TL;DR Bitcoin at its current value is seen by some as a “safer buy” than at $20,000, supported by expectations of rising debt from new economic policies and accelerating institutional and nation-state adoption. Factors like negative exchange netflows, a stable MVRV ratio, and a record 55 million BTC holders point to potential for further price growth. Is BTC Now a ‘Safer Buy?’ John Deaton, an American attorney who represents thousands of XRP investors in the lawsuit between Ripple and the US SEC, recently expressed an interesting opinion regarding the primary cryptocurrency. He shared a post by David Bailey (Chairman of Bitcoin Magazine), who recently urged people to “get as much capital” and use it to purchase Bitcoin (BTC). While Deaton said he is not in favor of telling individuals to take out loans to buy crypto, he argued that the leading digital asset at a price of $106,000 seems like a “safer buy” than it was at $20,000. He backed his theory with the likely passage of the Build Back Better (BBB) economic initiative and the GENIUS Act, predicting they would lead to the printing of fiat money and “skyrocketing” debt. The lawyer added that this possible development, combined with rapid institutional and nation-state adoption, makes buying BTC at current prices “more asymmetrical” than it was at $25,000. “But I’ll fully admit I suffer from both confirmation and wealth-preservation bias,” Deaton concluded. Further Pump Incoming? BTC trading above the psychological level of $100,000 might still seem surreal to some members of the crypto community, who have been waiting for that milestone for years. Moreover, some key factors suggest that the asset may experience an additional rally in the short term. For instance, the BTC exchange netflow has been predominantly negative in the past months, suggesting that investors have shifted from centralized exchanged toward self-custody methods. This , in turn, reduces the immediate selling pressure. BTC Exchange Netflow, Source: CryptoQuant Bitcoin’s MVRV, which compares the asset’s market capitalization to its realized capitalization and helps traders identify whether the asset is undervalued or overvalued, is also worth observing. Over the past few weeks, the ratio has been fluctuating within the healthy range of 2 to 2.5, suggesting there is still potential for further appreciation. According to CryptoQuant, historical data shows that readings above 3.70 have typically signaled market peaks, whereas values below 1 have indicated bottoms. BTC MVRV, Source: CryptoQuant Last but not least, the total number of BTC holders recently hit a new all-time high of over 55 million, signaling growing adoption and higher demand for the asset. The post Is Bitcoin a Better Buy Now Than it Was at $20K? (Lawyer Explains) appeared first on CryptoPotato .
