Despite Bitcoin’s correlation to the stock market throughout the past several months, the cryptocurrency has been widely garnering adoption as a safe haven asset.
Individuals and corporations have been turning to the cryptocurrency to protect against potentially imminent inflation due to rampant USD printing.
Most recently, multi-billion-dollar tech giant Square announced that they had acquired $50 million worth of BTC to hold on their balance sheet as a reserve asset.
Months before Square’s announcement, MicroStrategy divulged a detailed plan to convert their entire USD treasury – worth hundreds of millions – into Bitcoin.
Despite this trend, one Bitcoin critic is ardent in his belief that there is no herd coming to buy BTC, and that the fabled “herd” of buyers is already here.
One on-chain analyst, however, notes that once Bitcoin passes a $1 trillion market cap, institutions will consider it an asset bucket rather than an inflation hedge and begin directing significant amounts of capital towards it.