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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.
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