- Bitcoin saw some social dominance momentum as spot ETF prospects improved.
- Bitcoin’s deflationary characteristics could give it a hedge against financial and regulatory tyranny.
With each passing day, the possibility of a Bitcoin [BTC] white swan floats. The market has seen a resurgence of optimism after previously struggling with setbacks. This is evident from Bitcoin’s social dominance.
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The measure of social dominance rose to its highest monthly level in the past 24 hours. This was no coincidence, as hopes for a Bitcoin ETF soared when the SEC’s deadline to appeal Grayscale’s Bitcoin ETF expired.
But that is not everything. Ferrari, the famous Italian car manufacturer, has just announced that it will accept BTC as payment for vehicle sales.
Today, there are more than 70 million bitcoin interactions on social media.
This is what is trending:
→ US officials say they are concerned about a Chinese owner #Bitcoin mine in Wyoming will pose a threat to national security.
→ SEC will not appeal the court’s decision on Grayscale #Bitcoin ETF.… pic.twitter.com/ZeRFkp8uxB
— LunarCrush (@LunarCrush) October 14, 2023
But not all the good news has contributed to Bitcoin’s surge in social dominance. There were also reports that the US is reportedly concerned about a Chinese-owned Bitcoin mining operation in Wyoming as a potential threat to national security.
While not necessarily indicative of a potential negative impact on price, the first two underlined the possibility of stronger demand in the long term.
The wheels of Bitcoin adoption could be turning faster
The reports on Ferrari’s decision to accept BTC payments also highlighted the growing pace of adoption by mainstream businesses. However, there are many more reasons that could push for rapid adoption of Bitcoin.
One of the key features of Bitcoin is that its deflationary properties make it an attractive long-term investment. But there is another quality that is often overlooked.
The immutability of Bitcoin and DeFi offer freedom from the traditional financial system and tyrannical government regimes. So let’s see how that could lead to more Bitcoin adoption.
The reality of things on the ground is that governments are pushing for stricter regulations because they want more control over the masses. This is especially evident in Canada, where regulators just made it legal for banks to suspend accounts without the need for court orders.
@LeeElci
Lee. Have you heard of this!
Canada is going to freeze or suspend bank accounts without a court order and this is the same as what was done to their Truckers & On Line to cancel the culture watch crews
It’s just like in communist China
The next thing will be that you won’t be able to leave your house pic.twitter.com/9TcpLKjIFD
— Larry Patrick (@Larry1969) October 13, 2023
Read Bitcoin’s [BTC] Price forecast 2023-2024
China already has a social credit system, which can also take away some social freedoms and leave someone without access to financial resources if they don’t act accordingly. Such measures make it easier for governments to maintain financial control.
So, the long-term outcome could see more demand for Bitcoin based on the above-mentioned factor as people try to save their financial freedom.
