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Right now, with the Bitcoin market cap sitting just under $1 trillion, BTC is only a very tiny fraction of the worldâs assets combined. So in the grand scheme of crypto, this is why many analyst believe weâre still so early.
âIf Bitcoin captures just 5% of the market cap of other assets on this chart, itâll be worth over $2M/coin.â
In other trending Bitcoin News today: Bitcoin bears lack âballsâ to continue selling into 2022!
BTC bears will probably be too âstonelessâ to keep prices down much longer, fresh Bitcoin price analysis argues.
In a Twitter series published Dec. 18, popular account Light summarized the events which led to Bitcoinâs recent 39% correction.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes & Resources:
https://cointelegraph.com/news/vitalik-proposes-new-multidimensional-ethereum-fee-structure
https://cointelegraph.com/news/bitcoin-may-pass-30k-september-lows-trader-warns
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COMPREHENSIVE ANALYSIS PREDICTS 8K BITCOIN PRICE!! BTC IS A BETTER GOLD THAN GOLD ITSELF!!
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A new, comprehensive analysis has predicted the price of bitcoin to reach almost $20K this year and will keep rising to almost $400K by 2030.
The researchers have also predicted the future prices of several other major cryptocurrencies, including bitcoin cash, ethereum, and litecoin.
âThe equation of exchange model is an absolute approach to valuing crypto assets,â the report begins.
âThis means that the model gives a target price that crypto assets should be priced at based on assumptions regarding changes in supply and demand.â
Noting that âThe absolute valuation approach is inspired by Millâs equation of exchange, later formulated by Irving Fisher,â the CRR team detailed:
In this model, the percentage of the total addressable market (TAM) can be used to estimate a crypto assetâs implied future price.
After examining âall the variables and addressable markets,â the CRR researchers arrived at future price estimates for BTC, ETH, LTC, BCH, and XLM.
They expect the price of bitcoin to rise to $19,044 in 2020, $341,000 in 2025, and $397,727 in 2030.
Ethereumâs price is expected to reach $331, $3,549, and $3,644 respectively while bitcoin cashâs price should climb to $414, $6,690, and $13,016 during the same time periods.
The target addressable market for all cryptocurrencies today is approximately $212 trillion, the report notes.
It includes unit of account and medium of exchange, consumer loans, offshore accounts, reserve currency, store of value, online transactions, remittance, micropayments, unbanked, gaming, crypto trading, ICO funding, and STO funding.
The largest use case for cryptocurrencies is as a medium of exchange, the CRR research team found, elaborating:
We believe that bitcoin is still at the very start of its adoption curve. The price of $7,200 at the end of 2019 suggests that bitcoin has penetrated less than 0.44% of its total addressable markets.
If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.
The CRR analysis estimates that there are more than 40 million cryptocurrency users globally, and the number of crypto users in a country is positively correlated to the countryâs GDP per capita.
High GDP means more cryptocurrency adoption in the country.
Furthermore, âOn-chain velocity for most coins is decreasing, while off-chain velocity is increasing, currently at an all-time high,â the report highlights, discussing in-depth how speculation and savings outpace all other uses of cryptocurrencies.
They provided âevidence that growth in speculative transactions on exchanges is faster than the growth in using cryptocurrencies to buy goods and services.â
In other trending Bitcoin News today:
Bitcoin Is A Better Gold Than Gold Itself, Says Tyler Winklevoss
According to Tyler Winklevoss, co-founder of the Gemini crypto exchange, Bitcoin beats gold at its own game.Â
âBitcoin is better at being gold than gold â and not just incrementally, but by an order of magnitude or 10X better,â Winklevoss said in a Sept. 21 tweet. Â
Over the last decade or so, Bitcoin has risen dramatically in price, surpassing numerous landmark price comparisons along the way.
For many, it is now seen more as a store of value than a transactional currency, and the public often compares the digital coin against gold; a time-tested method of value storage used for thousands of years.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://news.bitcoin.com/bitcoin-price-20k-2020-398k-2030/
https://cointelegraph.com/news/bitcoin-is-a-better-gold-than-gold-itself-tyler-winklevoss-says
https://cointelegraph.com/news/new-report-says-bitcoin-price-in-more-sustainable-uptrend-than-2019
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BITCOIN PRICE TARGET OF $1 MILLION IS âPRETTY REASONABLEâ WITHIN THE NEXT 10 YEARS SAYS KRAKEN CEO!!
đ° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Bitcoin (BTC) will be worth âinfinityâ and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken.
Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000.
âOf course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think itâs going to infinity,â he told Bloomberg TV about future price trajectory.
âThis national currencyâs only fifty years old, itâs already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.â
Powell was commenting as the USD weakened alongside a macro market sell-off on Wednesday, an event which had next to no impact on Bitcoin. At the same time, the U.S. national debt quietly passed $28 trillion for the first time in history.
Despite a rejection of $50,000 support, Bitcoin bulls thus remained more than optimistic.
âThe people that are believers in Bitcoin see⊠itâs going to replace all of the worldâs currency, so that basically means whatever the market cap of the dollar is, the euro â all of that combined is what Bitcoin could be worth,â Powell continued.
âI think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.â
As Cointelegraph noted, Bitcoin closed February 26% above its target dictated by the stock-to-flow-based price models, with creator PlanB still confident that $100,000 will hit at some time this year.
Meanwhile, the gold eclipse argument has been steadily gaining support on social media in particular, often at the expense of gold bugs, who are left with increasingly little ammunition to defend their anti-Bitcoin stance.
As Cointelegraph reported, it was billionaire and former Bitcoin skeptic Mark Cuban who this week took SchiffGold.com CEO Peter Schiff to task over his love of the precious metal. Gold, he told Schiff, âis dead.â
âBitcoin has been crushing gold since inception,â Kraken growth lead Dan Held added in response to claims by Schiff that a bet against gold was a losing one.
In other trending Bitcoin News today:
Bitcoin Price Charts Hint At Another Drop After Failing to Break $52K
Bitcoin (BTC) has halted its bull run in the past few weeks as the price has corrected from an all-time high of $58,000 to around $43,000.
Several arguments were found for the pullback, including a sell-off from miners and whales. The other primary reason for the correction is the sudden surge of yields across the world.
The 2-hour chart for Bitcoin shows a clear downtrend since the peak high in February at $58,000. Since then, bearish support/resistance flips have been happening suggesting further weakness in the near term.
This bearish support/resistance flip has happened at the $55,000 and $52,000 levels, with the latter serving as the current major area of resistance.
In recent days, Bitcoinâs price tried to break through this resistance zone but failed to do so. After such a failed breakout, retesting the levels below seems inevitable.
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Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Americaâs super entrepreneurial class is waking up to #Bitcoin This is the best chance đșđž has to reclaim world economic leadership in 2021
China has a head start, but their power structure is too centralized pic.twitter.com/T0bgixxvCV
â Max Keiser (@maxkeiser) March 3, 2021
Grayscale #Bitcoin Trust Discount May Signal March to $100,000 â Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. pic.twitter.com/qj6hfTvH8K
â Mike McGlone (@mikemcglone11) March 4, 2021
https://cointelegraph.com/news/bitcoin-price-is-going-to-infinity-kraken-ceo
https://cointelegraph.com/news/bitcoin-price-charts-hint-at-another-drop-after-failing-to-break-52k
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