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Bitcoin has the potential to surpass $1 million in the next three to five years, says Raoul Pal, calling BTC the “biggest trade of our lifetimes.”

In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the Bitcoin price could either be heading to the $500,000 mark, or it could fail.

McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold.

He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run:

“Much of the broad crypto-asset market echoes 2017’s excesses, but the foundation is firming due to expanding decentralized exchanges (DEXs) and finance (DeFi).

Limited supply vs. increasing demand is the bottom-line for Bitcoin, with macroeconomic underpinnings that support its march toward the market cap of gold, at a price of $500,000 by some estimates. Or it could fail.”

The estimates that the analyst refers to are likely based on assumptions that Bitcoin’s market capitalization will eventually reach parity with gold’s $9 trillion.

Dividing that number by the maximum supply of Bitcoin of 21 million produces $428,571.

A similar sentiment was recently voiced by The Morgan Creek Digital co-founder Anthony Pompliano.

Zero to five hundred thousand provide a pretty good margin of error, unlikely Bloomberg will be proven wrong anytime soon.

In other trending Bitcoin News today:

Bitcoin (BTC) Is the Best Reserve and Collateral Asset Ever Created, Says Global Macro Investor CEO

The CEO of Global Macro Investor, Raoul Pal, says Bitcoin (BTC) is the best reserve and collateral asset ever created.

In a new report on the leading cryptocurrency, the former Goldman Sachs hedge fund manager says he thinks BTC, with its permanently limited supply, is the “hardest” form of money created.

He says as a reserve asset, it is superior to gold in every metric due to its decentralized nature and provable transaction history.

Pal, who predicted the 2008 financial crisis, notes that, in the current macroeconomic structure, government bonds serve as the “bottom of the pyramid” in terms of collateral for the world and the U.S. Treasury.

“That used to work just fine until the central banks became fearful of allowing the business cycle to run unimpeded. Thus, when debt loads became unsustainable, meaning that the weakest borrowers couldn’t get access to enough collateral, instead of the price of collateral rising, thus forcing firms to go bust, central banks began to increase the supply of collateral and reserves (quantitative easing).”

However, this devalues the collateral over the longer term and leads to debt spirals, Pal explains. Bitcoin, however, doesn’t have this problem, according to the investor.

“Bitcoin is pristine collateral. The greatest form of collateral. Its blockchain ownership structure reduces the huge black swan of risk of who owns what. It is all recorded and more importantly, provable.”

Pal notes that all BTC needs to become the preeminent form of collateral is a yield curve indicating future value, something that is already happening with the breakout of decentralized finance (DeFi).

“The revolution in DeFi is doing just that, establishing a forward curve of future value. It is only at the money-market phase right now (short-term yield curve) but over time we will establish the time preference for Bitcoin over 30 years or more, just like bonds.”

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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:

In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side). Each of those was a buying opportunity. DCA opportunity ahead? 🙏🤞#Bitcoin pic.twitter.com/tL443DyX63

— Raoul Pal (@RaoulGMI) September 3, 2020

I wrote a very long GMI Monthly this weekend (143 pages, 15,500 words). The core focus was this month on crypto, which I think its the worlds best trade and of which Im irresponsibly long.

Here are a couple of pages with some top-down thoughts.. #Bitcoin pic.twitter.com/xltojJtQn1

— Raoul Pal (@RaoulGMI) August 31, 2020

3 Key Reasons Why Bitcoin Could Bounce After $2,000 Drop

https://dailyhodl.com/2020/09/03/bitcoin-btc-is-the-best-reserve-and-collateral-asset-ever-created-says-global-macro-investor-ceo/

https://cointelegraph.com/news/bloomberg-bitcoin-could-hit-500k-or-drop-to-zero

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The Bitcoin price has support to climb all the way to $15,000 per BTC if historic trends repeat themselves this year, a new report says.

Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fueling gains, which could smash $12,000 resistance.

The BTC price has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week.

This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.

Going forward, however, the period following the United States elections in early November may result in more upside.

For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.

“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The trend is also painting a similar trajectory as it did back in the 2017 bull run, with a steady growth inclination that tested an identical support trendline multiple times,” the report states. 

“Given the strength in support, we are expecting a significant break of 2.0 in the near term as it looks to retest the 2019 peak at 2.5, which will put Bitcoin price above the $15,000 level.”

Stack also noted increasing institutional interest in Bitcoin as cementing the idea that the future is firmly bullish for price action.

Stone Ridge investing $115 million followed Square’s $50 million purchase, both gaining publicity on the back of MicroStrategy’s larger $425 million treasury investment.

Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.

“We further view that a re-positioning is occurring in the market with a possible shift in the economic climate, as futures volumes and open interest are starting to recover,” Stack’s report explains. 

“Our eyes are peeled on the $12,000 key resistance level, as we expect further consolidation around current levels going into the elections before breaking into the upside going forward.”

In other trending Bitcoin News today:

‘Shorts Will Be Dead’ – Why Dan Tapiero Expects A Massive Bitcoin Shortage

In recent months, there has been a considerable spike in institutional demand for Bitcoin (BTC) following several high profile investments.

Over time, asset manager and 10T Holdings co-founder Dan Tapiero believes this could lead to a problematic shortage in BTC.

Alongside investments from Square, MicroStrategy and Stone Ridge, Bitcoin inflows to Grayscale Bitcoin Trust have surged.

Based on the rapid growth of institutional investments, Tapiero warns that short-sellers could see trouble in the future.

In the third quarter of 2020, the Grayscale Bitcoin Trust recorded an inflow of $1.05 billion.

This marked the firm’s first billion-dollar quarter and also highlights record-high institutional demand.

The firm’s quarterly report reads:

“Grayscale recorded its largest ever quarterly inflows, over $1 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.”

Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:

“SHORTAGES of Bitcoin possible. Barry’s Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.”

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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:

SHORTAGES of #Bitcoin possible.

Barry’s @Grayscale trust is eating up btc like there is no tomorrow.

If 77% of all newly mined turns into 110%, it’s lights out.Non-miner supply will get held off mkt in squeeze.

Shorts will be dead. Price can go to any number. pic.twitter.com/4S4TrLNH8J

— Dan Tapiero (@DTAPCAP) October 14, 2020

October is the month I gradually increase my $ALTS exposure, I’ll have at least 15% of my early October $BTC stash converted by months end.

No FOMO needed: smart bidding is the aim for now. I said it in 2019: couple months past halving I accumulate $ALTS big, trigger in motion.

— SalsaTekila (@SalsaTekila) October 10, 2020

❓Why does #bitcoin price not go up with all this institutional buying? Who is selling? BTC price is exactly where it should be, holding firm above $10K, waiting for that one moment .. asymmetrical returns .. patience! pic.twitter.com/pCyftmvHco

— PlanB (@100trillionUSD) October 16, 2020

https://mcusercontent.com/45836f27729699cf7a484a367/files/968c4a86-3082-4463-bf98-ab6beaa43011/Stack_Research_15_Oct_2020.pdf

https://cointelegraph.com/news/bitcoin-price-metric-suggests-15k-surge-after-us-elections-report

https://cointelegraph.com/news/shorts-will-be-dead-why-dan-tapiero-expects-a-massive-bitcoin-shortage

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Bitcoin has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

McGlone, who’s known for his previous bullish calls on Bitcoin, noted that BTC, which has been consolidating near $30,000 since May, could post a similarly surprising rally while aiming to hit a refreshed resistance target near $60,000.

“The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate,” the strategist wrote.

In other trending Crypto News today: 

Macro analyst and Real Vision CEO Raoul Pal says the clearest bet in the crypto space right now is on Ethereum.

The former Goldman Sachs fund manager tells Camila Russo in a new interview on The Defiant that ETH currently offers the best risk-to-reward ratio.

“If you can only own one asset over the next 12 months, what would it be? It would be Ethereum. Because it’s the least risky with the highest rewards.”

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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/60k-is-now-more-likely-for-bitcoin-than-20k-bloomberg-s-senior-strategist-asserts

https://cointelegraph.com/news/nigeria-to-pilot-central-bank-digital-currency-in-october

https://cointelegraph.com/news/just-hodl-bitcoin-and-ethereum-outperform-lower-risk-crypto-index-funds