Institutions? Millennials? Who's behind this latest BTC pump?

22 Jun, 2019 | Updated: 22 Jun, 2019
by David Robb
Opinion
Institutions? Millennials? Who's behind this latest BTC pump?

As Bitcoin sees five figures again and most are seeing confirmation that the bull market is finally back, there is still debate as to what exactly is behind the latest rally. Many seem to suggest that institutions finally entering the market could be the most likely explanation.

Crypto analyst Peter Brandt, who has recently predicted that the Bitcoin price could reach as high $100,000 before the bears eventually return, pointed out that 'millennials' could be driving the latest pump. He made a confusing reference to the "Obnoxious Twitter Millennial Index (OTMI)", which is presumably intended to suggest that this demographic is now starting to jump back into crypto.

However, observers pointed out that this may not be the whole story (or even part of it). Analysis of recent Google searches for 'buy BTC' shows that interest is around the same as it was about a year ago, and hasn't increased dramatically in recent months as the price has soared, so retail investment likely hasn't changed much.

Moreover, the 'millennial' demographic doesn't possess the financial means required to pump BTC as hard it has been. Like many others, popular trader @MoonOverlord suggested that an increase in trading volume from institutions is a much more plausible explanation.

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Read more about: Bitcoin (BTC)

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