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Bitcoin Price Can Hit K When US Banks Invest 1% of Assets | Visa Reveals BTC and Crypto Support
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The increasing institutional interest in Bitcoin is “not hard to see” as U.S. regulators green light custody this week.
The BTC price will pass $20,000 if United States banks invest even 1% of their assets, one analyst believes.
Discussing institutional uptake of Bitcoin on July 23, Capriole digital asset manager Charles Edwards said that it was “not hard to see” the unfolding trend.
“If US banks put just 1% of their assets into Bitcoin as an investment, hedge or insurance… the Bitcoin price more than doubles,” he wrote on Twitter, adding:
“Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today. It’s not hard to see where this is going.”
Edwards uploaded a chart of U.S. banks’ burgeoning asset balances as proof of the potential impact that a lean towards BTC would have on the largest cryptocurrency.
Grayscale, as Cointelegraph reported, is now a giant among Bitcoin hodlers, together with payment company Square responsible for buying up the majority of mined coins this year.
Edwards’ comments are meanwhile timely.
This week, U.S. lenders received the green light from regulators to engage in cryptocurrency custody activities.
Whether an influx from the sector would ultimately benefit Bitcoin as an asset remains a contentious topic.
Previously, concerns circulated that institutional attention in the form of products such as a Bitcoin exchange-traded fund (ETF) would be detrimental to price discovery.
“It’s not a matter of good or bad, it’s just a fact,” Edwards added.
Nonetheless, other recent moves only serve to reinforce the market’s upward trajectory.
Paul Tudor Jones, the maverick investor who has become increasingly bullish on Bitcoin, recently revealed that he had already put as much as 2% of his wealth in BTC.
In other trending Bitcoin News today:
Payments Giant Visa Reveals Roadmap to Supporting Bitcoin (BTC) and Cryptocurrency
Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large.
In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money.
“The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar.”
Visa is already active in the cryptocurrency space, working with crypto platforms Coinbase and Fold.
The company says it plans to extend its services to digital currency wallets through its FastTrack program, allowing fintechs to integrate with Visa’s global network of 61 million merchants.
And in other trending BTC news today:
Top Analyst Bullish on Ethereum and Five Altcoins, Says Bitcoin Won’t Lead Surge in Crypto Market Cap
Crypto trader and analyst Michaël van de Poppe is bullish on Ethereum and a slew of altcoins.
Van de Poppe says ETH, rather than Bitcoin, will lead the way for a breakout in total crypto market cap.
The analyst believes Ethereum is “ready for $500” after recently pushing through the $250 price barrier.
Van de Poppe is also bullish on Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL), and LTO Network (LTO).
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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:
$BTCClose above that red line today ($9300) and I might reconsider my short term bearish bias (mid-term bear bias remains).
Close below and I’ll consider shorting more aggressively targeting the green line ($8500) first and green area second (~$7000) pic.twitter.com/ql3cOXKKdQ
— DonAlt (@CryptoDonAlt) July 22, 2020
If US banks put just 1% of their assets into #Bitcoin as an investment, hedge or insurance…… the Bitcoin price more than doubles.Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.
It’s not hard to see where this is going. pic.twitter.com/i3oqPTcAPl
— Charles Edwards (@caprioleio) July 23, 2020
The total market cap of crypto will break out (most likely) upwards.
That’s not going to be through $BTC.
That’s going to be through $ETH.
As $ETH is very undervalued.
— Crypto Michaël (@CryptoMichNL) July 22, 2020
Why Regulators Allowing US Banks to Hold Bitcoin Is So Positive for Crypto
https://cointelegraph.com/news/bitcoin-price-can-hit-20k-when-us-banks-invest-1-of-assets-analyst
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NEW STOCK-TO-FLOW MODEL SUGGEST MASSIVE BITCOIN PRICE TARGET!! BTC IS MATHEMATICAL PURITY!!
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Crypto analyst shares new Bitcoin floor & top models implemented into S2F-M2 suggesting the following price predictions:
“Latest Bitcoin price, 28-Oct-2021:
$BTC: $60,565
S2F model: $93,844
S2F-M2 model: $77,146
S2F-M2 Top model: $151,861
S2F-M2 Floor model: $38,573
Predicted Bitcoin price, 28-Oct-2026:
S2F model: $1,031,863
S2F-M2 model: $610,379″
In other trending Bitcoin News today: Bitcoin Needs To Pull Back Hard This Weekend in Order To Rally Next Week, Says Crypto Analyst Tone Vays!
Vays thinks a $55,000 Bitcoin would present a great entry opportunity but doesn’t rule out a slightly larger correction before ascending to $100,000.
“My worst-case scenario really is $52,000 or $53,000. It’s my worst-case scenario. I don’t see us breaking below this support area, and then I still see $100,000 around end of year. I’m expecting a huge rally any minute.”
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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/ethereum-s-new-all-time-high-prepares-eth-for-continuation-to-5-000
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Bitcoin Price To Reach K As Fed Prints and Buys Too Many Dollars | PayPal BTC 'Global Hash War'
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
Former Wall Street hedge fund manager and prominent investor Mike Novogratz recently said that the Bitcoin price could break the coveted $10k mark soon and jump to $20,000 per BTC.
He also noted that the digitalization of money had begun worldwide, and the US needs to catch up with other nations such as China.
Novogratz is the CEO of the cryptocurrency investment firm Galaxy Investment Partners and a long-time Bitcoin proponent.
In mid-2019, he predicted that BTC would return to its all-time high price of $20,000 by the end of the year, which didn’t happen.
The primary cryptocurrency descended in value towards the end of 2019, and Novogratz made another forecast that it will finish 2020 at about $12,000.
In a recent interview, however, he appeared much more bullish regarding the upcoming price developments.
While he refuted any assumptions that Bitcoin could displace the dollar as the main currency in the US anytime soon, he noted that people are turning to BTC and gold for the same reasons, which could ultimately boost the prices:
“Why are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and it’s back at almost $10,000. Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.”
Therefore, as excessive amounts of USD continue to flood the economy, the dollar could experience a massive devaluation, Novogratz added.
To fight these adverse consequences, people “are using Bitcoin as a hedge for that.”
As such, he continued that “it will surprise me if we don’t take down that $10,000 soon, and after that, you are going to see $14,000 and then $20,000.”
Novogratz also touched upon the topic of transitioning into a financial system entirely dominated by electronic transactions. He said that 93% of all transactions in China are completed electronically, while the US seems to be falling behind.
“We’re moving into a digital era. And we’re still talking quarters vs. nickels. We need to get our act on the ball fast, or the US is going to fall way behind.
In other trending Bitcoin News today:
PayPal Bitcoin Rumor Boosts $12K BTC Price Rally Chances
Sudden suggestions that Bitcoin support is coming to PayPal and Venmo is causing traders to reassess the likelihood of a BTC price bull run.
Bitcoin (BTC) coming to PayPal and Venmo may be just a rumor, but some of the cryptocurrency’s best-known names are turning bullish.
As the news hit that the payment processor was allegedly planning crypto buying and selling for its 305 million users, BTC/USD spiked to test resistance at $9,600.
Despite PayPal declining to confirm its plans, a wave of optimism has since flooded social media, with various figures welcoming the move while highlighting its irony.
“Slowly, then suddenly,” the Bitcoin Twitter account summarized. For RT host Max Keiser, the move appeared tied to competitive advantage.
Square, the sister company of Twitter, rolled out Bitcoin support with great success last year.
“Bitcoin’s built-in game theory strikes again. Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences,” he tweeted.
“Global Hash War is coming!”
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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:
#Bitcoin’s built-in game theory strikes again.
Paypal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences.
Global Hash War is coming!
— Max Keiser (@maxkeiser) June 22, 2020
“PayPal seized my bitcoin, how do I get it back?!”
– Some poor pleb in the future
— Jameson Lopp (@lopp) June 23, 2020
https://cointelegraph.com/news/paypal-bitcoin-rumor-boosts-12k-btc-price-rally-chances
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