THIS BITCOIN BULL MARKET IS ‘NOWHERE NEAR THE TOP’ SAYS BTC STOCK-TO-FLOW CREATOR – HERE’S WHY!!

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BITCOIN NEWS: The CEO of the US-based crypto exchange Kraken says he believes Bitcoin (BTC) is on the cusp of a new long-term rally to $100,000.

In new a conference call hosted by Pantera, Jesse Powell says the masses don’t yet understand the importance of Bitcoin’s scarcity and independence from banks and middlemen.

He expects that to change in the decade ahead, if and when the value of the dollar dwindles.

“I don’t think Bitcoin is even priced into Bitcoin. Most people have heard about Bitcoin but they don’t own any Bitcoin. They don’t know what the future of Bitcoin is. I think if everyone knew about Bitcoin and the potential of Bitcoin and how great it was, the price would be a trillion dollars a Bitcoin. We would all just be switched over to Bitcoin and not be using anything else…

I think that there’s a lot that’s not priced in, even though it’s predictable, like what the future is. Ten years down the road, the US dollar is going to continue to be printed like crazy. It’s going to be totally worthless. No one is going to want it. Everyone is going to want Bitcoin. But that’s not priced in because of perceived risks or perceived uncertainty about the future, about regulation, about how does the government respond in different situations as Bitcoin continues to develop, or how useful does it actually become?”

Kraken is already witnessing an explosion of institutional trading.

According to Powell, BTC will likely hit $100,000 in about two years.

“I believe that we’re in a completely unprecedented time in terms of the global political and economic systems. I believe that this is going to continue to drive a pretty massive shift into digital currency. I think the next couple of years we’ll likely see 1 BTC exceed $100,000…

Just anecdotally, in the last two months, we’ve seen a huge surge in new accounts, from institutions. I think, again, I mentioned it earlier, something that’s preventing more institutions from getting in is just the uncertainty around the regulatory situation.

I think many are in a wait and see mode, many maybe trying to have their mandates changed to allow them to invest in these asset classes. But I do think it’s coming. I think that more LPs are going to demand that their GPs invest in crypto. I think it’s going to come from the bottom up. The returns are just so hard to ignore. It seems irresponsible not to have crypto be a piece of your portfolio.”

In other trending Bitcoin News today:

Wall Street Buying Bitcoin (BTC) at Blistering Pace Despite Warning From Goldman Sachs

New data shows institutional investors are buying Bitcoin at a remarkable rate.

Market researcher Kevin Rooke is tracking the Grayscale Bitcoin Trust (GBTC), which gives institutional investors a secure way to gain exposure to BTC without having to buy the underlying asset itself.

GBTC is fully backed by real Bitcoin, and according to Rooke, the pace at which Grayscale is buying BTC now outstrips the new supply of the leading cryptocurrency.

“Grayscale’s Bitcoin Trust bought 18,910 Bitcoins since the halving. Only 12,337 Bitcoins have been mined since the halving.” Referencing a new report from Goldman Sachs that concludes Bitcoin is not an asset class nor a viable investment, Rooke comments, “Wall Street wants Bitcoin, and they don’t care what Goldman Sachs has to say.”

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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.

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Digital Asset Manager Grayscale says current investment patterns in Bitcoin mirror trends present in early 2016, when BTC kicked off an astronomical 4,400% rally to its all-time high in less than two years.

Phil Bonello, Grayscale’s director of research, reports that there is a growing number of investors holding on to their Bitcoin.

In Grayscale’s Holder vs. Speculator Index, the percentage of holder coins – BTC that have not moved in one to three years – is on the up and up. Meanwhile, the percentage of speculator coins – BTC that have moved in the last 90 days – is on a decline, much like in 2016.

According to Bonello, an increase in holder coins is a potential bullish indicator, while an increase in speculator coins looks bearish. 

Bonello also notes that there has never been a higher level of Bitcoin held for more than one year.

“This metric indicates a strong conviction in Bitcoin by its current investor base. While this is a supply-side metric, it also demonstrates the demand for Bitcoin’s use case as a store of value – rather than trading, it appears investors are interested in holding Bitcoin despite its volatility…

This report is intended to help investors visualize why Bitcoin may be more important than ever; we explore Bitcoin’s value indicators, delineate its substantial supply/demand imbalance, and extrapolate how these factors may create a tailwind for Bitcoin’s adoption and price. This analysis indicates that the current Bitcoin market structure parallels that of early 2016 before it began its historic bull run.”

The researcher does caution that significant off-chain activity may decrease the efficacy of these metrics.

Bitcoin’s price in January 2016 stood at about $434.

In less than 24 months, the king crypto went on to skyrocket over 4,431%, en route to its all-time-high of $19,665, according to CoinGecko.

In other trending Bitcoin News today:

New Crypto Asset Could Be Next DeFi Unicorn to Explode, Says Bitcoin Analyst Nicholas Merten

DataDash founder and Bitcoin analyst Nicholas Merten says a new crypto asset is poised to become the next decentralized finance (DeFi) unicorn to erupt.

Merten says he’s betting big on Ampleforth (AMPL) as he believes the coin is relatively undervalued.

The crypto strategist highlights that AMPL has already gone through close to an 80% correction in terms of market capitalization.

Merten says the pullback has put AMPL in a position to restart its bull cycle as the DeFi asset is flashing bullish signals.

Based on Merten’s chart, the coin’s market cap can explode over 430% in the coming months.

Ampleforth bills itself as an “adaptive base-money.” 

According to Merten, the number of AMPL in circulation adjusts based on demand.

“The balance of Ample can increase or decrease and it uses a very similar kind of mechanism some might be familiar with in regards to DAI… In this case, as price goes up, they increase the overall supply in the network and along with that as well, when you see a decrease in price, in this case, the overall supply decreases as well. It’s supposed to provide [the] pressure of limiting the supply on the market and vice-versa.

When price goes up, you have more coins in the market. People are actually, as they’re holding it, not only is price going up, maybe above the peg but along with that, they’re getting extra coins. In this case, there’s a pressure to sell.”  

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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:

If you put $1.25M into $BTC today you could literally have $70M in three yearsIt’s a mathematical fact, don’t question it The 6 figures / day you make in the stonk market will seem irrelevant

also the magnet is there for more than just a cosmetic affect pic.twitter.com/ZQ9c0Y6o0N

— RookieXBT 🧲 (@RookieXBT) August 22, 2020

Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday. https://t.co/5v7Jg2SZYo

— Dave Portnoy (@stoolpresidente) August 22, 2020

https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf

https://dailyhodl.com/2020/08/22/new-crypto-asset-could-be-next-defi-unicorn-to-explode-says-bitcoin-analyst-nicholas-merten/

https://dailyhodl.com/2020/08/22/bitcoin-patterns-mirror-early-days-of-epic-4431-rally-began-according-to-digital-asset-manager-grayscale/

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Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years.

That was according to Blockstream CEO Adam Back, who delivered a fresh bullish Bitcoin price outlook on Monday.

Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a BTC market cap of $1 trillion to $5 trillion by 2030 at the latest.

Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.

“Conservative. I’d say bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.

As of October, Bitcoin’s market cap is just over $198 billion.

For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.

For reference, at the start of October two years ago in 2018, the figure stood at $114 billion.

BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100.

Further responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple.

BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.

BTC price activity is currently much more subdued, with analysts expecting more sideways action to characterize the remainder of the year. 

At the same time, anticipation is building over BTC/USD abandoning its correlation to traditional macro assets and rising in line with historical behavior — specifically centered on predictions from the stock-to-flow price forecasting models. 

Stock-to-flow calls for an average price of $288,000 during the current halving cycle, which began in May and will last until 2024.

Adam Back: Crisis Will Push BTC to $300K Even Without Institutions

The Bitcoin pioneer says that unlimited money printing will drive retail investors toward BTC and push the price to $300,000 within five years.

In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.

The cypherpunk OG — who was cited in the Bitcoin white paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.

“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said.

“And retaining value when there’s a lot of money printing in the world.”

In January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney’s wild speculation that Bitcoin may be worth $10 million one day.

Back said that it was entirely possible that high inflation could make $1 worth $0.10 over a decade or so, which would mean: “$10mil/BTC is $1mil/BTC in today’s money.”

“And $100K Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

With that in mind, it’s possible that Back expects a $300,000 BTC price in five years’ time to be more achievable, as it would be worth considerably less in today’s money due to inflation.

In other trending Bitcoin News today:

Bitcoin and Ethereum Bull Raoul Pal Details How to Spot the Next 100x Investment

The Real Vision CEO Raoul Pal is sharing his blueprint for how to spot the next investment with 100x potential.

In an interview with Chris Dark, the host of Dr Dark after Dark, Pal says you don’t have to venture far to find that life-changing bet.

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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:

Bitcoin 30 day historic volatility has been falling fast and is in the 20’s. In the past it has hit 20% vol 7 times. 6 times prices exploded higher immediately and vol hit 80% in a few months. 1 time (Nov 2018) prices fell sharply. Either way, a big move is coming soon. #Bitcoin pic.twitter.com/9qKdLcAf0V

— Raoul Pal (@RaoulGMI) October 7, 2020

https://cointelegraph.com/news/bitcoin-pioneer-predicts-1t-btc-market-cap-by-2022-or-sooner

https://cointelegraph.com/news/adam-back-crisis-will-push-btc-to-300k-even-without-institutions