š° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Macroeconomics guru and Real Vision co-founder Raoul Pal believes that the market cap of Bitcoin and crypto can soar at least 100x from its current valuation of about $1.7 trillion.
In a new tweetstorm, the former Goldman Sachs managerĀ tellsĀ his 419,800 followers that many traditional investors fail to see the potential of the crypto markets as they believe assets often revert back to their mean or their average price over time.
āIām finding it fascinating to see traditional finance and business people first trying to get their heads around BTC, then other crypto protocols, then DeFi (decentralized finance) and now NFTs (non-fungible tokens). At every single stage in the rapidly evolving ecosystem, they have used mean-revertionist thinking as opposed to exponential network effects analysis and therefore everything looks like a bubble or a misallocation of capital.ā
Pal adds that while many projects in the crypto space will die, those that survive will attract more participants which will take the industry to greater heights.
āAs thousands of projects, all pushing boundaries, go through the same survive-or-die and then network effects, the entire ecosystem rises.ā
The Real Vision executive also says he believes the digital asset revolution will facilitate the transfer and creation of wealth to the tune of hundreds of trillions of dollars.
āAs the internet of value and trust accelerates, it is going to destroy more large old business models than maybe the internet itself. I know this sounds grandiose and hyperbolic, but the TAM (total addressable market) of the transfer, storage, accretion of value is the largest and most valuable on Earthā¦
This space will not be a $1.7 trillion ecosystem as it is today but a multi-hundred trillion dollar ecosystem eventually. You can embrace change or fight it, but you owe it to yourself to understand it as the pace of innovation is going exponential too.ā
In other trending Bitcoin News today:
Bitcoin Whales āBought The Dipā As Orders For $100K Or More Hit All-Time Highs
Bitcoin (BTC) whales and institutions alike have made the most of the recent BTC price ādipā by buying big, data suggests.
In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance ā the biggest cryptocurrency exchange by volume worldwide ā are reaching all-time highs.
In stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoinās history.Ā
Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run.
āThe $100k ā $1M class is now also about to make a new ATH,ā Material Indicators commented on Twitter alongside a chart.
āMeaning, they bought the dip.ā
Material Indicators previously voiced concerns about this weekās price rise, arguing that whales could āsell intoā the surge, producing a repeat of the run to $58,000 all-time highs and subsequent 25% correction.
While this has so far not come to pass, analysts also noted that macroeconomic factors were also having a different impact to that which was expected.
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Gold is the poor manās #Bitcoin
As availability for Bitcoin dries up, those hoping to escape inflation will be forced to buy Gold.
ā Max Keiser (@maxkeiser) March 8, 2021
https://cointelegraph.com/news/bitcoin-price-cracks-major-resistance-as-analyst-eyes-70k-destiny