THIS BITCOIN BULL MARKET IS ‘NOWHERE NEAR THE TOP’ SAYS BTC STOCK-TO-FLOW CREATOR – HERE’S WHY!!

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The CEO of blockchain forensics firm Chainalysis is optimistic that the Bitcoin price will rise above $100,000 before the end of 2021.

In a Bloomberg interview, Michael Gronager, who is also the co-founder of cryptocurrency exchange Kraken, asserted that bitcoin and the cryptocurrency market, in general, are still in a bull run state.

“I think we are still in the bull market. I think we can see above a $100k by the end of the year, so I would be bullish on that as well. Long term, I would probably usually say the Moon is the limit but we can go beyond that as well.”

In other trending Bitcoin News today: Cryptocurrencies Gain Legal Status in Texas as New Laws Take Effect!

Texas becomes the latest US state to adopt crypto and blockchain technology under its commercial law. 

Texas House Bills 1576 and 4474, passed in May by the state’s Congress and in June by Governor Greg Abbott, officially make crypto legal in Texas effective September 2021.

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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/bloomberg-senior-strategist-calls-bitcoin-a-global-reserve-asset-on-the-path-to-100k

https://cryptopotato.com/bitcoin-price-to-hit-100000-by-end-of-2021-chainalysis-ceo/

https://news.bitcoin.com/from-250-billion-to-2-35-trillion-a-look-at-the-top-ten-crypto-market-cap-shifts-over-2-years/

Cryptocurrencies Gain Legal Status in Texas as New Laws Take Effect

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The outspoken CEO of the cryptocurrency exchange BitMEX is back with a fresh set of BTC predictions for the Bitcoin price and the global economy.

In a new edition of his Crypto Trader Digest, Arthur Hayes says the US government can print enough money to initially weather fallout from the coronavirus.

However, due in part to sinking demand for foreign goods and heavy hoarding of cash from American banks, he believes the US dollar will not flow to the businesses and nations that need it most – triggering a widespread fallout that will “destroy the global economy.”

“The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like.”

Hayes says Bitcoin (BTC) stands to benefit, especially if the US decides to digitize the dollar.

“All I know is the setup for Bitcoin, the hardest form of digital money, could not be better. All manners of trust have evaporated. In order to solve for demand and supply destruction, governments will embark on the greatest fiscal stimulus binge the world has ever seen. It will not be paid for by tax receipts, it can’t be because 30% of the population is out of a job, it will be paid for by the printing press.

The kicker is that, in order to hand money directly to the people, governments will have to digitize their currencies. That will educate the populace on digital money. Once they understand fiat digital money, they will seek out the hard version to avert the ravages of inflation. If you believed that Libra could educate the masses on the joys of digital currencies, just imagine when everyone on Basic spends their food stamps via a mobile app.”

In the short term, Hayes says he expects global markets to take another beating and the S&P 500 to once again test 2,000.

Alongside traditional markets, Hayes predicts the BTC price could easily crash to $3,000. He warns traders to buy the dip at their peril.

Although Hayes says he’s uncertain on the timing of his predictions, he expects a huge Bitcoin rally will happen this year that brings the leading cryptocurrency back to its all-time high.

“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancient regime. My end of 2020 price target remains $20,000.”

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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:

Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?

https://u.today/number-of-bitcoin-btc-whales-hits-two-year-high-is-another-bull-run-on-the-horizon

https://mailchi.mp/f9aef4cfc78a/crypto-trader-digest-1307898?e=aeae76e39c

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The First Bitcoin Price Prediction Ever Made

According to Blockstream founder and cypherpunk, Adam Back, Hal Finney’s $10 million BTC price prediction isn’t so far fetched, though, the reasons behind these levels may not be as apparent as you may think.

When it comes to any Bitcoin prediction, crypto analysts often tout the most hyperbolic and over-inflated projections imaginable.

From the more modest end of the spectrum at around $10,000, toward the virtually inconceivable heights of $10 million, valuations within this space can vary wildly.

Regardless, some augers of these seemingly aggrandized Bitcoin (BTC) price points do sometimes offer a reasonable explanation to support them.

Currently circulating its way around the ecosystem are some of the earliest price predictions ever made, and per Back, they may well come to fruition.

Merely a week after the mining of bitcoin’s genesis block, Hal Finney opined that BTC could grasp a value of $10 million per coin. 

This hypothesis was based – as many BTC predictions are these days – on bitcoin becoming a de facto global payments system.

Finney wrote:

“As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of all the currency should be equal to the total value of all the wealth in the world.”

Cypherpunk Hal Finney made this infamous Bitcoin thought experiment 11 years ago so we updated it for this decade.

A revised BTC prediction: The world’s economy has grown in the 11 years since the post was made.

According to “The Global wealth report 2019” by Credit Suisse, the total worldwide household wealth today equals approximately $360 trillion.

Divide it by 20 million bitcoins, and we get an even bigger number – roughly $18 million for a single coin.

This would be an increase of 225,000% in the price of Bitcoin – a value appreciation not unheard of in the Bitcoin ecosystem.

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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:

Totally agree. Must admit that I probably would not have this level of confidence (and interest) in bitcoin, if I would not have had 20+ years experience investing $100B AUM and personally seeing the unintended consequences of quantitative easing (QE) and negative interest rates.

— PlanB (@100trillionUSD) January 11, 2020

Running bitcoin

— halfin (@halfin) January 11, 2009

https://decrypt.co/16494/hal-finneys-idea-now-sees-18-million-bitcoin-price-prediction

https://www.ccn.com/adam-back-10-million-bitcoin-prediction-is-closer-than-it-sounds/