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Due to the debasement of the US dollar, Tuur Demeester thinks $50,000 Bitcoin – or even $100,000 BTC price – isn’t out of the question.
Bitcoin continues to show impressive price trends amidst a coronavirus-induced gloomy macroeconomic outlook.
The Bitcoin price has ballooned by circa 150 percent after bottoming out near $3,800 on March 13, 2020.
Meanwhile, analysts and traders are betting on its extended growth, with a price prediction model even envisioning it above $280,000 by 2024.
Adding his forecast to a long list of bullish predictions is Tuur Demeester, an influencer known for investing in Kraken, a U.S.-based crypto exchange, via his fund Adamant Capital. Mr. Demeester said he sees Bitcoin anywhere between $50,000 and $100,000, stating that the cryptocurrency will not fall back below $6,000 ever again.
The bold prediction surfaced a day after Bitcoin options’ open interest on Chicago Mercantile Exchange rose to near $150 million – its highest level ever.
Analysts treat CME as the best gauge of interest in Bitcoin for institutional investors. Mr. Demeester used a similar metric to justify why the cryptocurrency could surge by up to 950 percent.
The analyst noted that the cryptocurrency is entering a “deployment phase” – a period wherein big Wall Street players are beginning to associate themselves with emerging blockchain assets.
He mentioned JP Morgan Chase & Co, a banking institution that once treated Bitcoin as fraud-money, suddenly embracing two of the biggest U.S. crypto firms as its clients.
The Wall Street makeover of Bitcoin also continued with considerable investment from Paul Tudor Jones.
The billionaire hedge fund manager, as Mr. Demeester pointed out, recently put 1-2 percent of his portfolio’s worth into bitcoin futures.
That validated the cryptocurrency as insurance against global market risks.
“It’s a land-grab phase,” said Mr. Demeester on the ongoing institutional influx. “You know [bitcoin] is going to be big [and] it is not correlated with traditional financial systems [..] Institutions are staking their claims and see what is going to be built atop [Bitcoin] later.”
Family offices, billionaires, hedge funds, and the interest of other prominent investors in Bitcoin could quickly push the price above $50,000, he added.
In other trending Bitcoin News today:
Chainlink Partners With Korean Tech Giant to Boost Blockchain and Crypto Mass Adoption
Chainlink, a leading platform in the blockchain industry for connecting smart contracts to real-world data sources, has signed a partnership with an affiliate of South Korean internet giant Kakao, the company behind KakaoTalk, one of the most popular mobile messaging apps in Asia.
Kakao’s Klatyn is the company’s public blockchain project. The partnership will see the integration of Chainlink’s oracles with Klaytn’s smart contracts.
According to its team of developers,
“Smart contracts need to interface with the data feeds, events, and widely accepted payment methods that centralized digital agreements rely on to provide value. By providing the building blocks needed by complex smart contracts in the form of critical inputs and key outputs, we seek to enable the next generation of smart contracts that will step beyond tokenization to become the dominant form of digital agreement.”
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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.