REPORT: .4 Trillion Bitcoin Tidal Wave Coming | BTC Price Can Hit K in 2020 ‘Very Easily’

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For a number of years now Bitcoiners have predicted that the Bitcoin price will surpass its all-time high of $20K per BTC from 2017, and many believe it will rise to the $100k or six-digit price range.

This week cryptocurrency enthusiasts discussed the possibility of the crypto asset reaching $100k at great length.

In mid-December 2017, the price of bitcoin (BTC) touched an all-time high (ATH) of $19,600 per coin. Today, BTC is 45.81% lower than the 2017 ATH but a number of Bitcoiners believe that the crypto asset will surpass that price range.

For instance, at the 2020 Virtual Blockchain Week event, the well known venture capitalist Tim Draper said he believes the price of BTC will touch $250k by 2022 or early 2023.

Mark Yusko the CEO of Morgan Creek said he thinks BTC will reach $100k.

Other influencers who believe $100k per BTC is attainable include Blockfyre’s Simon Dedic, Cardano’s Charles Hoskinson, and Morgan Creek’s Anthony (Pomp) Pompliano.

This week a great number of average folks leveraging the Reddit forum also discussed the possibility of BTC reaching $100k.

The Reddit post called “How many people here think 100k is happening at any point?” was a topical discussion on Sunday and hundreds of people commented.

A deep scan into the thread shows that a great majority of bitcoiners think that $100k is destined to happen. Although, there were a fraction of individuals who did not think BTC could reach the six-digit zone.

A few people compared BTC to the likes of gold and said that the crypto asset will mimic the precious metal’s store of value benefits.

“Just look at the market cap for gold in the trillions, around $9 trillion,” the individual stressed. “If BTC hit the same market cap that would mean about $485k per currently circulating bitcoin. That’s just using this year’s numbers. and not counting for lost BTC.”

The subreddit r/bitcoin is not the only place on the web where individuals are discussing BTC hitting the six-digit range.

On Twitter, the $100k per BTC conversation is also very prominent. On September 25, the creator of the stock-to-flow (S2F) bitcoin model, Planb, held a poll about the six-digit price range which received over 24,000 votes.

While 34% said BTC will stay below $55k, over 26% said the crypto asset would be $100k and 19.5% voted for $288k per coin.

On Friday, Crypto Capital Venture told his 19,000 Twitter followers that $100k will happen but the crypto asset would probably slide back down to $30k. “Bitcoin to $100k isn’t a final destination,” he tweeted.

“It’s a pit stop; a service area where the rest of the world will finally have a chance to say ‘Ok, let me get on board please.’ … And then it’ll retrace to $30k.”

In other breaking Bitcoin News today:

More Than 32,000 Bitcoin or About $335M Has Been Withdrawn From BitMEX After The US Government Charges Its Owners

In the aftermath of criminal charges against BitMEX, the crypto community is debating whether the decentralized finance sector is also set to face the wrath of regulators.

On Oct 1, the U.S. Commodity Futures Trading Commission announced charges against three BitMEX executives for violating the Bank Secrecy Act (BSA) due to the exchange’s allegedly weak anti-money laundering and know-your-customer (KYC) policies.

DeFi protocols, including Decentralized Exchanges (DEXs) have made a virtue of having minimal AML and KYC procedures.

However many now wonder if DEXs are also obliged to comply with the BSA, even though most projects seek to decentralize ownership and governance throughout their communities.

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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:

Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!

— Donald J. Trump (@realDonaldTrump) October 2, 2020

https://cointelegraph.com/news/why-the-bitmex-charges-could-be-bad-news-for-defi

https://www.coindesk.com/bitcoin-stock-trump-covid

https://news.bitcoin.com/bitcoins-big-believers-6-digits-inevitable-btc-has-a-better-chance-of-going-to-100k-than-zero/

➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net

With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading cryptocurrency. 

The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.

Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.

“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” with arguments in favor of Bitcoin at their most persuasive ever, he wrote.

The report notes how Bitcoin is all about “unthinkable rallies followed by painful corrections” but a type of pattern that sustains a long term trend.

As such though it’s to be seen if such lofty levels will be hit, “the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,” reads the report whose snippets were first shared by trader and economist Alex Kruger.

Although “this kind of technical analysis is of little value,” Kruger noted, “what matters here is Citi’s clients being exposed to the bitcoin moon.”

Citibank compared the digital asset’s first rally that took it to the mainstream with gold, which similarly “was allowed to float in the early 1970s after 50 years of trading in a $20-$35 range.”

And that was a “structural change in the modern-day monetary regime” ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.

In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called “yesterday’s news” in terms of a financial hedge.

“Bitcoin is the new gold,” reads the report.

The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.

The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, “makes capital confiscation easier.” 

In both the scenarios, Bitcoin will give us the digital equivalent (Bitcoin versus Fiat digital) of what we saw in the 20th century when the financial regime changed (Gold versus FIAT paper). 

In other trending Bitcoin News today: 

Incoming Senator Hopes To ‘Bring Bitcoin Into The National Conversation’

In a clip that has been widely circulating on Twitter, the soon-to-be-senator representing Wyoming — possibly the highest ranking US official to ever speak so glowingly of the digital currency — cited her experience as a former state treasurer for why she believes in Bitcoin’s future.

“I’m a former state treasurer and I invested our state’s permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”

The Senator also appeared to brush off GMA3 host Sara Haines’ implication that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges at all.

As Cointelegraph has previously reported, Lummis is an early adopter of Bitcoin, having first picked up the currency in 2013 following a tip from her son-in-law, Will Cole, who works at cryptocurrency services firm Unchained Capital. 

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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:

MINDBLOWING

Grayscale just bought another 15,114 #Bitcoin which has increased the overall holdings to 506,000 $BTC. This accounts for more than 2 percent of the global Bitcoin supply.

— The Moon 🌙 (@TheMoonCarl) November 15, 2020

3/ Given current trajectory, I expect price to approach the 350dma x 2 around $22-24k.

Maybe we need to correct there for a while due to FOMO kicking in having breached ATH? pic.twitter.com/xcyuxuSewS

— Philip Swift (@PositiveCrypto) November 12, 2020

Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace

https://bitcoinexchangeguide.com/bitcoins-moon-target-set-at-318000-in-december-2021-by-citibank-report/

https://cointelegraph.com/news/incoming-senator-hopes-to-bring-bitcoin-into-the-national-conversation

➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net

Real Vision CEO and Bitcoin bull Raoul Pal says that a massive wall of institutional money is inevitably going to push the BTC price to $300,000 in a year and a half.

In an interview on Kitco News, Pal says that institutional investors are waiting in the wings to get access to Bitcoin, which is now a “globally recognized brand,” and a “ridiculously well-performing asset.”

“Yesterday alone, I was speaking to the founder of one of the largest investment firms in America. Investment advisors alone have $5 trillion in assets, and he’s trying to get all of his advisors and advise all the others as soon as the ETF is launched to get up to 1% of assets. I mean, that’s $500 billion from the investment advisors alone.”

“We’ve all seen these phases. These things where ‘We’re not going to use this, this is rubbish, why do we need this? I’ve got a fax machine, why do I need email?’ Suddenly, ‘What’s a fax machine?’ Look at all these dot coms, at their mania. Next minute, it’s normal. It’s part of life and Amazon’s a trillion-dollar company.

The world goes through these phases and the more conservative people, the less risk-takers, tend to be later to the party. So I think the banks are late here because they’re going to get disrupted somewhat.”

According to Pal, every single indicator and metric he uses for forecasting Bitcoin points to a mega-bullish rally in the next year or so.

“I use a number of measures. I use technical analysis, logarithmic charts. I use the stock-to-flow ratio… I use a whole number of different yardsticks… They all basically come to the same thing. 

They basically come to: We’re going to be somewhere between $500,000 and a million dollars within five years, and we should be somewhere between $100,000 and $300,000 in the next 12 to 18 months.”

In other trending Bitcoin News today:

MicroStrategy Will Issue $400 Million In Securities To Buy More Bitcoin

The world’s largest publicly traded business intelligence firm, MicroStrategy has announced plans to invest the proceeds from a $400 million securities offering into Bitcoin.

On Dec. 7, the firm revealed plans to issue $400 million in convertible senior notes — a debt security that can be converted into the issuing company’s shares. The announcement stated:

“Microstrategy intends to invest the net proceeds from the sale of the notes in Bitcoin.”

At current prices, the $400 million would increase the company’s holdings by 20,833, which would bring the firm’s total crypto stash to almost 62,000 BTC.

Microstrategy will pay semi-annual interest to the note-holders until December 2025. The firm also reserves the right to redeem the notes for cash from Dec. 20, 2023.

The announcement states that MicroStrategy may also offer up to an additional $60 million worth of notes to its initial purchasers within 13 days of commencing the offering.

The securities will be issued under Rule 144 of the Securities Act, and will be available to qualified institutional investors only.

MicroStrategy made waves in the crypto world during August, when the firm revealed it had adopted Bitcoin as its primary reserve asset after purchasing 21,454 BTC for $250 million. It then purchased a further 16,796 BTC for $175 million the following month. The purchases were made through Coinbase’s OTC and brokerage platform.

Just a few days ago on Dec. 5, MicroStrategy’s CEO, Michael Saylor, announced the firm had purchased a further 2,574 BTC priced at approximately $19,427 each for $50 million, bringing its total crypto holdings up to roughly 40,824 BTC.

At current market value, MicroStrategy’s BTC stash is worth nearly $784 million, meaning the firm is currently up 65% on its $475 million investment.

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

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:

https://cointelegraph.com/news/bitcoin-s-market-cap-will-flip-gold-winklevoss-twins

https://cointelegraph.com/news/microstrategy-will-issue-400-million-in-securities-to-buy-more-bitcoin