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Dan Held from the crypto exchange Kraken, says Bitcoin is in a much stronger position now with the possibility of skyrocketing to $100,000 per BTC in 2021.
In an interview with crypto influencer Lark Davis, Held says that Bitcoin remains a risk-on asset as he anticipates the Biden administration to print more money at an unprecedented rate.
“If you look at options pricing in Biden, he’s being priced into the market and his impact is being priced in as a positive because he will spend more money. Money printer will go brrr, and the Democrats will likely go brrr at an even faster rate than Republicans and they’re both brrring at a rate we’ve never seen in US history…
Insane amounts of money. People are like ‘Bitcoin, at a $100,000? Oh man, that would be a $2 trillion market cap.’ I’m like ‘Yeah, we just printed that much last week alone.”
Despite the bullish target, Held doesn’t discount the possible threat of the paperization of Bitcoin where large corporations such as PayPal buy huge amounts of BTC but do not allow the deposit or withdrawal of the crypto asset from their ecosystem, which eliminates the need to settle transactions on-chain.
“If big corporates decided that they don’t care about Bitcoin’s layer one or care about Bitcoin’s settlement mechanism and then they [are] fine with settling with each other, then that gets pretty scary where it’s like, ‘Well, what if we just rebuilt the old system where no one cared about the settlement guarantee of the Bitcoin layer?”
Held himself though says he still strongly believes in Bitcoin’s core settlement system and doesn’t see any reason to use any counterparty.
“We look at that from a very critical perspective, we don’t want to take on any additional risk. Bitcoin as a settlement mechanism is phenomenal so I think there would have to be a really strong reason not to use that.”
In other trending Bitcoin News today:
“PLANB SAYS BITCOIN WILL TAP $100K-$288K BEFORE DEC. 2021!!”
In a recent tweet the stock-to-flow model creator PlanB shares the following Bitcoin price prediction:
“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!”
And regarding Bitcoin’s relationship to gold he pointed out the following in another tweet:
“Bitcoin priced in gold. 1BTC = 8 ounces of gold, up 1 ounce in 1 month .. and counting”
In other trending Crypto news today:
“3 Ways Bitcoin Price And Stocks May React to a Biden Presidency”
On Nov. 7 several major media outlets announced that after 4 days of rigorous vote-counting in key battleground states Joe Biden had managed to secure enough electoral votes to become the 46th President of the United States.
As the excitement over an incredibly close election starts to abate, analysts will take a closer look at how a Biden presidency may impact traditional markets and Bitcoin price.
Three key factors to consider are the eventual passage of a new round of economic stimulus, a strengthening U.S. dollar, and the possibility of a stock market recovery.
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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.