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The Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream.

The BTC price broke $10,000 when it was not even expected to move above $1,000.

Bitcoin (BTC) went on to revisit the $10,000 level with ease a few times.

Over the years, the bitcoin price reached a peak near $20,000, reached within just weeks from lows around $3,500.

Adam Back recently shared the following Tweets on Crypto Twitter:

“It’s closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $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.”

In other Crypto news today, this simple observation suggests Bitcoin is about to go parabolic.

Historical data suggests the BTC halving to boost prices pre-event. Cryptocurrency analyst Nunya Bizniz recently made an eerily bullish observation about Bitcoin.

He noted that in the two previous market cycles of the BTC market, the cryptocurrency performed extremely well starting 120 days (four months) out from the cycles’ respective block reward reductions, known as “halvings” or “halvenings.”

In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.

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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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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.

— Adam Back (@adam3us) January 11, 2020

Bitcoin is about 120 days away from the halving.What was price action like 120 days prior to the first two halvings?

Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4

— Nunya Bizniz (@Pladizow) January 10, 2020

This Late Night Host Just Exposed Millions to Bitcoin, Again

This Simple Observation Suggests Bitcoin is About to Go Parabolic

Bitcoin Will Soon Have a $100,000 Price Tag: Adam Back

Episode 93

➡️ OPM Wealth:  ‘Tis the season of Bitcoin price predictions. Only days after Nexo co-founder Antoni Trenchev made the case for a $50,000 BTC price in 2020, Bitpay Chief Commercial Officer Sonny Singh has also shared his belief that Bitcoin…

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Binance CEO Changpeng Zhao says the world is unprepared for the flood of interest that is set to enter the Bitcoin and Crypto market.

In a conversation with Bloomberg Radio, Zhao comments on the upward potential of Bitcoin and the growth in users his exchange is facing.

Zhao tells Bloomberg Radio that as more institutions like Tesla and MicroStrategy start to allocate to Bitcoin, the cryptocurrency could explode in price.

“Right now, I think only 11 companies have announced they are allocating some, like usually less than 1% of their corporate treasury, to Bitcoin. And we think that is most likely what caused the initial price rise. I think Microstrategy’s Michael Saylor started it first. But there are 650,000 companies in the world… like relatively established companies in the world. And their treasury is huge.

If all of them only allocated 1% to Bitcoin we are going to see, I don’t know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, that’s going to be even bigger. So I think people don’t quite get the magnitude of the wave that is about to hit us.”

The Binance CEO estimates that the flagship cryptocurrency could go up from anywhere between 1,900% and 19,900% from current price levels.

“With price predictions, it’s really, really difficult. I think it could go to, I don’t know, $1 million, $10 million. It’s very hard to tell.”

Zhao also reveals that the exchange is onboarding new users at an unprecedented and sustained rate during this bull run, outpacing its user growth during the 2017 bull run.

“Just to give people an idea, in 2017 when Bitcoin hit the peak of about $20,000 we were seeing 300,000 new registered users per day. And that only happened for a couple of days and then it kind of trailed off and became slower. Now we are seeing sustained new user registrations above that peak and sustained over like the last 2-3 months. And it’s increasing.”

In other Trending Bitcoin News today:

First Bitcoin ETF in North America Has Massive Opening Day, $80,000,000 Traded in Just One Hour

The first Bitcoin exchange-traded fund in North America is launching with a bang.

On day one, investors exchanged $165 million worth of shares of the Purpose Bitcoin ETF after its debut on the Toronto Stock Exchange on Thursday, according to data from Bloomberg.

ETFs are regulatory-compliant investment vehicles available to both retail traders and institutions.

Purpose Investments, the fund’s issuer, says the ETF will invest directly in physically settled Bitcoin (BTC), and not derivatives. Like physically-backed gold and silver products, the ETF will also be directly backed by physically-settled Bitcoin holdings.

In a statement, Purpose CEO Som Seif says investment opportunities come with the increased recognition of BTC as a new asset class.

“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset.”

The launch of the ETF comes as Bitcoin extends its bull run, soaring past $52,000 to hit a new all-time high this week.

In the states, the investment management firm VanEck has renewed its efforts to launch a Bitcoin ETF, which would trade on the Cboe BZX Exchange. So far, the SEC has denied all attempts to launch a BTC ETF in the US.

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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/56-3k-bitcoin-price-and-1t-market-cap-signal-btc-is-here-to-stay