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But market watchers say more pressing issues have grabbed this month’s headlines.
“It’s kind of in the shadows right now,” said Bryce Doty, portfolio manager at Sit Fixed Income Advisors. “Bitcoin gets attention when it looks like the world is coming to an end, it’s the anti-vaccine trade. As stocks and everything else have done better and people have forgotten about trade wars and things have been eclipsed by the pandemic, Bitcoin has taken a back seat to all of that.”
Bitcoin gets attention when it looks like the world is coming to an end, it’s the anti-vaccine trade
Bryce Doty, portfolio manager at Sit Fixed Income Advisors
Matt Maley at Miller Tabak + Co. says institutional investors might be paying more attention to the crypto space — he’s fielded some calls about it in recent weeks. But individual investors — many of whom suffered through Bitcoin’s 2018 crash — might have their sights set on other issues. This year has been a torturous and many are worried about the pandemic and the economic downturn, says the firm’s chief market strategist.
“The individuals — a lot of those people got burned badly — they’re less excited about it now,” he said. “It’s certainly not the huge hoopla we had back in 2017 — that could change if it breaks above the 2017 highs.”
Guy Hirsch, managing director for U.S. at multi-asset brokerage eToro, is tracking a slightly non-traditional gauge of sentiment: the total number of Tweets that mention Bitcoin on a daily basis. At the height of the crypto boom, he was seeing around 120,000 Bitcoin-related tweets a day. That number now oscillates between 30,000 and 60,000, according to data from eToro and The Tie.