Could Bitcoin Fail to Lead This Cycle?

Shifts in bull market logic suggest privacy coins and fundamentals-based tokens may take over the rally.

By David Feld, Bankless

Translated by Saoirse, Foresight News

The new cycle appears to have begun, but there are real-world concerns surrounding Bitcoin that warrant serious consideration. And the risks I'm referring to go beyond just quantum security vulnerabilities.

Like me, many of my online peers are considering one possibility: Bitcoin underperforming the broader market in this next cycle. Much like in the previous cycle, where the vast majority of altcoins failed to reach significant new all-time highs.

Bitcoin’s price has already surged significantly. You might find my take outrageous, but read on.

Bitcoin Has Gone Mainstream

The core narrative of the previous cycle was the mainstream adoption of Bitcoin.

The rally kicked off with the approval of spot ETFs, allowing institutional capital to enter with striking results: BlackRock's IBIT became the fastest ETF ever to surpass $10 billion in assets. Then came Trump's campaign and election victory, which included a platform for establishing a Bitcoin Strategic Reserve (BSR), serving as another major catalyst pushing Bitcoin past six figures. Meanwhile, Saylor continued his massive weekly Bitcoin purchases. This wave of buying incentivized other corporations to adopt digital assets into their corporate treasuries, following suit in accumulating coins.