I'm entering my third cycle and reflecting back I recognise there were bullish narratives that fuelled the frothy positive sentiment characteristic of Bitcoin bull markets. I'm struggling to recall entirely but from memory:
In 2017, it was futures approvals at CBOE and CME, altcoin/ICO boom and institutions are coming.
In 2021, it was retail trading via PayPal, CashApp, Robinhood, institutional adoption by Microstrategy and Tesla, Grayscale NAV discount trade and excessive COVID money printing.
In 2025, it's seemingly US strategic Bitcoin reserve, nation state adoption, Microstrategy reflexive loop, ETFs, ETF options and the perennial institutions are coming.
From experience, I'd be cautious of placing too much expectation on these narratives in the short term, but they definitely do drive and sustain the vitality of the bull markets. My unsolicited advice to newcomers would be to think long term, learn about why Bitcoin is valuable to build enough conviction to weather the volatility (think 50% drops) and invest only what you're willing to lock away for at least 4 years.
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