HERE’S HOW BITCOIN WILL HIT $760K WITHIN NEXT 5 YEARS, SAYS ARK INVEST CEO CATHIE WOOD!!

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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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Could this pandemic be the ‘tipping point’ for the BTC price?

The global spread of the coronavirus played a major role in the dramatic 2020 stock market crash.

The bailout bill for saving the world’s economy is $7 trillion and rising fast.

Bitcoin bull Tim Draper believes this confluence of factors may be the ‘tipping point’ that allows innovations such as Bitcoin (BTC) and smart contracts to flourish.

In an interview on April 6, the global venture capital investor said he was skeptical about the government’s infinite money printing bailout plan and said it would take years before that money “permeates” the global economy.

“They are gonna be printing all this money to try to get the economy back after they’ve basically tanked it,” he said. “They are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.”

Draper believes people will start turning to Bitcoin as it has a fixed supply, in stark contrast to fiat which is being printed in the billions by central banks:

“This is going to be a really interesting time where people say ‘well, why don’t I just use Bitcoin?’ I know there are only 21 million of them and we don’t have to worry about whether a government is diluting their currency by printing tons of it, we can instead just use a currency we all agree on and it’s all a part of the economy and it’s already frictionless and open and transparent and global.”   

Although there is debate about whether coronavirus may end the trend towards globalization over the past 25 years, Draper believes digital financial innovations like Bitcoin, smart contracts and artificial intelligence will force governments to compete among themselves at the “virtual level” to bring better services at “lower cost” to attract talents. 

This in return will empower people with more choices to move freely and live in a “loving” and “nicer” new global world. He added that:  “It doesn’t matter whether you are from the U.S, China or Russia or India or Europe or whatever, we are an open world and then the geographic borders are going to mean less and less.”

Bitcoin Futures Did Not ‘Manipulate’ Bitcoin Price – Stock-to-flow-Creator

Bitcoin futures do not unfairly impact the price of Bitcoin (BTC), according to the creator of one of the cryptocurrency’s most accurate price models.

In a series of tweets on April 7, PlanB, the pseudonymous analyst behind the stock-to-flow model, argued that futures have not caused the Bitcoin price to behave erratically.

“CME launched BTC futures Dec 2017. Many point to Dec 2017 ATH as proof futures have suppressed prices. But BTC prices stayed perfectly within S2F bands. I would have expected this to happen with or without futures. Nothing unusual.”

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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:

IMO #bitcoin price is NOT manipulated by futures. CME lauched BTC futures Dec 2017. Many point to Dec 2017 ATH as proof futures have suppressed prices. But BTC prices stayed perfectly within S2F bands. I would have expected this to happen with or without futures. Nothing unusual. pic.twitter.com/Ek6CRsH3vx

— PlanB (@100trillionUSD) April 7, 2020

https://cointelegraph.com/news/bitcoin-futures-did-not-manipulate-btc-price-stock-to-flow-creator

https://cointelegraph.com/news/tim-draper-pandemic-could-be-the-tipping-point-for-bitcoin

➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net

With the next Bitcoin Halving now less than 7 hours away, these are very exciting times for the Crypto market.

Just 72 hours ago, BTC was trading at $10,100, but the cryptocurrency has since sustained a strong drop leading into the BTC halving.

This culminated on Saturday evening and Sunday morning, when the Bitcoin price crashed from the $10,000 highs to $8,100 within the span of a few hours.

It was a strong drop that liquidated over $200 million worth of long positions on BitMEX. Bitcoin’s stark reversal from the highs has convinced many of a bearish case.

One prominent trader that last year predicted BTC’s 2019 bottom of $6,400 said that he expects yet another move to $6,400.

Though a market study by Market Science, a cryptocurrency data analytics and market research firm, has confirmed that such a drop may not happen.

Their study indicates that there’s a 77% chance Bitcoin trades at $10,000 within the next week. Because the Chicago Mercantile Exchange’s Bitcoin futures don’t trade on weekends, there are normally “gaps” formed on the charts on every Monday morning.

The crypto market is 24/7, meaning that from the CME close on Friday to the open on Monday morning, there can be volatility that creates such gaps.

Just today, Bitcoin formed a record $1,265 gap, as a top trader noted. This was formed because the Friday price action on the exchange closed at ~$10,000 while the Monday price action opened at $8,785.

It’s a potentially bullish sign for the Bitcoin market, a market study has suggested. Published on December 30th of last year, crypto research firm Market Science found that 77% of CME gaps fill, meaning price touches each portion of the gap, “in the subsequent week” after the gap forms.

The gap isn’t the only sign indicating Bitcoin will undergo a bullish reversal, analysts suggest.

One popular trader shared the chart below, indicating that there are remarkable similarities between Bitcoin’s price action for all of 2020 and that of the past three days: both periods have a four-phase distribution top, a capitulation crash, then a rapid recovery from the lows.

The fractal playing out in full, the trader suggested, will result in BTC returning to $10,000 in the coming two to three days.

In other trending Bitcoin News today:

Why Satoshi Nakamoto Created the Bitcoin Halving

The dwindling Bitcoin mining rewards are a central piece of Satoshi’s method for allowing new BTC to enter the supply and ensuring that supply doesn’t outpace demand, all the while carefully controlling and mitigating the effects of inflation.

He addressed the topic in an exchange with the late bitcoin pioneer Hal Finney via email back in 2008.

“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable.

If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.”

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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:

While price moves more sideways, this creates an environment where large leverage traders have an easier time strategically liquidating the bulk of traders from their positions. Like the cascading 4k->14k short squeeze of 2019. Equals more volatility.https://t.co/cBaDPzmZjQ

— Willy Woo (@woonomic) May 9, 2020

Why Satoshi Nakamoto Created the Bitcoin (BTC) Halving

Market Study: There’s a 77% Chance Bitcoin Trades At $10,000 This Week

https://marketsscience.com/gap_study.html

https://bitcoinblockhalf.com/