Industry Expert: The Bitcoin “Winter” Has Ended; Institutional and National Adoption Are the Next Major Growth Drivers

Recently, Strategy executive chairman Michael Saylor stated that when Bitcoin reached $78,000 on-chain, the market’s toughest phase has passed, and the current cryptocurrency market “winter” has officially come to an end. However, some analysts take a more conservative view on this.
Analyst Mati Greenspan agrees with Saylor’s view that a bottom has formed, saying Bitcoin may see a new round of upward movement. But he also believes this round of Bitcoin pullback is not a true “winter,” but a normal correction within a larger bull-market cycle.
More specifically, the crypto industry has experienced three distinct adoption cycles: the early adopters in 2013, the mass retail awakening in 2017, and the institutional adoption period in 2021.
He also believes that upcoming national-level crypto adoption will be the core driving factor behind the fourth adoption cycle. In particular, after Trump begins his second term and U.S. crypto policy shifts, this trend will be further accelerated.
He predicts that central banks in other countries may soon include Bitcoin on their balance sheets, the way they allocate to gold, and this trend is already quietly underway.
Currently, the U.S. government holds about 300,000 BTC; El Salvador’s plan is to buy 1 BTC per day, targeting a national treasury reserve of 7,500 BTC; and China and the UK hold approximately 190,000 and 61,000 BTC, respectively.
Moreover, states such as Wisconsin and New Jersey have also introduced Bitcoin exposure into public pension fund allocations.
However, market views are not unanimous. Analyst Jason Fernandes even bluntly says that even if the Bitcoin winter has ended, the altcoin winter will still be long.
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