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According to Dan Held, growth lead at Kraken, Bitcoin is currently experiencing a supercycle that could propel it all the way to $1 million.

In Held’s view, this market cycle is fundamentally different from previous ones. “This is one in a hundred year moment”, he said, mentioning the coronavirus crisis, growing distrust in financial institutions and central bank money printing as catalysts of the current crypto bull market.

“People aren’t just in it for a speculative run anymore. People are buying it because they see Bitcoin’s value”, he explained.

Held is also convinced that once Bitcoin will reach its full potential as digital gold, it will challenge governments’ monopoly over money.

“Bitcoin undermines their entire power and authority by removing money from their ownership,” he said.

At that point, governments will see crypto as a threat and crack down on it in what Held defines as a “crypto mass extinction event.” According to Held, altcoins won’t be able to survive such an attack, since most of them are “degrading their censorship resistance and decentralized properties in order to increase their throughput.” Bitcoin, however, was specifically designed to resist such censorship.

“Satoshi built the Blockchain to build Bitcoin, and he built it to be an incredibly resilient tool against governments,” Held said.

In other trending Bitcoin News today:

Morgan Stanley Rumored To Be Eyeing Stake In Top Korean Exchange Bithumb

According to Korean media, U.S.-based multinational investment banking giant Morgan Stanley is rumored to be negotiating the acquisition of a significant share in leading Korean cryptocurrency exchange, Bithumb.

The news was reported on March 18 by Aju News, with Bithumb reportedly in discussions with major Bithumb shareholder, Bident — who owns a roughly 10% stake in Bithumb Korea.

A March 19 article from leading local search engine Naver states that Morgan Stanley is planning to invest between 300 and 500 billion Korean won ($254 million to $441 million). The report cited an anonymous senior Bithumb representative as stating, “Morgan Stanley participated in the acquisition of Bithumb.”

“The reason Morgan Stanley used Bident is because it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings,” said a second anonymous source familiar with the matter.

Cointelegraph markets analyst Joseph Young shared the news to Twitter, noting Bithumb is targeting a $2 billion valuation.

The news comes two days after Cointelegraph reported on an “internal memo” from Morgan Stanley announcing the firm will launch three funds enabling Bitcoin ownership for wealthy customers with “an aggressive risk tolerance.”

Eligible clients must be accredited investors and hold at least $2 million worth of capital with the company. Minimum investments into the funds are $5 million.

Commenting on the news, Devin Ryan of U.S. investment bank JMP Securities predicted Morgan Stanley’s crypto-friendly funds will prompt other financial institutions to explore offering their clients exposure to digital assets.

“Motivations range from missing the opportunity at best, or at worst, seeing business disruption if clients decide better alternatives exist, which could negatively impact growth or competitive positioning,” Ryan said.

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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:

Wow.Morgan Stanley is reportedly bidding for Bithumb, South Korea’s top crypto and bitcoin exchange, for $2 billion valuation.Slowly, then surely.

The explosiveness of institutional interest in this space right now is unprecedented.

— Joseph Young (@iamjosephyoung) March 19, 2021

More and more people are beginning to understand how #Bitcoin demonitizes violence. If you want peace switch to a Bitcoin standard.

“Max Keiser Makes Claim That Bitcoin Could Prevent 9/11 Attacks” https://t.co/h7fRq3kBrA

— Max Keiser (@maxkeiser) March 18, 2021

https://cointelegraph.com/news/supercycle-may-propel-bitcoin-over-1-million-kraken-s-dan-held-says

https://cointelegraph.com/news/morgan-stanley-rumored-to-be-eyeing-stake-in-top-korean-exchange-bithumb

https://cointelegraph.com/news/bitcoin-price-facing-final-resistance-before-68k

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Adam Back, the CEO of Blockstream who was quoted in Satoshi’s white paper, says that the Bitcoin price hitting $20,000 would’t seem surprising to him if that happened due to the current BTC market conditions.

“woke up to a vivid dream this morning, which took a moment to realize was a dream. sure you’ve had them once in a while. it was that bitcoin hit $20k overnight and then pulled back to $16k. didn’t seem surprising given the market conditions, so it wasn’t price that caused wakeup” – Adam Back

Bitcoin Could Rocket Higher

It is worth noting that Back accurately called Bitcoin’s recent price spike.

As reported by U.Today, he explained that dip buyers would soon start putting their cash to work.   

The drop that followed dampened bullish sentiment, but it remains to be seen whether this downtrend will continue.

With the U.S. Federal Reserve firing new bazookas and the Bank of England promising to print an unlimited amount of money, there hasn’t been a better time for Bitcoin (BTC) to shine. 

Bitcoin Price Analysis: BTC Continues To Be Resilient As Economy Tanks – Are We Headed Above $7,000 Next?

Bitcoin fell by a total of 4% over the past 24 hours of trading.

It had dropped much further lower but managed to find strong support at $5,786 which allowed the cryptocurrency to rebound higher and break back above $6,000.

The cryptocurrency is proving to be extremely resilient as it continues to stabilize whilst the rest of the economy around the world continues to fall further lower.

Short term prediction: NEUTRAL Bitcoin remains neutral and would need to close above $6,500 before we can consider a very short term bullish trend. 

Toward the upside, the first level of strong resistance lies at $6,175.

The coin has struggled with this resistance over the past 4-days of trading and failed to close above here on each attempt.

Above this, resistance lies at $6,542 (bearish .5 Fib Retracement) and $7,000. If the buyers continue to drive even further above $7,000, resistance lies at $7,100, $7,174 (bearish .618 Fib Retracement), and $7,270.

On the other side, support is located at $5,786. This is followed with support at $5,600, $5,500, and $5,467 (.618 Fib Retracement).

Key Levels Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..

Resistance: $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

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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:

$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.

— Michael Novogratz (@novogratz) March 22, 2020

but don’t write off the value of liquidity, trading with less 3rd party custody, atomic trade – that’s part of the value of bitcoin. cypherspace zero trust things are very cool and literally a cypherpunk dream realized already https://t.co/AC5CnuFGlX

— Adam Back (@adam3us) March 21, 2020

https://u.today/bitcoin-btc-price-hitting-20000-wouldnt-be-surprising-for-blockstream-ceo-heres-why

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Bitcoin is clinging to $68,000 on Nov. 9 after traders declared it “clear for take-off” and ready to begin further price discovery.

Quantitative analyst PlanB is predicting when the market cap value of BTC could overtake that of more traditional assets such as gold and real estate.

PlanB sees Bitcoin’s market cap reaching somewhere between $10 and $100 trillion.

“After the next halving, or really this halving, we should get really close to the gold market cap. And after the next halving, it would really surprise me if an asset that is recognized by the market as a store of value, that has more than a trillion dollars in value, if that store of value, with a bigger scarcity than gold, would not at least be valued higher than gold. 

So somewhere between gold and real estate – $10 trillion and $100 trillion, roughly.”

In other breaking Bitcoin News today: Credit card giant Mastercard made a big splash in the digital asset market on Tuesday by announcing the launch of crypto-linked payment cards across the Asia-Pacific region. 

The card giant partnered with three Bitcoin service providers in the region to enable consumers to spend BTC anywhere that accepts Mastercard.

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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/new-ath-renews-faith-in-planb-s-prediction-of-98k-btc-by-december

https://cointelegraph.com/news/breaking-mastercard-launches-crypto-linked-cards-across-asia-pacific

https://cointelegraph.com/news/clear-skies-for-bitcoin-price-discovery-if-giant-70k-btc-sell-wall-is-scaled