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Morgan Creek Capital Management founder and CEO believes the next BTC market cycle could see the asset rival gold by market capitalization and trading for more than $200,000 per Bitcoin.
While appearing on CNBC’s Trading Nation on May 9, Mark Yusko compared the rapid adoption of Bitcoin to the growth of FAANG companies — Facebook, Apple, Amazon, Netflix, and Google.
“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGs that took, you know, 15 to 20 years depending on which one you look at.”
In other trending Crypto news today: Ethereum continues wild run, ETH price breaks $4,000 for the first time!
Ether (ETH) eclipsed $4,000 for the first time on May 10, passing the psychologically significant barrier on multiple exchanges including Coinbase. The new milestone comes just a week after breaking $3,000.
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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://cointelegraph.com/news/btc-could-trade-for-250k-within-five-years-morgan-creek-capital-ceo
https://cointelegraph.com/news/ethereum-continues-wild-run-eth-price-breaks-4-000-for-the-first-time
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SUPERCYCLE MAY PROPEL BITCOIN OVER $1 MILLION SAYS KRAKEN’S DAN HELD!! MORGAN STANLEY BUYS BITHUMB?!
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According to Dan Held, growth lead at Kraken, Bitcoin is currently experiencing a supercycle that could propel it all the way to $1 million.
In Held’s view, this market cycle is fundamentally different from previous ones. “This is one in a hundred year moment”, he said, mentioning the coronavirus crisis, growing distrust in financial institutions and central bank money printing as catalysts of the current crypto bull market.
“People aren’t just in it for a speculative run anymore. People are buying it because they see Bitcoin’s value”, he explained.
Held is also convinced that once Bitcoin will reach its full potential as digital gold, it will challenge governments’ monopoly over money.
“Bitcoin undermines their entire power and authority by removing money from their ownership,” he said.
At that point, governments will see crypto as a threat and crack down on it in what Held defines as a “crypto mass extinction event.” According to Held, altcoins won’t be able to survive such an attack, since most of them are “degrading their censorship resistance and decentralized properties in order to increase their throughput.” Bitcoin, however, was specifically designed to resist such censorship.
“Satoshi built the Blockchain to build Bitcoin, and he built it to be an incredibly resilient tool against governments,” Held said.
In other trending Bitcoin News today:
Morgan Stanley Rumored To Be Eyeing Stake In Top Korean Exchange Bithumb
According to Korean media, U.S.-based multinational investment banking giant Morgan Stanley is rumored to be negotiating the acquisition of a significant share in leading Korean cryptocurrency exchange, Bithumb.
The news was reported on March 18 by Aju News, with Bithumb reportedly in discussions with major Bithumb shareholder, Bident — who owns a roughly 10% stake in Bithumb Korea.
A March 19 article from leading local search engine Naver states that Morgan Stanley is planning to invest between 300 and 500 billion Korean won ($254 million to $441 million). The report cited an anonymous senior Bithumb representative as stating, “Morgan Stanley participated in the acquisition of Bithumb.”
“The reason Morgan Stanley used Bident is because it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings,” said a second anonymous source familiar with the matter.
Cointelegraph markets analyst Joseph Young shared the news to Twitter, noting Bithumb is targeting a $2 billion valuation.
The news comes two days after Cointelegraph reported on an “internal memo” from Morgan Stanley announcing the firm will launch three funds enabling Bitcoin ownership for wealthy customers with “an aggressive risk tolerance.”
Eligible clients must be accredited investors and hold at least $2 million worth of capital with the company. Minimum investments into the funds are $5 million.
Commenting on the news, Devin Ryan of U.S. investment bank JMP Securities predicted Morgan Stanley’s crypto-friendly funds will prompt other financial institutions to explore offering their clients exposure to digital assets.
“Motivations range from missing the opportunity at best, or at worst, seeing business disruption if clients decide better alternatives exist, which could negatively impact growth or competitive positioning,” Ryan said.
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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:
Wow.Morgan Stanley is reportedly bidding for Bithumb, South Korea’s top crypto and bitcoin exchange, for $2 billion valuation.Slowly, then surely.
The explosiveness of institutional interest in this space right now is unprecedented.
— Joseph Young (@iamjosephyoung) March 19, 2021
More and more people are beginning to understand how #Bitcoin demonitizes violence. If you want peace switch to a Bitcoin standard.
“Max Keiser Makes Claim That Bitcoin Could Prevent 9/11 Attacks” https://t.co/h7fRq3kBrA
— Max Keiser (@maxkeiser) March 18, 2021
https://cointelegraph.com/news/supercycle-may-propel-bitcoin-over-1-million-kraken-s-dan-held-says
https://cointelegraph.com/news/bitcoin-price-facing-final-resistance-before-68k
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WHY A #post_titleM BITCOIN IS NEARLY INEVITABLE AND BANNING BTC IS ‘NOT’ POSSIBLE OR EVEN REASONABLE!!
➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
Crypto analyst and Bitcoin bull Moon Capital recently went on an epic tweet storm sharing his bullish case on why a $1,000,000+ BTC price is nearly inevitable.
“1/ “BUT THEY WILL BAN BITCOIN.” Let me quickly explain why this threat is HIGHLY overestimated and why it is NOT possible or even reasonable. $1,000,000+ Bitcoin is nearly inevitable.”
In other breaking Bitcoin News today:
“3 Reasons Bitcoin Price Just Hit $16,000 For The First Time Since 2017”
The price of Bitcoin (BTC) surged past $16,000 today, Nov. 12, for the first time in nearly three years.
The momentum of the dominant cryptocurrency is strengthening due to three key major factors.
The main catalysts behind BTC’s rally are the non-overheated derivatives market, repeated retest of $16,000, and the $14,900 whale supply zone.
On Nov. 10, the price of Bitcoin abruptly declined to as low as $15,072.
The market drop occurred merely 24 hours after it saw another major dip to $14,805, which turned traders cautious.
But the drop benefited Bitcoin for two key reasons. First, it allowed whales to take profit on their positions at around the $15,000 support level.
Second, it neutralized the futures market by flushing out late buyers or long contract holders.
Resetting the futures market and the funding rate for Bitcoin futures contracts was critical for sustaining the ongoing BTC rally.
Futures exchanges in the cryptocurrency market use a mechanism called “funding” to achieve balance in the market.
When the majority of the market is buying Bitcoin, buyers need to incentivize short-sellers.
The vice versa is also true: When shorts make up most of the market, sellers need to pay buyers.
Prior to the drop on Nov. 10, the funding rate of BTC was hovering above 0.01%.
This indicated that the market was heavily longing or buying Bitcoin, making it overcrowded.
After the minor correction to the $15,000 support level, BTC futures contracts neutralized as funding rates stabilized.
Even until late Nov. 11, the $16,000 area served as a heavy level of resistance for Bitcoin.
Traders pinpointed the presence of large sell orders at the resistance, indicating that whales are likely targeting this level.
In other trending BTC News today:
“Deutsche Bank: Central Bank Digital Currency Will Replace Cash In Long Term”
Deutsche Bank, the largest banking institution in Germany, is confident that central bank digital currencies, or CBDCs, will replace cash in the future.
The bank’s research arm, Deutsche Bank Research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic.
Titled What We Must Do to Rebuild, the new edition was released on Nov. 10. In the report, Deutsche Bank states that the ongoing COVID-19 pandemic has accelerated the “digital cash revolution.”
According to the bank, this revolution will eventually enable CBDCs like China’s digital yuan or Sweden’s e-krona to replace cash in the long term.
Deutsche Bank called on national governments and private companies to work on alternatives to credit cards, stating:
“Worldwide lockdowns and social distancing measures have only increased the use of cards over cash. To respond, companies and policymakers must design alternative to credit cards and remove middle man fees. […] For now, the priority must be on regional digital payment systems. In the long term, central bank digital currencies will replace cash.”
In the report, Deutsche Bank Research also warned European policymakers about the risks of not developing their own digital currency project in response to China and Sweden’s active progress in the field.
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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:
1/ “BUT THEY WILL BAN BITCOIN.”Let me quickly explain why this threat is HIGHLY overestimated and why it is NOT possible or even reasonable.
$1,000,000+ #Bitcoin is nearly inevitable.
— Moon Capital 🔑 (@Moon__Capital) November 11, 2020
Yearly #Bitcoin returns2010: 𝟵,𝟵𝟬𝟬%2011: 𝟭,𝟰𝟳𝟯%2012: 𝟭𝟴𝟲%2013: 𝟱,𝟰𝟴𝟭%2014: -𝟱𝟳%2015: 𝟯𝟰%2016: 𝟭𝟮𝟯%2017: 𝟭,𝟯𝟲𝟴%2018: -𝟳𝟯%2019: 𝟵𝟮%2020: 𝟭𝟮𝟭% (so far)
Only negative years are after a bull run 🐂
— Danny Scott (@CoinCornerDanny) November 12, 2020
Green circle denotes where we are in this macro cycle. Start of the main bull run (in case it isn’t already obvious).BTC’s on-chain Relative Strength Index is just warming up.
Red verticals are the halvenings, providing the bullish supply shock impulse. pic.twitter.com/HudOgAAezv
— Willy Woo (@woonomic) November 11, 2020
https://cointelegraph.com/news/3-reasons-bitcoin-price-just-hit-16-000-for-the-first-time-since-2017
https://cointelegraph.com/news/bitcoin-price-peak-in-december-2021-as-main-bull-run-begins-willy-woo
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TOP ANALYST PREDICTS BITCOIN WILL HIT $100K IN APRIL!! NETFLIX NEXT BIG GIANT TO INVEST INTO BTC?!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
A widely-followed trader and crypto analyst believes Bitcoin will ascend to a new high of $100,000 sooner than most investors think.
The pseudonymous trader Kaleo tells his 77,000 Twitter followers that the correction across the BTC and crypto markets is likely over.
“Sale ends today. Buy more now…
Good morning and happy Monday. Bitcoin higher. Alts higher. Stonks higher. Bears trembling.”
With the correction out of the way, Kaleo says BTC is poised to begin a fresh rally that will catapult the leading cryptocurrency to gains of over 100% in the coming months.
“Bitcoin/BTC Send it to $100,000.”
According to the crypto trader, he used Bitcoin’s price action during the 2017 bull market and overlaid it on BTC’s current rally. Based on Kaleo’s chart, the leading cryptocurrency could hit $100,000 in April.
The crypto analyst is also looking at two altcoins that he believes have strong bullish potential.
The top token on Kaleo’s radar is decentralized exchange SushiSwap (SUSHI). Kaleo believes SUSHI is gearing up for a move above $30 as it follows Uniswap’s (UNI) footsteps.
The second coin on Kaleo’s list is blockchain gaming platform Enjin Coin (ENJ), which he says is a buy on dips as he expects it to soar in the coming days.
“Expecting a day or two of accumulation in the 70 to 80 cents range before making the move to $1.00+.”
The crypto strategist highlights that his rosy outlook on the ENJ is also rooted in its strong fundamentals.
“Another reason why I’m so bullish on ENJ is their involvement in the gaming NFT space, which is a market with huge growth potential going forward. Relative to other names in this space, ENJ has been relatively quiet so far.”
In other trending Bitcoin News today:
Netflix ‘might’ be next Fortune 100 firm to buy Bitcoin – Tim Draper
Netflix may just be the next Fortune 100 company to buy Bitcoin (BTC) and Amazon will have to accept it, says billionaire Tim Draper.
In an appearance on the Unstoppable Podcast on Feb. 28, the serial investor and hodler forecast that out of all possible candidates, Netflix is his pick for putting BTC on its balance sheet.
“You know who it might be? Netflix,” he said.
“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix and so I think that might be the next big one to fall.”
The prediction comes as telltale signs of institutional buy-ins continue to surface at current prices, with $48,000 seeing multiple large transactions at Coinbase Pro over the past week. Classic buyers MicroStrategy and Square both added to their positions.
Ever the optimist, Draper also considered that Amazon would add a direct Bitcoin payment option in future.
“Amazon will probably start accepting Bitcoin pretty soon,” he said, noting that consumers have been able to buy products indirectly using cryptocurrency for many years.
Amazon added Ethereum availability to its Managed Blockchain this week.
Bitcoin itself meanwhile saw a change in fortunes on Wednesday, exiting the $40,000 corridor to hit highs of $52,593 — the most since Feb. 25.
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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:
Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications https://t.co/pJPdEAl5gq
— Mark Cuban (@mcuban) March 2, 2021
https://cointelegraph.com/news/netflix-might-be-next-fortune-100-firm-to-buy-bitcoin-tim-draper
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