Summary
- Bitcoin (BTC) has seen its hashrate increase fivefold over the past four years, but its price has yet to match that growth.
- Ju Ki-young, CEO of CryptoQuant, stated that Bitcoin's intrinsic value is determined by its capital capacity, or the size of the vessel.
- The increase in Bitcoin's hashrate suggests a potential bullish trend from a long-term perspective.
Bitcoin (BTC) has seen its hashrate grow fivefold over the past four years, but its price has yet to catch up, according to an analysis.
On the 7th, Ju Ki-young, CEO of CryptoQuant, stated on X (formerly Twitter), "Bitcoin is a vessel for capital, and its intrinsic value is determined by the size of the vessel," adding, "Over the past four years, the size of the (Bitcoin) vessel has grown fivefold, but the price has only doubled."
He explained, "If you are a financial giant, you would first enlarge the vessel before injecting massive capital," predicting a long-term bullish trend for Bitcoin. The increase in hashrate indicates that the scale of capital Bitcoin can accommodate has significantly expanded.
Meanwhile, hashrate refers to the total computational power mobilized across the network to mine Bitcoin.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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