The 2020 bull market was largely driven by borrowed capital and leverage, including 3AC borrowing from Genesis to purchase GBTC, Terra Luna acquiring BTC through the issuance of stablecoins, traders taking loans from Binance for 100x leveraged positions, and MicroStrategy borrowing from bondholders to buy BTC.
This emerging market is underpinned by a growing interest in asset allocation towards Bitcoin. It is at least ten times larger and significantly more stable
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