billionaires flock to Bitcoin while retail investors seem uninterested
Bitcoin seems to be getting a lot more attention from institutional investors than the retail sector.
The quantitative easing policies being implemented worldwide to contain the impact of the pandemic could be one of the main reasons behind this development.
It appears that some of the most prominent billionaires are using BTC as a hedging asset against inflation.
Amongst these enterprise investors are the likes of Pual Tudor Jones, who compared buying Bitcoin to investing in tech stocks like Google and Apple in their early days.
Mexican business magnate Ricardo Salinas Pliego also stated that 10% of his liquid portfolio is in BTC, confirming that the asset guards his wealth against erosion.
During the peak of the 2015-2017 bull market, social engagement metrics surged to an all-time high of over 132,000.
The increased levels of attention that Bitcoin was able to capture in the last few weeks of Dec 2017 was followed by a price dump towards $7,600.
Alongside prices, social volume dropped to 83,500 as retail investors began to lose interest.
Social engagement versus price from Santiment.
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