Bitcoin is entering a healthier and more mature phase that is likely to attract attention again, opines Alex Thorn from Galaxy Digital. He noted that while optimism around Bitcoin was more robust earlier this year, it could soon regain that fervor.

“Attention will come back to Bitcoin, it always does,” Thorn remarked during a CNBC interview, asserting that Bitcoin was once regarded as the ‘hottest trade’ following Donald Trump’s U.S. presidential election victory.

Thorn remarked that investor interest has diversified towards areas such as AI, nuclear energy, quantum tech, and gold, with various sectors providing gains that have distracted from Bitcoin investments.

“We’re entering a much more mature era, where distribution from old hands to new is incredibly healthy for distributing the ownership of Bitcoin,” he added.

Despite being optimistic about Bitcoin’s long-term prospects, Thorn adjusted Galaxy Digital’s year-end target price from $185,000 to $120,000, indicating a projected increase of nearly 17% from Bitcoin’s current value of $102,080, according to CoinMarketCap.

Bitcoin performance Bitcoin is down 15.72% over the past 30 days. Source: CoinMarketCap

Thorn noted that the sectors vying for investors’ attention, notably gold, often compete directly with Bitcoin. Recent analyses from JPMorgan suggested that the volatility of gold during its price surges may render it riskier, consequently making Bitcoin appear more attractive due to its relatively lower risk profile.

Quantum computing remains a contentious topic within the Bitcoin community. Amit Mehra from Borderless Capital recently stated that quantum threats to Bitcoin are still years away, while others, like Charles Edwards, founder of the quantitative fund Capriole, argue for urgent measures to address potential risks before they escalate.

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