WALL STREET INVESTORS NOT READY FOR BITCOIN FOMO PHASE, SAYS BTC BULL ANTHONY POMPLIANO!!!!!

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John McAfee, known for his brave Bitcoin price prediction that the BTC price will reach $500,000 next year, defended his recently doubled down forecast of $1 million per coin in 2020 during a Forbes interview.

In the interview, McAfee argued that the main trigger for Bitcoin’s surging price will be its scarcity.

BTC’s supply is limited to 21 million coins, and a significant proportion of that has apparently been lost forever.

McAfee said: “Let’s get real, there are only 21 million bitcoins, seven million of which have been lost forever, and then, if Satoshi is dead, add a few more million.”

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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.

News Resources From Today’s Show:

https://bircoin.top/

https://www.forbes.com/sites/benjaminpirus/2019/09/30/mcafee-explains-rationale-for-why-he-still-sees-1-million-bitcoin-by-2020/

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PlanB, creator of the controversial stock-to-flow Bitcoin price prediction model says BTC may still have room for 100X growth which means the leading cryptocurrency has the potential to rise to $2,000,000 per Bitcoin. 

He tweeted…

“Bitcoin and central bank balance sheets (money ‘printing’) have gone hand in hand last 10 years .. but now BTC is lagging behind .. about two orders of magnitude (100X). Room for growth?”

The pseudonymous analyst also recently shared that he has ‘no doubt’ Bitcoin will hit $100K-$288K ‘before’ December 2021 as his BTC price prediction model suggest.

In other trending Bitcoin News today: 

Bitcoin Just Made Its Highest Close In History!!

Many analyst see this as a validation that this isn’t a “double top” near $20,000 on a macro basis. Analysts are confident that BTC will continue its ascent higher now that it has set a new high.

While Bitcoin has made this technical accomplishment, there are some concerned that a drop is imminent.

Raoul Pal recently shared that as per the Tom Demark Sequential, a key time-based technical indicator, he fears that a correction is likely:

“Bitcoin is potentially facing some serious technical headways… the daily DeMark is showing a cluster on 2 13’s and a 9 and tomorrow might put in ANOTHER 13!”

Raoul Pal is a prominent Wall Street veteran that spent his career running hedge funds and working as the head of hedge fund sales at Goldman Sachs. He retired from the hedge fund business and now researches markets and runs Real Vision for a living.

He recently put 98% of his liquid net worth into Bitcoin and Ethereum:

“Ok, last bomb – I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I dont own anything else (except some bond calls and some $’s). 98% of my liquid net worth. See, you can’t categorize me except #irresponsiblylong.”

The more controversial elements of U.S. President-elect Joe Biden’s future tenure are already becoming clearer — and it’s good news for Bitcoin.

As his inauguration edges closer, Biden has already said that he plans a $7 trillion recovery package to tackle the impact of coronavirus. This would add a huge new chunk of debt to the already huge mountain that the U.S. has accrued this year.

Against the backdrop of an already weakening dollar, the U.S. could thus face a potent cocktail of dangerous economic factors driving down wealth. The appeal of a safe haven has thus never been so real.

“We had a horrible time in 2008 because of too much debt, and since 2008, the debt everywhere has skyrocketed. We can’t even count how much the debt is up,” Jim Rogers, co-founder of the Quantum Fund with George Soros, said at an investment summit last week quoted by Reuters.

“If Janet Yellen is the next Secretary of the Treasury, she loves to print and spend money.”

As Cointelegraph reported, the strength of the dollar is predicted to fall further in 2021, something that has traditionally buoyed Bitcoin. The greenback is already at its weakest against a basket of trading partner currencies since April 2018.

As an indication of the direction the U.S. is headed, meanwhile, Preston Pysh noted the opposing direction of U.S. debt versus M2 money velocity.

“Check out the disparity on these two charts -just in 2020 alone,” he mentioned to Twitter followers.

“A growth in M2 money supply by +22.5%. Velocity of money DOWN by -20%. Printing is nesting itself into bonds and stocks. It’s causing massive destruction of the middle class. You might want to checkout Bitcoin.”

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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 and central bank balance sheets (money ‘printing’) have gone hand in hand last 10 years .. but now BTC is lagging behind .. about two orders of magnitude (100X). Room for growth? pic.twitter.com/zAXN93qlTJ

— PlanB (@100trillionUSD) December 6, 2020

Bitcoin Forms Highest Weekly Candle Close In History

https://cointelegraph.com/news/new-us-stimulus-brexit-and-20k-5-things-to-watch-in-bitcoin-this-week

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Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.

This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.

Analysts at the multinational financial institution found that through their analysis of Bitcoin’s intrinsic value, BTC is currently trading “25% below what the intrinsic price would be after the halving.”

The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.

While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.

As it stands according to JP Morgan analysts, Bitcoin’s intrinsic value sits somewhere around $11,500 — over $2,500 higher than the current market price.

While this price may seem miles away, it’s attainable due to fundamental trends.

Blockchain insights firm Santiment shared on May 21st that Bitcoin’s Network Value to Transactions Ratio (NVT) remains “healthy,” suggesting prices may soon resume higher despite the recent drop:

“In spite of BTC’s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,” Santiment wrote.

BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.

In a note, the firm said that the “macro case” for BTC has “never been more obvious.”

It attributed its optimism to multiple trends, such as growing distrust in central banks, the world’s adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.

JP Morgan’s latest report about Bitcoin comes as JPMorgan & Chase — the banking division of the firm — has begun to service “crypto-native” clients for the first time ever.

As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.

“People familiar with the matter,” said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.

“The bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchanges’ U.S.-based customers, according to the people.”

According to Mike Novogratz — CEO of Galaxy Digital and a former partner at Goldman Sachs — this news is a massive deal, a “big deal” in fact.

The Wall Street investor remarked that the firm’s acceptance of cryptocurrency clients is a sign of “recognition that the future will include crypto currencies, digital assets, and blockchain based systems.”

In other trending Bitcoin News today:

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”

A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.

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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:

The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.

— Michael Novogratz (@novogratz) May 12, 2020

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”