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There is nothing stopping Bitcoin from attempting to become a six-figure asset, the Magnetic managing director William E. Quigley professed in an interview with CNN Business.
The New York-based senior executive listed a string of reasons behind his bullishness on Bitcoin, the worldâs leading decentralized cryptocurrency whose rates surged from as low as $3,858 just shy of $58,500 in the previous 12 months.Â
They included Bitcoinâs scarcity and growing demand among mainstream corporate houses that look for alternative store-of-value assets for their balance sheets.
A pre-embedded algorithm within the Bitcoin blockchainâs source code reduces its supply rate by half every four years or after every 210,000 blockâan event known as âhalving.â Meanwhile, there can only be 21 million BTC tokens in existence, making the cryptocurrency scarce, making it more valuable in the long-term if the demand for it rises.
Bitcoin has had three halvings in the past. The November 2012 and June 2016 supply cuts saw the BTC/USD rates jumping from about $12 to nearly $1,150 and $650 to almost $20,000.
Meanwhile, the third halvingâthat took place in May 2020âhas followed up with up to 558 percent rise so far. It prompted Mr. Quigley to see a bullish fractal.
âWe are about halfway through the post-halving bull run,â the executive noted. âSo, by my judgment, we have a lot more to go with Bitcoin. Certainly a hundred thousand and quite possible a $150,000 by the end of this year to maybe Q1 next year.â
BITCOIN DEMAND GROWS
That explains why even corporates have started embracing the flagship cryptocurrency as an alternative to cash. Tesla, the worldâs leading electric carmaker, revealed in February that it added $1.5 billion worth of bitcoin in its balance sheet, noting that it would also start accepting the cryptocurrency for its services and products.
MasterCard, a credit card giant, announced that it would integrate crypto tools into its services in the same month. Bank of New York Mellon, the USâs first banking firm, joined the ranks by announcing that it would offer bitcoin custodianship via the same platform that its clients use for traditional securities and cash.
âThe latest survey I saw showed that 5 percent of the public-traded companies in the US would consider adding Bitcoin to their balance sheets,â said Mr. Quigley. âAnd the reason they are thinking that is that corporates have trillions of dollars in cashâand where do they put it? There are government bonds but $17 trillion of them yield negative returns.â
In other trending Bitcoin News today:
Experts Divided on BTC Predictions: Bullish or Super Bullish?
Despite the current battle between Bitcoin bulls and bears around the $50,000 price mark â and an 8.7% pullback over the past 24 hours â a raft of analysts and commentators have got out their crystal balls to tip a glittering future for Bitcoin prices.
On Mar. 4, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone pointed to historical data to suggest that Bitcoin is on the way to $100,000.
âGrayscale Bitcoin Trust Discount May Signal March to $100,000 â Bitcoinâs end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Today is the two year anniversary of my #Bitcoin Halving Reward Era Price analysis chart.It is by far the most accurate, long-term chart prediction I’ve ever seen for Bitcoin.
I still trust it.$BTC will hit $200K+ this cycle. pic.twitter.com/jwUcOpHeXC
â K A L E O (@CryptoKaleo) February 13, 2021
Bitcoin is more likely to hit $1,000,000 than $0.
â Dan Held (@danheld) March 4, 2021
https://bitcoinist.com/top-new-york-executive-sees-bitcoin-price-at-150000-by-q1-2022/
https://cointelegraph.com/news/experts-divided-on-btc-predictions-bullish-or-super-bullish