John McAfee: MILLION BITCOIN PRICE BY END OF 2020!!! | 5 Reasons Why!

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Dan Held thinks Bitcoin (BTC) could skyrocket to $1 million in four to five years due to what he anticipates will be an unprecedented influx of institutional investment.

Held, Kraken’s head of business development, sat down with Cointelegraph’s YouTube channel to expand on his belief in a potential Bitcoin super cycle.

“I think this [bull run] versus other cycles will be much stronger because we will have institutional money flowing in. We’ll have much more developed architecture, we’ll have much better marketing…

We could very much see Bitcoin go through what I would call a super cycle. So a lot of people are predicting Bitcoin goes from $10,000 to $100,000 or $200,000 or $300,000.

Well, what happens when the whole world wakes up to Bitcoin’s value prop of being this decentralized store of value that’s not seizable? If socialism rises, if taxes rise, I could see tons of people flowing trillions and tens of trillions of dollars into Bitcoin, so Bitcoin might not just stop there, it could go to $1 million.” 

Held says 90% of his personal financial portfolio is in Bitcoin.

He says he definitely wouldn’t recommend that portfolio construction for most other investors, and the value of his BTC has grown exponentially through the years in relation to his traditional investments.

The Kraken executive also says he doubts blockchain technology is well-suited for any other application aside from powering the Bitcoin network.

“When we look at Bitcoin, a lot of people go, ‘How about this thing called blockchain? Couldn’t we take this tech called blockchain and repurpose it for everything? We’ll put a blockchain on the moon, we’ll put a blockchain on food, we’ll put blockchain on industrial stuff.’

You need to sprinkle it like Salt Bae, sprinkle some blockchain dust on it and it will magically give off some efficiencies. Satoshi purposefully built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many trade-offs to build Bitcoin that it is basically ineffective for almost anything else.”

In other trending Bitcoin News today:

Top Bitcoin (BTC) Strategist Proclaims Altcoin Season Has Arrived, Names Four Crypto Assets to Watch and One Ready to Retreat

Crypto analyst Nicholas Merten says he believes a new altcoin season has officially arrived.

On the latest episode of DataDash, Merten says that for the first time in two-and-a-half years, the collective altcoin market has broken through a key line of resistance against Bitcoin (BTC).

“We’ve obviously had a breakout here and the momentum has been building up here. We talked about this for the last few weeks to watch out for this and we finally have gotten it… 

For this to continue climbing, what are we really going to need here? Is it going to be a lot of small-cap plays?

“In the short term, we need to start seeing some of the large-caps move. I’m talking about Etherium, Litecoin –some of these larger, more established cryptocurrencies, to really solidify the breakout…

The monthly [chart] has been signaling this since back here in September when ETH set its last low.”

Merten is particularly bullish on iExec (RLC), Chainlink (LINK), Cosmos (ATOM), and REN, but he thinks that Cardano (ADA) is headed for a pullback after sustaining a huge rally from about 2 cents in March to a high of 13 cents on Tuesday.

“We can see here that in the short term ADA is a little bit overextended. It’s had a great rally here so it might be time for it to play a little bit of catch-up.”

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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:

Forex Analyst Explains Why Chainlink Price Could Surge 80% Higher

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Despite stagnation in the Bitcoin market, the hash rate of the leading cryptocurrency has grown stronger and stronger.

The hash rate is the measure of the computational power being allocated to mine BTC blocks.

As noted by CoinCorner’s Matt Ward, data shows that the hash rate just hit a new all-time high on July 13th.

The measure hit 147.88 exahashes per second, which is double that seen a year ago and over 10 times higher than that of 2017’s $20,000 high.

“Bitcoin hashrate just reached an 𝗮𝗹𝗹 𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵. The 𝗵𝗶𝗴𝗵𝗲𝗿 the hashrate, the more 𝘀𝗲𝗰𝘂𝗿𝗲 the network is.”

This indicates that Bitcoin is more secure as a computational network than ever before, even though the market has flatlined.

But what effect will the booming hash rate have on the price of BTC?

According to Bitcoin investor and the co-host of the Keiser Report, Max Keiser, BTC is likely to follow the hash rate higher.

In a series of tweets published on July 13th, Keiser cemented his sentiment:

“Hashrate precedes price BTC. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.”

As a pertinent aside, Keiser previously said that he thinks 99% of all the hash rate in the crypto industry will soon be allocated to Bitcoin.

This sentiment has been corroborated by other investors.

Charles Edwards, a digital asset manager, unveiled the “Energy Value” model for the BTC price in December of 2019.

The premise is that the “value of Bitcoin is a function of its energy input in Joules.

The formula he created was then accurate, with his analysis indicating it has had an 80% R2 value over Bitcoin’s lifespan.

The same model predicts that BTC is currently around 28% undervalued. With the high accuracy of the model, should Bitcoin’s hash rate remain this high or continue to grow, the BTC price will eventually follow.

In other trending Bitcoin News today:

7 Crypto Assets Making Huge Moves As Bitcoin (BTC) and Ethereum (ETH) Prepare for Breakout, Says Analyst Nicholas Merten

Crypto analyst Nicholas Merten says the crypto markets are gaining momentum.

On a new episode of DataDash, Merten looks at digital assets in the 100-200 rank by market capitalization and points to a few that are making big moves.

“The excitement’s happening. We’re seeing a lot of plays starting to make 10, 20, 30% moves in a single day, and this is the kind of sign here of a reversal pattern in cryptocurrency markets.

Optimism starting to show…  Request Network up 26.6%. Band Protocol, a competitor within the Oracle space, up nearly 18%. Ocean Protocol [up] 14%. Haven Protocol, another one that many people have been talking about, up 13.69%.

And also things like Theta Fuel, Elastos and Unibright all up in double-digit territory. So this is really exciting to see.”

Merten is also bullish on Bitcoin (BTC), predicting a sharp move to the upside for the crypto king and for Ethereum (ETH) “in the next month or so.”

“I really do think you’re going to see Bitcoin above $10,000, you’re going to see ETH above $300, and you’re going to see a ton of altcoins continue day by day in this case to continue making double-digit returns into the month of August.”

Back in April, Merten said he believes $100,000 is a practical price target for Bitcoin’s next long-term cycle.

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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:

Hashrate precedes price#Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the $USD BTC hashrate increasing shows confidence in fiat money collapsing

Soon, BTC will actually be drawing energy away from fiat

— Max Keiser (@maxkeiser) July 13, 2020

Bitcoin’s Hash Rate Just Hit a High — Max Keiser Thinks Price Will Follow

https://cointelegraph.com/news/rich-dad-poor-dad-author-gold-guys-are-being-phased-out?fbclid=IwAR3pANz6Fs2ckXmt4qkiMJR1I5ByGd8Hgbp1VJRbnjcYpfY8abxGk49GjYE

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The Bitcoin price is primed for average gains of almost 200% over the next six months, one of its best-known supporters has told mainstream media.

Speaking to Yahoo! Finance on Feb. 4, Tom Lee, co-founder at Fundstrat Global Advisors, said one bullish technical factor, in particular, made him “really optimistic” about the BTC price short-term potential.

“Notably in January – January is usually a week month, it was a great month for Bitcoin, up 26% – but it also recovered its 200-day moving average,” Lee explained. 

“That’s a big deal as you know, as anyone who’s a trend follower knows – when you’re back above your 200-day, you’re back in a bull market. Whenever Bitcoin breaks back into its 200-day, its average six-month gain is 197%.” – Tom Lee

Crypto CEO: Bitcoin Will Hit Record High of $30,000 in 2020 for This Reason

The Bitcoin halving plus geopolitical demand drivers may push Bitcoin (BTC) above its previous all-time high in 2020.

The CEO of the crypto asset startup Celcius believes that the combination of the two could see the leading digital asset reach as high as $30,000 before the end of this year.

Alex Mashinsky believes that most people underestimate the impact the halving this spring will have on the Bitcoin price.

The increasingly entrenched “store-of-value” narrative in an increasingly unstable world may drive the price up sooner than most people think.

Mashinsky says that most people are underestimating the impact of the halving. He takes the popular opinion that global political uncertainty makes the leading crypto asset increasingly popular.

Calling Bitcoin “the doomsday insurance”, he states: “I think that Bitcoin ends the year with a new high. I estimated $30,000 but it’s going to be somewhere between $20,000 and $30,000.”

Mashinsky also comments that a bullish Bitcoin will likely drive the rest of the industry up too.

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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:

Highlight: “We’re really optimistic on crypto and bitcoin this year,” @fundstrat’s Global Advisors Managing Partner & Head of Research Tom Lee says. “Whenever bitcoin breaks back into its 200 day, its average six-month gain is 197%.” pic.twitter.com/2tqzsuOV0m

— Yahoo Finance (@YahooFinance) February 4, 2020

Crypto CEO: Bitcoin Will Hit Record High of $30,000 in 2020 for This Reason

https://cointelegraph.com/news/bitcoin-price-may-hit-27k-all-time-high-by-summer-predicts-tom-lee