Bitcoin Price Plunges to ,700! | BTC Quarterly Performance

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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee – Here’s How

The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run.

In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000.

When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.

“I think in the long term it’s possible because today Bitcoin’s transaction activity is twice that of PayPal, 7x the Discover network. It’s the second-largest transaction network after Visa, and there’s four billion Visa card holders. So if you get to five million Bitcoin users, it’s almost 100x increase in price.”

As for the timeline for such a meteoric rise, Lee says he’s unsure and doesn’t have a crystal ball.

But he does think Bitcoin has a strong use case in the current financial system.

“It’s not like I’m necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that – $50,000 to $100,000.”

BITCOIN PRICE RETURNS ABOVE $10K, HERE’S WHY:

Bitcoin’s recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point.

With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.

Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoin’s price into 5 figures permanently.

Bitcoin is often referred to as a deflationary currency due to it’s ever decreasing emission schedule of new coins.

Eventually the economic law of supply and demand will have its impact on Bitcoin’s existing supply, and its decreased production of new coins, causing a rise in prices overall.

As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoin’s price.

We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically.

Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.

Smart money has been silently taking positions in both Bitcoin and Alts, while prices were down during the crypto winter.

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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://www.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin

Bitcoin Price Returns Above $10K, Here’s Why

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Walmart has not yet announced a purchase of $1 billion worth of Bitcoin. But it will and let me tell you what’s going to happen when it does.

Walmart is the epitome of working class America. Built off the back of America’s mom and pop, it is now the world’s largest company by revenue raking in $548 billion in 2020. 

When Walmart adds $1 billion of bitcoin to its balance sheet, you’ll have that same average Joe’s full attention. It will create the ultimate exposure for Bitcoin to blue collar Americans and trigger a global monetary paradigm shift that is long overdue.

In other trending Bitcoin News today:

TIME Magazine Joins Tesla in Keeping Bitcoin on Its Balance Sheet

It was only a matter of TIME.

One of the most recognizable publications in the world, TIME Magazine will now be receiving some payments in Bitcoin, according to Grayscale CEO Michael Sonnenshein. What’s more, unlike some people, it won’t be immediately converting that crypto to fiat.

“Thrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space,” Sonnenshein tweeted today. “Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin – and will hold the BTC on their balance sheet. A first for our media partnerships!”

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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://bitcoinmagazine.com/business/what-happens-when-walmart-buys-1-billion-of-bitcoin

https://decrypt.co/66263/time-joins-tesla-keeping-bitcoin-balance-sheet

https://cointelegraph.com/news/ether-hits-new-all-time-high-above-2-200-hours-ahead-of-berlin-hard-fork

https://cointelegraph.com/news/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying

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Bitcoin has every possibility to grow its market size by 15-20X within the next 15 months, according to BTC bull Anthony Pompliano of New York-based hedge fund Morgan Creek Digital.

“My base case is approximately 10x to $100,000 and the bull case is around $250,000 per bitcoin,” he predicted after assessing all the said catalysts.

The founder said in a note to investors that they should put 1-10 percent of their investable capital into Bitcoin.

Recalling his own portfolio’s 50 percent exposure in the cryptocurrency, Pomp cited a string of upside catalysts that would benefit anyone who invests-in/holds the 11-year old financial asset.

The first optimistic fundamental in line was the Federal Reserve and its unprecedented monetary policies.

The US central bank in April cut its interest rate to near-zero to boost lending amid the coronavirus pandemic.

In its recent remarks, the Fed vowed to keep the rates lower for the foreseeable future.

More tailwinds Bitcoin’s bullish bias came from the US government’s $3 trillion stimulus package.

Because of it, the Fed’s balance sheet expanded by 75 percent since the beginning of 2020.

The bank further announced that it is targeting a 2 percent-plus inflation level.

“The average investor fears inflation right now, regardless of whether we [actually] see that inflation or not,” wrote Mr. Pompliano, adding that the “fear has driven significant capital flows into inflation-hedge assets (Gold, Bitcoin, Real estate, etc.).”

“The combination of the Fed’s asset price manipulation and inflation fears has driven gold and Bitcoin to drastically outperform equities and other commodities.”

Bitcoin rose by around 50 percent on a year-to-date timeframe. Pomp predicted a further upside for the cryptocurrency due to growing demand from the institutional investors.

For instance, Fidelity Investments, a Boston firm with $3.3 trillion worth of assets-under-management, favored a 1-5 percent allocation to Bitcoin in any portfolio.

Meanwhile, Stone Ridge, a $10 billion asset management firm, revealed that it now owns $15 million worth of BTC tokens.

Billionaire investor Paul Tudor Jones put 1-2 percent of his $22 billion portfolios into Bitcoin Futures.

Also, many pensions funds gained exposure in the cryptocurrency.

Pomp’s letter highlighted corporations that purchased Bitcoin as a reserve asset for part or majority of their treasury.

That included MicroStrategy, a $1.2 billion market cap firm that put 85 percent of its $500 million balance sheet ($425M) into Bitcoin, and global payments firm Square that last week purchased $50 million worth of BTC tokens.

“The demand outlook is strong, and it shows signs of actually accelerating into the first half of 2021,” added Mr. Pompliano.

The fund manager later discussed the Bitcoin market’s potential supply shock.

With a 21 million hard cap and 18.4 million units already in circulation, Mr. Pompliano noted that Bitcoin’s scarcity against its rising demand would act as another bullish tailwind.

In other trending Bitcoin News today:

Bitcoin pioneer Max Keiser went on a Crypto Twitter rant predicting a $28K short term Bitcoin target along with a $400K BTC price target for the long term…

“There is strong evidence to suggest Bitcoin futures traders are manipulating BTC down to give institutions a chance to load up on physical BTC cheap before the break to $28,000”

“The (temporary) Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000”

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► 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:

There is strong evidence to suggest #Bitcoin futures traders are manipulating BTC down to give institutions a chance to load up on physical BTC cheap before the break to $28,000

— Max Keiser (@maxkeiser) October 16, 2020

The (temporary) #Bitcoin price suppression scheme is a godsend for poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000

— Max Keiser (@maxkeiser) October 16, 2020

❓Why does #bitcoin price not go up with all this institutional buying? Who is selling? BTC price is exactly where it should be, holding firm above $10K, waiting for that one moment .. asymmetrical returns .. patience! pic.twitter.com/pCyftmvHco

— PlanB (@100trillionUSD) October 16, 2020

Bitcoin Will Likely Grow 15-20x in Next 15 Months: Fund Manager

https://cointelegraph.com/news/calm-before-the-storm-analyst-says-20k-bitcoin-possible-in-3-months