BITCOIN PRICE WILL NEVER HIT 0K?! | 5 Reasons Why BTC Is Crashing Right Now!

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Gemini crypto exchange founders Tyler and Cameron Winklevoss said that the Bitcoin price will eventually hit $500,000 per BTC during a recent interview with podcast host Peter McCormack.

“The question in our mind is not so much does it get to $500,000, but how quickly,” Tyler told McCormack during the Oct. 23 podcast episode.

His thesis takes the market cap of gold and theoretical central bank allocation into consideration. 

“I would sort of contend that $500,000 Bitcoin is actually pretty conservative and the game hasn’t even really started,” Cameron noted.

MicroStrategy and others buying significant amounts of Bitcoin for their treasury reserves seems to indicate that the market is beginning to shift.

“What if every Fortune 100 or 500 company does that, what if central banks start doing that?” Cameron queried. “It hasn’t even started,” he added, analogizing that Bitcoin is in the bottom of the first in a nine-inning baseball game.

“Wall Street is not here yet. Institutions aren’t in Bitcoin right now. It’s been a retail phenomenon for the last decade. So Wall Street talks about it, they’re aware of Bitcoin, but they’re not really in it from our perspective, but it’s starting to happen.”

The basis for the interview was a report from Tyler and Cameron published in August 2020, titled: The Case for $500K Bitcoin. 

The brothers began constructing the report in January 2020, Cameron said in the interview with McCormack.

“We started to think about what the government has been doing with the U.S. dollar for the past decade or so and traditional sort of stores of value and hedges,” Cameron explained.

The twins halted work on the report in March when COVID gained a global foothold. They resumed the paper several months later after evaluating the economic changes brought on by the virus.

Tyler said he and his brother began buying BTC in 2012. Part of the rationale for the report stemmed from evaluating the asset’s performance amid the surrounding economy over the past decade. 

While a growing number of bullish predictions for Bitcoin surfaced throughout 2020, some have remained skeptical such as gold bug Peter Schiff.

In other trending Bitcoin News today:

Bitcoin Has ‘Considerable’ Upside As It Better Competes With Gold As Alternative Currency, JPMorgan Says

Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday.

Bitcoin has surged more than 70% year-to-date, and this week’s announcement that PayPal would allow its users to buy, sell, and exchange the asset served as another high-level endorsement for the cryptocurrency.

Earlier this month, Square purchased $50 million worth of bitcoin as it further commits to viewing the digital currency as a long-term investment.

According to JPMorgan, the physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.

For bitcoin to catch up to gold in terms of market value, the crypto currency would have to surge 10x from current levels.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” JPMorgan said.

And over time, crypto could be held for other reasons then being a store of wealth as gold is, according to JPMorgan.

The technicals are also pointing to a continued surge in bitcoin. According to technical strategist Katie Stockton, the cryptocurrency could surge to $14,000 as short-term momentum improves.

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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:

Holy Cow

Most bullish commentary for #bitcoin that I have read from JP Morgan

“Even modest crowding out of #GOLD takes #bitcoin up multiples.”

Widespread research piece reaches all clients of the bank.

Paypal announcement “cover” for other traditional players to get involved. pic.twitter.com/lUd8oYQ77h

— Dan Tapiero (@DTAPCAP) October 23, 2020

https://markets.businessinsider.com/currencies/news/bitcoin-price-considerable-upside-forecast-competes-gold-alternative-currency-jpmorgan-2020-10-1029716041#

https://cointelegraph.com/news/bitcoin-price-rise-to-500k-is-inevitable-winklevoss-twins-say

https://cointelegraph.com/news/bitcoin-whale-clusters-pinpoint-3-key-levels-for-btc-price-rally-to-continue

➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net

Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the world’s reserve currency.

And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.

Due to the devastation Covid-19 has caused the global economy, Pal says there’s a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.

Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.

He thinks, however, that it’s more likely to last three years.

“It’s not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where they’re gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically that’s a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.” 

That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.

“When you look at the chart in a log scale, it looks also very extraordinary, because what’s useful about these kind of triangle patterns – I call them wedges – is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldn’t match the stock-to-flow model which says it might spike to [$250,000] or something like that.”

In other trending Bitcoin News today:

Bitcoin Climbs Past $9.5K as Analysts Stress ‘Decoupling’ From Stocks

A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.

Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekend’s $1,200 crash gained fresh momentum.

Bitcoin’s futures this week contrast it even further with traditional markets and macro assets.

This stock “decoupling,” which Cointelegraph reported on previously, shows no signs of abating. 

As Cointelegraph analyst Scott Melker wryly summarized on Twitter:

“Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before. Thanks.”

For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.

“When shit hits the fan (which was in March), all correlations tend to go towards 1,” he tweeted on Thursday: 

“Since then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Don’t pin yourself on those correlations.”

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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:

When shit hits the van (which was in March), all correlations tend to go towards 1.

Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.

Don’t pin yourself on those correlations.$BTC

— Crypto Michaël (@CryptoMichNL) May 14, 2020

Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before.

Thanks.

— The Wolf Of All Streets (@scottmelker) May 14, 2020

https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks

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Bitcoin (BTC) bull and crypto influencer Lark Davis is unveiling the next big thing in crypto that he believes has the potential to ignite a massive surge of 100x or about 10,000%.

Davis says the crypto market will continue to offer new and profitable opportunities as it evolves and expands beyond the red-hot decentralized finance (DeFi) sector.

“So NFTs (non-fungible tokens) is one such area that is getting a lot of attention right now and could be a big growth area, and it’s certainly an area that we, as investors, maybe want to be paying attention to.”

According to the crypto researcher, NFTs are unique tokens that represent ownership in a particular asset.

“A fungible item is one that can be exchanged for any similar item. For example, a dollar bill is fungible because it can be exchanged for any other dollar and maintain the same value.

However, something like a ticket is non-fungible because even though we could, for example, trade our ticket for someone else’s ticket, well it’s not going to be exactly the same, is it?

Maybe that other ticket’s for a different film, or it’s the same film but at a different time… It’s not equal, is the point.

Each ticket gives you access to a unique set of experience… If we move this idea into the blockchain setting, an NFT is thus a one-of-a-kind token, a certificate of digital authenticity verifiable on chain.”

Lark explains that NFTs offer a wide array of use cases for investors, including ownership in digital art, in-game items such as virtual lands, and skins as well as collectible items such as card decks and virtual pets.

The crypto researcher also highlights that NFTs can extend their reach beyond the realms of art and gaming.

Lark sees non-fungible tokens being used in royalties, insurance, and many other enterprise solutions including tokenizing invoices in order to take out a loan.

While investors who want a position in the emerging space can simply buy NFTs, Lark emphasizes one particular opportunity that can deliver worthwhile gains.

“Perhaps the most financially lucrative use case for NFTs is going to be plugging into DeFi. Maker DAO is already working on bringing music royalties and shipping invoices into their platform…

One that I’m keeping a close eye on is called Persistence. Now, this is a new player coming to Cosmos which will be focused on bringing in enterprises into both the NFT and, of course, into the blockchain world, looking at DeFi and how we can bring those NFTs into DeFi. So this is definitely one that I’m keeping an eye on…” 

In other trending Bitcoin News today:

Winklevoss Twins, Bitcoin Billionaires, Think DeFi is a “Revolution”

Ethereum’s DeFi space has fallen off dramatically over recent weeks due to weakness in the markets.

Top coins pertaining to the space have dropped by over 30-40% from their recent all-time highs, resulting in market carnage.

Not to mention, some crypto assets in the space have lost even more than 40%, plunging as capital floods into safer bets such as Bitcoin.

There are still many prominent supporters of DeFi, though.

For one, the Winklevoss Twins, the Bitcoin billionaires behind the Gemini exchange, recently threw their weight behind DeFi in a series of messages.

“DeFi is not the same as the 2017 ICO craze. Back then, money was raised on shitcoin white papers written in a coffee shops. DeFi is already live and working in the wild. Billions of dollars are at work earning positive yield. This isn’t hypothetical vaporware, this is real.” – Cameron Winklevoss

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

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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:

DeFi is not the same as the 2017 ICO craze. Back then, money was raised on shitcoin white papers written in a coffee shops. DeFi is already live and working in the wild. Billions of dollars are at work earning positive yield. This isn’t hypothetical vaporware, this is real.

— Cameron Winklevoss (@cameron) September 22, 2020

Winklevoss Twins, Bitcoin Billionaires, Think DeFi is a “Revolution”