- KPMG, the leading accounting organization, said Bitcoin would benefit from ESG.
- Tony Edward thinks Bitcoin would benefit from KPMG’s recent ESG narrative.
- Edward believes KPMG’s comments and Blackrock’s ETF filing would trigger the next bull run.
KPMG, the leading accounting organization, said Bitcoin would benefit from ESG. Tony Edward, the host of the Thinking Crypto YouTube channel, believes this to be a captivating narrative. He compared it to the existing bias against Bitcoin as an environmentally unfriendly technology.
In a video uploaded to YouTube, Edward recalled reports criticizing Bitcoin as a carbon intensive technology due to its mining process. Also common is the idea that Bitcoin mining consumes a lot of electricity, contributing to its unfriendliness in the environment.
According to Edward, the change in narrative signaled by KPMG and Blackrock’s recent Exchange Trust Fund (ETF) filings could significantly impact the Bitcoin market. Edward observed that following Blackrock’s filing, several other Wall Street firms have started lining up ETF applications.
Edward noted that this combination of events signifies preparatory steps ahead of a massive bull run in the Bitcoin market. He believes that the Bitcoin market trend for 2024 to 2024 would produce a macro bull run that would lead to new all-time highs (ATH).
Although KPMG’s report focused on Bitcoin, Edward believes the impact of the upcoming bull run will cut across the entire cryptocurrency market. Hence, altcoin holders would also benefit from the impending price rally that would follow the current developments in the Bitcoin market.
Edward based his altcoins’ rally prediction on the crypto market’s past behavior. According to him, historical patterns show that capital flows into Bitcoin lead to pumps in the flagship cryptocurrency’s price. Under such circumstances, the price climbs to ATHs and gets to an overbought scenario where it hits its peak.
Following this phase is a liquidity flow into the altcoin market, which leads to a pump in altcoins. Edward noted that understanding this cycle gives every investor a reason to be bullish on Bitcoin, whether they like the pioneer cryptocurrency or not.
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