BITCOIN CAN REACH $700K BY END OF NEXT YEAR, SAYS TOP ANALYST!! BREWING BTC BULLISH EXPLOSION!!

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Anthony Scaramucci, the former White House communications director and founder of investment firm SkyBridge Capital, has said Bitcoin could ‘easily’ hit $100,000 within the next 12 months as more companies and money managers are adopting it.

In an interview with Yahoo Finance on Wednesday, Scaramucci said he would advise investors to move the money that they do not need in the short-term to BTC. Bitcoin, he said, has a very big future.

Scaramucci has previously been critical of Bitcoin but has since become a believer. Last month, SkyBridge launched its Bitcoin Fund L.P with a $25 million capital. The fund’s minimum subscription size is $50,000 and it is about to cross $100 million in assets under management (AUM), the founder told Yahoo. The firm started investing in Bitcoin late last year. SkyBridge now has under $500 million worth of Bitcoin across all of its investments.

Scaramucci said money managers will soon be “benchmarked off of Bitcoin” and that a few percentage points of this will be related to digital currency. “So if you’re not going to be an investor in Bitcoin you’re effectively short Bitcoin,” he added, noting that the dominant cryptocurrency actually lifted his fund’s performance that took a hit at the beginning of the coronavirus pandemic.

“The SkyBridge Series G fund is up 33% since April 1, and some of that frankly has been the move in Bitcoin that we took advantage of in the fourth quarter of last year,” Scaramucci told Yahoo.

For him, Bitcoin is simply just going to work. In a previous interview, he said the GameStop fiasco is proof that Bitcoin is going to work. “How are you going to beat the decentralized crowd? That to me is more affirmation about decentralized finance,” he added.

In other breaking Bitcoin News today:

Jack Dorsey and Jay-Z to set up 500 BTC blind Bitcoin trust in India, Africa

Twitter CEO Jack Dorsey has announced the creation of a blind Bitcoin (BTC) development trust worth 500 BTC ($23.7 million), along with rapper Jay-Z, for teams working on the project in India and Africa.

Dorsey revealed the creation of the trust on Feb. 12 while sending out a call for three board members to oversee the blind trust initially.

Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency.”

The Twitter CEO’s tweet appeared just hours after news broke concerning India’s alleged plans to completely ban the use of cryptocurrencies within its borders. The world’s second-most populated country could soon move to ban all crypto-assets, giving users a 3–6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.

On Feb. 10, Jack Dorsey donated $1 million to the Washington D.C-based nonprofit organization Coin Center which also received a $2 million donation from asset management firm Grayscale. Dorsey’s ongoing infatuation with Bitcoin recently saw him set up a Bitcoin full-node from his Macbook, meaning he now has a hand in verifying the Bitcoin blockchain.

In other trending Crypto news today:

BITCOIN SETS NEW HIGHS AS ALL EYES WATCH REACTION TO $50,000 RESISTANCE

Bitcoin and the entire crypto market have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market.

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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:

JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe

— jack (@jack) February 12, 2021

#Bitcoin is also front-running the Fed Because it’s better than Gold and its market cap is still small compared to Gold, stocks, bonds, property It has the most upside >> Because it’s perfect

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Macro guru Raoul Pal predicts that Bitcoin (BTC) can skyrocket over 700% from its current price in the coming months and that Ethereum (ETH), the leading smart contract platform can surge over 480%.

“My price prediction has been ETH north of $20,000, and that’s pretty simple. All I did is just map over the ETH chart to the Bitcoin 2017 chart. They work perfectly, and it gives you $20,000. There’s no great science to that, but it feels about right.” 

“I’ve also mapped the Bitcoin price versus Bitcoin 2013. They look pretty similar. There’s a bunch of other ways I’d do it with Bitcoin with log charts, regression analysis, stuff like that. Generally speaking, I think it’s somewhere between $250,000 to $400,000, with an outside chance of a million [dollars] if we get an extended cycle.”

In other trending Bitcoin News today: Legislative Assembly of El Salvador approves $150M Bitcoin Trust!

El Salvador’s Legislative Assembly has passed legislation creating a $150 million dollar Bitcoin Trust and supporting the development of crypto infrastructure and services across the country. 

The bill passed on Aug. 31, with 64 officials voting in favor and 14 opposing the trust’s creation. The Trust is designed to facilitate conversion of Bitcoin into U.S. Dollars, and support the roll out of vital technological infrastructure enabling widespread adoption of crypto assets.

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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/surge-in-activity-and-token-prices-show-defi-summer-2-0-already-started

https://cointelegraph.com/news/legislative-assembly-of-el-salvador-approves-150m-bitcoin-trust

https://cointelegraph.com/news/bitcoin-price-turns-to-test-lower-support-levels-as-50k-stays-out-of-reach

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Pantera: Bitcoin in Early Stages of Large Bull Market Fueled by Powerful Macro Tide – Here’s How High THE BTC PRICE Could Go This Cycle

Executives at the crypto-focused venture firm Pantera Capital think future inflation will drive up the prices of Bitcoin and other crypto assets.

In a new market report, Dan Morehead, Pantera’s CEO and co-chief investment officer, and Joey Krug, the firm’s other co-chief investment officer, highlight the Federal Reserve’s new policy of allowing inflation to support the labor market, which they say is going to kick off a new bull run for digital assets.

“Assets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals – like cryptocurrency.

Cryptocurrency has out-performed most/all other asset classes this year. We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”

Morehead has placed his BTC price target at $115,000, which he thinks will likely happen by next summer.

Despite their confidence, however, they still warn that Bitcoin is volatile and risky, and remains a “massive hype cycle roller coaster.”

In terms of their own investments, Pantera recently sunk money into YFI and Terra (LUNA), according to the executives.

YFI is a two-month-old governance token for the decentralized finance (DeFi) protocol yearn.finance.

The asset has been largely immune to the September slump that plagued other cryptocurrencies and is trading at almost $40,000 at time of writing, according to CoinMarketCap.

Terra is a network of stablecoins pegged to some of the world’s major currencies. LUNA, Terra’s native staking asset, can be traded or staked to earn rewards in the network generated from transaction fees.

It is trading around $0.32 at time of writing.

In other tending Bitcoin News today:

Nasdaq-Listed Microstrategy Raises Bitcoin Holdings to $425 Million After Second Purchase

“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”

This follows an update the company provided the SEC about its bitcoin investment plan.

In the filing dated Sept. 11, the Nasdaq-listed company revealed that its board of directors has adopted a new Treasury Reserve Policy “that updated the company’s treasury management and capital allocation strategies.”

Under this new policy, the company’s treasury reserve will consist of two types of assets.

The first type comprises “cash, cash equivalents, and short-term investments … held by the company that exceed working capital needs.”

The second type consists of “bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.”

Microstrategy clarified:

“As a result of this new policy, the company’s holdings of bitcoin may increase beyond the $250 million investment.”

Michael Saylor, Microstrategy’s CEO, has not always been pro-bitcoin.

He tweeted back in 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”

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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:

On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.

— Michael Saylor (@michael_saylor) September 15, 2020

Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale

Game on

— Barry Silbert (@barrysilbert) September 15, 2020

MicroStrategy is adopting a #bitcoin standard. Other companies will follow. Finally, central banks will follow (Switzerland likely to be the first.) A new gold standard for the digital age. A neutral store-of-value will create more check and balances for governments.

— Datavetaren (@Datavetaren) September 16, 2020

https://news.bitcoin.com/nasdaq-microstrategy-bitcoin-425-million/

https://cointelegraph.com/news/other-companies-will-follow-mstr-stock-up-9-after-buying-bitcoin