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Bitcoin O.G. Max Keiser has said that the Bank of England (BoE) will scramble to buy Bitcoin before the digital asset trades at $1 million per BTC.
The host of the Keiser Report and Orange Pill Pod, Max Keiser responded to the Bank of Englandâs deputy governorâs recent warning about cryptocurrencies in a statement to Express.co.uk.
âBitcoin is designed to trigger a meltdown of the current fiat money banking system. This is a mathematically guaranteed outcome.
The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops $500,000 and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops $ 1million per coin.â
In other trending Bitcoin News today: Grayscale hints at plans to convert Bitcoin trust into BTC-settled ETF!
On Oct. 17, Barry Silbert, the CEO of Grayscaleâs parent company Digital Currency Group, hinted that Grayscale is making plans to convert its Bitcoin Trust into a spot-settled Bitcoin fund.
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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/all-time-high-weekly-close-5-things-to-watch-in-bitcoin-this-week
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Bitcoin Price Is Likely to Plunge to #post_titleK, Says Silk Road Founder | BTC Halving 2020 Countdown
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Forget about $100,000. âDread Pirate Robertsâ Ross Ulbricht expects the Bitcoin price to plunge to $1K before another bull run.
Ross Ulbricht, the founder of the infamous Silk Road dark web marketplace, has spotted âa strong signalâ for lower BTC price.
According to his new price analysis that relies on the Elliott Wave theory, the Bitcoin (BTC) price could plunge to as low as $1,200.
Ulbricht states that BTC is currently in the last stage of its first cycle degree bear market. Wave II is comprised of three primary-degree waves, with wave C being the largest one.
It is not clear how low wave II can go, but Ulbricht notes that the two previous bear markets resulted in 86 percent and 94 percent drawdowns, which means that there is more pain in store for the bulls. Hence, he notes that a similar price plunge could take Bitcoin all the way down to $1,200.
According to Ulbricht, itâs hard to estimate the duration of this bear market, but, based on the historical data, it could end this June.
âEstimating the extent and duration of wave II is difficult and imprecise. There is no limit to how low it can go (except $0) because wave I started at $0.â
Ulbricht also says that Bitcoin could invalidate this bearish scenario is its price surges back above $14,000 (its 2019 high). However, this turnaround seems âunlikely to him.â â
If the price rises above the peak near $14,000, we will have to reevaluate our interpretation, but at this point that seems like a very unlikely scenario.â
Back in December, Ulbricht predicted that BTC could surge to $100,000 in 2020, but the drop below the start of wave 2 ($4,200) on March 12 made such a bullish scenario improbable.
However, if BTC were to drop to this level, Ulbricht would view it as a âmajor buying opportunityâ before the start of wave 3.
Bitcoin (BTC) Halving Searches Breakout With Biggest Event in Crypto Just 30 Days Away
The Bitcoin halving countdown has reached the one-month mark with estimates targeting 29-31 days left to go.
The BTC halving event will reduce the amount of new Bitcoin entering the circulating supply by dropping mining rewards by 50%.
The event has triggered increasing interest as central banks resort to money printing to counter the economic blow of coronavirus.
âBitcoin halving countdownâ, âBitcoin halving price chartâ and âBitcoin halving clockâ are all currently trending on Google as breakout searches in the US. âBitcoin halving predictionâ, âBitcoin halving price predictionâ and âBitcoin halving 2020â are all breakout searches worldwide.
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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://medium.com/@RossUlbricht/bitcoin-by-ross-9-a-strong-signal-for-lower-prices-87d2cdcdba95
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BITCOIN HASHRATE HITS A HIGH – BTC PRICE WILL FOLLOW SAYS MAX KEISER | 7 Cryptoâs Making Huge Moves
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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 CoinCornerâs 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 2017âs $20,000 high.
âBitcoin hashrate just reached an đźđčđč đđ¶đșđČ đ”đ¶đŽđ”. The đ”đ¶đŽđ”đČđż the hashrate, the more đđČđ°đđżđČ the network is.â
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:
âHashrate precedes price BTC. Bitcoin price â not that important â 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.â
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 âEnergy Valueâ model for the BTC price in December of 2019.
The premise is that the âvalue 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 Bitcoinâs lifespan.
The same model predicts that BTC is currently around 28% undervalued. With the high accuracy of the model, should Bitcoinâs 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.
âThe excitementâs happening. Weâre 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 showâŠÂ 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.â
Merten is also bullish on Bitcoin (BTC), predicting a sharp move to the upside for the crypto king and for Ethereum (ETH) âin the next month or so.â
âI really do think youâre going to see Bitcoin above $10,000, youâre going to see ETH above $300, and youâre 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.â
Back in April, Merten said he believes $100,000 is a practical price target for Bitcoinâs 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 â not that important â 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
â Max Keiser (@maxkeiser) July 13, 2020
Bitcoinâs Hash Rate Just Hit a High â Max Keiser Thinks Price Will Follow
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Million Bitcoin Price Prediction Is âCloser Than It Sounds' | Million Per BTC Price Update
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The First Bitcoin Price Prediction Ever Made
According to Blockstream founder and cypherpunk, Adam Back, Hal Finneyâs $10 million BTC price prediction isnât so far fetched, though, the reasons behind these levels may not be as apparent as you may think.
When it comes to any Bitcoin prediction, crypto analysts often tout the most hyperbolic and over-inflated projections imaginable.
From the more modest end of the spectrum at around $10,000, toward the virtually inconceivable heights of $10 million, valuations within this space can vary wildly.
Regardless, some augers of these seemingly aggrandized Bitcoin (BTC) price points do sometimes offer a reasonable explanation to support them.
Currently circulating its way around the ecosystem are some of the earliest price predictions ever made, and per Back, they may well come to fruition.
Merely a week after the mining of bitcoinâs genesis block, Hal Finney opined that BTC could grasp a value of $10 million per coin.Â
This hypothesis was based â as many BTC predictions are these days â on bitcoin becoming a de facto global payments system.
Finney wrote:
âAs an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of all the currency should be equal to the total value of all the wealth in the world.â
Cypherpunk Hal Finney made this infamous Bitcoin thought experiment 11 years ago so we updated it for this decade.
A revised BTC prediction: The worldâs economy has grown in the 11 years since the post was made.
According to âThe Global wealth report 2019â by Credit Suisse, the total worldwide household wealth today equals approximately $360 trillion.
Divide it by 20 million bitcoins, and we get an even bigger number â roughly $18 million for a single coin.
This would be an increase of 225,000% in the price of Bitcoin â a value appreciation not unheard of in the Bitcoin ecosystem.
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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:
Totally agree. Must admit that I probably would not have this level of confidence (and interest) in bitcoin, if I would not have had 20+ years experience investing $100B AUM and personally seeing the unintended consequences of quantitative easing (QE) and negative interest rates.
â PlanB (@100trillionUSD) January 11, 2020
Running bitcoin
â halfin (@halfin) January 11, 2009
https://decrypt.co/16494/hal-finneys-idea-now-sees-18-million-bitcoin-price-prediction
https://www.ccn.com/adam-back-10-million-bitcoin-prediction-is-closer-than-it-sounds/
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