ByNina Bambysheva,
Forbes Staff.
Most of us have probably heard some version of this from our non-crypto friends in the past few days: So what’s happening with bitcoin?
It’s funny because on Monday, at the NYC media summit, I was asked how I’d describe the state of crypto today. I said, “Crypto’s growing up.” You can see it in the regulatory wins, in how many companies have gone or are preparing to go public, in the steady inflow of institutional capital, and even in Jamie Dimon’s evolving tone. His latest line comparing owning bitcoin to the right to smoke is about as close to tolerant as he’s ever been. And you can definitely see it in the rising number of suits roaming around crypto conferences.
Now we’re seeing it in the price action. As several analysts pointed out this week, bitcoin slipping below $100,000 for the first time since June isn't bear market territory, it’s evidence the asset has entered what you might call its boring adulthood. That’s a tough adjustment for an industry built on 20% daily candles, “to the moon” chants and the promise of “life-changing wealth.”
