Analyst Reveals: States Will Compete with Each Other for Bitcoin! New Records in Price May Come - Coin Bulletin

On-chain analyst Willy Woo thinks that the biggest catalyst that will drive up Bitcoin prices will be the 'race of dominant nations'.

In an interview with Natalie Brunell, Woo recalled that in the previous cycle, MicroStrategy initiated the trend of holding Bitcoin in corporate treasuries. Now, in the current cycle, he expects other sovereign wealth funds to follow the footsteps of El Salvador and Bhutan.

Woo, this movement indicates that it will not be a big bang, but will happen step by step:

"This cycle will slowly emerge and continue in future cycles. Everything will turn into a race. Instead of a big leap, we will see a gradual progress."

Woo says one of the most important moments of the current cycle is BlackRock CEO Larry Fink openly expressing his support for Bitcoin. Fink's remarks have fundamentally changed the financial world's approach to Bitcoin.

"You won't lose your job anymore for recommending Bitcoin. Asset managers used to buy Bitcoin but wouldn't dare to recommend it because it was risky for their careers. Now, I see that banks' Chief Investment Officers not only define Bitcoin as an investment tool but also as the 'world's new reserve currency,'" said Woo.

As a new chapter opens in Bitcoin's institutional adoption process, it is predicted that this transformation could have a significant impact on both prices and the global financial system.