NEW STOCK-TO-FLOW MODEL SUGGEST MASSIVE BITCOIN PRICE TARGET!! BTC IS MATHEMATICAL PURITY!!

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Venture capitalist and Bitcoin billionaire Chamath Palihapitiya says BTC will drive financial accessibility to billions of people – if the global financial system crumbles.

The Social Capital CEO and former Facebook executive is one of the largest known Bitcoin HODL’ers that holds 1,000,000 Bitcoins.

In a new interview on CNBC’s Squawk Box with Joe Kernen, Palihapitiya explains what he believes it will take for Bitcoin’s price and adoption to reach meteoric heights.

“The last few million coins of Bitcoin are obviously going to cost more energy than the first 18 million. But in the grand scheme of things, again, this is something in Bitcoin parlance people say ‘Hodl’. You buy it, you hold it, you put it away.”

But Palihapitiya adds that this is a situation no one should want to happen.

“And honestly, I think you hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something you actually really want to see.”

On the other hand, Palihapitiya remains optimistic about the changes Bitcoin could make on the financial infrastructure.

“Now that being said, if it does happen, I think it will create an enormous power redistribution and it will push power, it will push financial accessibility to the edges, to billions and billions of people. And in that there is something to be really proud and excited about.”

Palihapitiya also says inflation will continue regardless of who wins the election in November.

“The most dominant factor that I see is the combination of Treasury and the Federal Reserve. They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.”

Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars.

He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.”

“In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.”

He then shared his Bitcoin prediction of how high he thinks the btc price could be over the next 10 years.

“It is a 10-year trajectory,” he began. “I’ve always thought of bitcoin as a very binary investment, whether it goes from 80 to 8,000 to 6,000 to 3,000 to 13,000, it doesn’t matter.”

Noting that bitcoin’s price will be “either zero or it’s millions,” Palihapitiya asserted:

“What it will do is it will create a quasi gold standard. It’ll create an index, except instead of having to own gold where gold is owned by central banks, it is an instrument that has value that’s determined in between its participants, and it’s owned by everybody.”

In other trending Bitcoin News today:

Bitcoin Forms Rare Bullish Crossover Not Seen Since 2014 – Here’s Why Analysts Are Preparing for a Big Move

Despite the uncertainty surrounding Bitcoin, the number one cryptocurrency just flashed a bullish signal that has not been seen in six years.

Crypto analyst Eric Thies is highlighting a trend indicator known as the KDJ, which has made a bullish cross on the six-month timeframe for the first time since 2014.

“BTCUSD Notes on this crazy high TF but I’ll gladly give hopium when I see it 6M KDJ crossed bullish when it closed in July, confirming an unmistakably bullish 6M hammer at the same time. Last time KDJ crossed bull was 2014 with a $200 BTC low. Last cross bear at $17k high.”

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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:

“The most dominant factor that I see is the combination of Treasury and the Federal Reserve,” says @Chamath. “They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.” pic.twitter.com/315RlmEKPZ

— Squawk Box (@SquawkCNBC) October 6, 2020

https://news.bitcoin.com/chamath-palihapitiya-bitcoin/

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Veteran crypto strategist Tone Vays says the big Bitcoin breakout has more gas left in the tank.

In a new video, Vays explains why he believes the bullish rally that pushed BTC above resistance of $12,000 is not yet over.

“That is exactly what I’m kind of foreshadowing going into the future. We still have this triangle right here and we can still pull back into this triangle, but I do think that right now, there is still enough FOMO (fear of missing out) to get us higher into that high $13,000 range.”

As Bitcoin draws near its next resistance level at $14,000, the crypto analyst predicts that market participants will start to take profits.

“That breather could be horizontal consolidation or that breather could be a pullback all the way back down to $12,000 or even as low as $11,500.”

Although Vays sees a correction on the horizon, he is long-term bullish on the world’s most dominant cryptocurrency.

“[The] monthly view is going to be great. We’re going to close as the second-highest month ever and we got a shot at closing at the highest month ever if we can close at $14,000. That would be the highest monthly close ever, which would also be absolutely great.”

Vays also highlights his current personal sentiments on BTC.

“I’m pretty damn bullish right now. I don’t know if that’s stupid or not but I’m pretty damn bullish. I haven’t been this bullish since early 2017.”

As for his long-term BTC forecast, the veteran trader believes that Bitcoin is poised to ignite a massive rally within the next six months.

“Let’s be reasonable here. Let’s say we have a 300% move. That takes us to $50,000.”

However, Vays believes Bitcoin will suffer a massive devaluation after going as high as $50,000 before recovering and climbing above $100,000.

“I can see a 50% crash, which would take us to about $20,000 to $25,000. Let’s say we go back to $20,000 – the prior swing high… And then from there, I could see, this would be fast, I could see a slow grind back up to $50,000. 

From this $50,000 area or let’s from that $40,000 area, we go up another 300% to 400%. This is something that’s realistic to me. That takes us to say $150,000 from there. How long would that take? Before the next halving.”

In other trending Bitcoin News today:

Nautilus Research: Bitcoin (BTC) Pattern Echoes Early Days of Prior Exponential Rallies

Bitcoin (BTC) is displaying patterns that have historically occurred before massive breakouts, potentially indicating the start of the next exponential bull run, says research agency Nautilus Research.

In a Twitter post, Nautilus Research suggests that Bitcoin is currently forming a pattern that has preceded the bull runs of 2012 and 2017.

“Bitcoin echoes of patterns ahead of previous major breakouts.”

According to the independent research boutique’s chart, Bitcoin has historically corrected at least 80% from boom cycle highs and then consolidated for over a year before launching the ensuing bull market.

If history is any indicator, Bitcoin may soon ignite a parabolic rally that could send the most dominant cryptocurrency well above $100,000.

“Investors piled into Bitcoin this week and this rally spilled over to other crypto assets. At the same time, investors are sticking to high-quality names primarily, as we’re seeing the most strength coming out of the large caps.

Bitcoin is the go-to asset for traditional investors looking to diversify their holdings into cryptocurrency. As such, any time we see Bitcoin take the lead, we can be certain that new money is entering the space. This is a prerequisite for any sustainable crypto bull run.”

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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://dailyhodl.com/2020/10/26/crypto-analyst-tone-vays-says-bitcoin-btc-breakout-not-over-yet-predicts-timeline-for-300-rally/

https://cointelegraph.com/news/highest-weekly-close-since-early-2018-5-bitcoin-price-tips-this-week

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The average value of Bitcoin transactions has increased dramatically since July this year. 

The average BTC transaction value was sitting at approximately $25,000 per transaction four months ago, but posted a yearly high on Oct 20 at $151,000 per transfer — representing an increase of more than 500%.

The latest spike, as shown by crypto analytics platform BitInfoCharts’ data, saw the average value of a transaction increase almost $50,000, up from $105,000, in the last 48 hours.

This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017.

The $151,000 average value is 190 times more than Ethereum’s average transaction value of $793, suggesting a significantly greater institutional presence in the Bitcoin markets.

However, the number of daily Ethereum transactions increased by 30% amid the DeFi boom in August, reaching a 2-year high of 1.29 million on Aug 10.

Over the same period, Bitcoin transactions consistently hovered between 300k and 350k, suggesting the Ethereum ecosystem was the primary magnet for new crypto users.

The number of Bitcoin active addresses also showed no significant changes, fluctuating between 650k and 970K over the last 4 months.

Accumulation figures show that institutional investors are starting to take notice as large investment firms, like Grayscale and Microstrategy, increased their accumulation of large amounts of Bitcoin and other cryptocurrencies over the last few months.

By the end of September, Grayscale controlled at least 449,900 BTC or 2.4% of the current supply of Bitcoin, and Microstrategy owned 38,250 BTC.

Two weeks later, Jack Dorsey’s Square purchased 4,709 BTC (approximately $50 million) in Bitcoin.

In other trending Bitcoin News today:

“PayPal To Offer Crypto Payments Starting In 2021”

PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.

PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.

The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.

This means that the merchants will be receiving fiat, as PayPal will take care of the conversion. 

The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said.

The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.

In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.

PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.

PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020.

It was one of the initial founding members of the Libra association, though it subsequently dropped out after regulatory pressure mounted for the project.

Rumors of a planned crypto integration surfaced earlier this year.

The company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.

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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:

Finally!PayPal joins the bitcoin space race.+ 346 million users+ 26 million merchants + 20th largest “bank” by deposits

Between them, Square, and Grayscale, it’s safe to assume that all remaining BTC will be hoovered up by public companies. https://t.co/d3oEk0LLgv

— Ryan Selkis (@twobitidiot) October 21, 2020

https://www.reuters.com/article/paypal-cryptocurrency/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-idUSL1N2HB14U

https://cointelegraph.com/news/bitcoin-average-transaction-value-increases-500-since-july

https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021

https://cointelegraph.com/news/bitcoin-price-rally-to-12k-is-meaningless-until-bulls-flip-it-to-support