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Cryptocurrency

Why Bitcoin is a masterclass in what it takes to succeed in tech

- November 21, 2024 2 MIN READ
Photo: AdobeStock
Bitcoin is now above US$90,000. 

While many view the surge in the context of the US elections, shifts in monetary policy and everything in between – the real story runs somewhat deeper than graphs, Paul Quickenden argues.

Here’s his view on why this bull run unique and the lessons for tech innovators.

An institutional and ETF-driven market

Unlike earlier crypto bull runs, which were fuelled by Reddit threads and retail FOMO, this cycle is powered by institutional interest.

While retail trading volumes have stayed modest, Exchange-Traded Fund (ETF) flows have exploded, proving that institutional investors have swapped scepticism for enthusiasm.

The lesson > Market fit is everything

Market fit isn’t one-size-fits-all. It requires experimentation, patience and a little audacity.

Bitcoin ETFs didn’t emerge overnight – they arrived 15 years after Bitcoin’s inception, cleverly designed to align with the familiar frameworks of institutional investors. By packaging something revolutionary in a way that feels accessible, the crypto industry unlocked exponential growth.

The takeaway for tech? Innovation is only half the battle.

To truly scale, sometimes you need to make your product fit seamlessly into the existing landscape. Meet your users where they are, not where you wish they’d be. And never stop chasing that elusive, ever-evolving market fit.

The possible shift to a supercycle

Some analysts are speculating that Bitcoin could be breaking its boom-bust cycle and entering a ‘supercycle’.

If this is true, this phase could herald a steadier, more sustained growth trajectory, pushing Bitcoin closer to universal acceptance.

The lesson > Start with the end in mind

A supercycle is all about longevity and for tech innovators, that means building with scalability in mind from day one. The leap from niche adoption to mainstream reliance requires robust infrastructure, adaptability and forward planning.

(At Easy Crypto, we embody this principle by ensuring our platform is prepared to handle an influx of new investors without missing a beat. Scaling isn’t just about keeping up with demand – it’s about staying ahead of it.)

The long-term holding mindset

One of the most striking shifts in this bull run is the behaviour of long-term Bitcoin holders. They’re holding firm, treating the asset less like a speculative gamble and more like a long-term asset akin to gold or even a retirement fund. This ‘diamond hands’ approach has lent the market a new level of stability.

The lesson > No shortcuts to success; persistence pays

For the tech industry, this highlights the importance of building products that foster long-term loyalty. Flash-in-the-pan success is seductive, but enduring growth comes from creating tools or platforms people can’t imagine living without.

It’s about playing the long game and proving your value over (a long) time.

Bitcoin’s rise from obscure experiment to near-mainstream asset is a masterclass in what it takes to succeed in tech. Its ascent to (almost) $100,000 holds lessons for every innovator chasing relevance: be persistent, be patient and never underestimate the power of market fit.

As Gandhi famously said: “First, they ignore you. Then, they laugh at you. Then, they fight you. Then, you win.”

The next decade and a half could be your ‘overnight success’ story – if you’re willing to put in the work.

  • Paul Quickenden is chief commercial officer at Easy Crypto