2022-2023 was an excellent period for naysayers who crushed, denounced, lambasted, and even proclaimed Bitcoin (BTC) is “dead.” A “dark age” where there appeared to be little hope that the primary cryptocurrency would once again rise or even exceed its previous peaks.

However, BTC always seems to have the final word (at least, it has been like that in its 15-year history). Its price launched a massive rally at the beginning of 2024 that led to an unprecedented height of over $72,000.

The asset is back on the front pages; the hype surrounding it keeps rising each day, while critics are harder to find. Well, Peter Schiff still claims that BTC is a bubble ready to burst any minute, advising investors to leave the ecosystem and deal with gold, but we have heard that before, haven’t we?

Bitcoin has indeed increased its popularity in the past several weeks, but that is likely the result of the surging price, which is attracting the masses once again. Yet, BTC is much more than its dollar representation and features numerous fundamentals. In the following lines, we take a closer look at it and draw a comparison to the epic fantasy novel (and trilogy movie) “The Lord of the Rings.”

Bitcoin is Like Gandalf

Ahh, yes, the mighty wizard who fought bravely against Saruman and defended the Fellowship by standing in the way of the fiery demon Balrog. Gandalf’s battle against the creature almost cost him his life, but instead of going into the shadows, he returned stronger than ever. And whiter.

Dear LOTR fans, think of Bitcoin’s resistance as one of your favorite heroes. Those of you who have followed the market know that BTC’s price crashed below $16,000 in November 2022 (shortly after the meltdown of the crypto exchange FTX). A year and a half later, the asset is not dead; on the contrary, its valuation has exploded by 350%.

A similar shocking collapse occurred in 2018, too, when BTC nosedived from nearly $20,000 to $3,000.

BTC is Definitely Like Arago