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The Bitcoin price will hit $250,000 by 2022 according to legendary billionaire venture capitalist Tim Draper who was the first to go on the record with his quarter million dollar BTC price prediction.
There have been many fears over recent years that central banks and other authorities will target Bitcoin as they may see it as a threat to traditional financial infrastructure.
According to Dan Tapiero, though, these fears are unfounded for the time being. Dan Tapiero is the co-founder of DTAP Capital, Gold Bullion Int., amongst other firms.
He has been closely following Bitcoin for a while now, being one of the first macro voices to enter the space.
He recently commented that until Bitcoin hits $250,000, or a market capitalization of around $5 trillion, it may not have relevance on a macro scale:
“$200 billion too small to matter for macro authorities. Gold is $12 trillion and no one really cares. Bitcoin has clearance up to at least 250k. 25x before big boy global macro authorities start caring that it exists.”
His contemporary Raoul Pal, a former Goldman Sachs head of hedge fund sales and Real Vision CEO, recently commented that Bitcoin is “irrelevant on a global asset scale.”
“Yeah, 100% agree. It’s currently irrelevant on a global asset scale. As you say, even a $10trn doesn’t concern most central banks. The FX market trades half that in a day. DTCC clears and settles something over a quadrillion in a year.”
It’s worth noting that both of the investors are extremely bullish on Bitcoin.
Both believe that the leading cryptocurrency will undergo an exponential rally this market cycle that will take it above $100,000 and beyond.
Tapiero’s and Pal’s point that Bitcoin currently isn’t relevant on a macro scale has been echoed by Tom Lee of Fundstrat Global Advisors.
Lee said at a conference in Singapore in 2018 that before a Bitcoin ETF should be approved by the U.S. Securities and Exchange Commission, it should trade at $150,000 or more.
Bloomberg wrote on his comment:
“If you’re involved in crypto, the SEC can look like an obstacle,” Lee said.
“They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust” to protect them, “that’s how you get the mainstream willing to get involved in cpypto.”
In other trending Bitcoin News today:
Former Goldman Sachs Exec Says Bitcoin ETF Will Be Approved, Bringing Billions Into Crypto Market
Raoul Pal, former Goldman Sachs exec and hedge fund manager, says that Bitcoin is offering a rare opportunity for retail investors to get out and invest in the next big thing before institutional investors.
In a YouTube interview with Jerry Hall, Pal says that a proper Bitcoin exchange traded fund (ETF) will be the catalyst that brings billions of dollars into BTC and exponentially expands the market capitalization of the largest cryptocurrency.
“You’re allowed to front-run in Bitcoin, and I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate because the larger the market cap of Bitcoin is… This is an opportunity for retail to front-run the institutions for once as opposed to Goldman Sachs front running 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.