Many have chanted victory in the past months. Well, even within the crypto community, many don’t believe in the future of Bitcoin. So when another sector of the crypto market like decentralized finance began to emerge, while BTC stagnated or even receded, several members of the crypto world celebrated. However, as Changpeng Zhao has commented in the Tweet of the day, Bitcoin finally beats DeFi.
Bitcoin is imposed
For several months, within the crypto community no one was talking about Bitcoin. And, even the most staunch defenders of cryptocurrency, had their minds occupied in another booming market: that of decentralized finance. Thus, and since mid-July, the DeFi projects experienced the greatest boom in their history. Increasing your price exponentially in a matter of weeks.
This, of course, attracted the attention of much of the Bitcoin investors. Which diverted their attention and their capital from the BTC market to the DeFi market, in an attempt not to miss the opportunity for quick profits that the fever of decentralized finance seemed to promise.
Of course, this capital outflow from Bitcoin caused its price to stagnate, seriously reducing the demand for the cryptocurrency in the market. Maintaining its value only by the action of large institutional investors in firms like Grayscale. Which kept acquiring BTC even during the DeFi boom.
However, this boom could not be eternal, and when it ended in mid-September, investors began to gradually return to Bitcoin from the DeFi. Boosting the price of the cryptocurrency, to the point where it is trading in the order of $ 15,471 per BTC at the time of writing this article.
In this way, Bitcoin has regained the prominence lost in recent months. Allowing the CEO and founder of Binance, Changpeng Zhao, to assure on his Twitter account “Bitcoin told the DeFi: have my beer”, a phrase with which he expresses that BTC has beaten decentralized finance, despite the challenge that they seemed to represent very briefly.