âĄïž Leverage OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision â and that would be the most conservative BTC scenario.Â
Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the BTC market.
That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017âs crypto bubble, which is believed to have been driven mainly by retail investors.
According to Pal, most of Bitcoinâs additional supply is currently being absorbed by PayPal, Square â which recently adopted crypto services â and Grayscale. He believes that the resulting supply squeeze is the catalyst for Bitcoinâs latest surge.
âIâve never seen a market with this supply and demand imbalance beforeâ, Pal said, pointing out the macroeconomic factors that are playing in Bitcoinâs favor.
Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies.Â
That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoinâs price to new highs.
âItâs life-changing. No other asset has an upside of 5x, 10x, 20x in a short space of time,â he stated.
In other trending Bitcoin News today:
Bloomberg Lists 5 Bullish Trends For Bitcoin Price Despite âThanksgiving Crashâ
Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.Â
In an article on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin metrics pointing to a bullish future â despite Thursdayâs $3,000 price rout.
Included as evidence were record-high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets.
âJust look at market technicals and Wall Streetâs growing embrace of the worldâs biggest digital currency,â it began.
âAnd while the trading doesnât always run smoothly, the $315 billion digital coin is far deeper and more liquid than it was during last boom in 2017.â
Bloomberg referenced what it describes as âcrypto diehardsâ who reject the idea that the current price gains are another bubble. Among them was regular Cointelegraph contributor, Mati Greenspan.
âItâs different now,â he commented.
âThe last time we saw Bitcoin get this high, the blockchain was close to collapsing, but the network has had improvements since then.â
A separate interview with Bloomberg TV on Friday meanwhile saw Antoni Trenchev, CEO of the worldâs biggest crypto lender Nexo, forecast Bitcoin hitting a new all-time high by the end of 2020, adding:
âThe digital gold narrative is stronger than ever. If Bitcoin captures just 10% of the total market cap of gold, we will be at $50,000 in no time.â
The lack of criticism contained in the article echoes growing acceptance of Bitcoin as a genuine asset, whether investment interest is coming from retail or institutional circles.
Part of the cryptocurrencyâs positive image stems from its now eight-month growth spurt versus its March crash, during which it has consistently outperformed other macro assets.Â
Even after its retreat to $17,000, Bitcoinâs year-to-date returns stand at 135%, against 19% for gold and 12% for the S&P 500, data from analytics resource Skew confirms.
Follow Us:
đ„ Blog/Podcast: http://CryptoNewsYes.com
đ„ Subscribe on YouTube: http://CryptoNewsAlerts.net
đ„ Subscribe on Spotify: http://spotify.cryptonewsalerts.net
đ„ Subscribe on iTunes: http://itunes.cryptonewsalerts.net
đ„ Follow on Twitter: https://twitter.com/CryptoNewsYes
đ„ Join our Private Crypto FB group: âș http://fb.cryptonewsalerts.net
đ„ Join our Private Crypto Telegram group: âș http://telegram.cryptonewsalerts.net
đ„ Binance â Buy, Sell or Trade Over 400 Altcoins: âș http://binance.cryptonewsalerts.net
đ„ [IMPORTANT] â Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș 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:
https://cointelegraph.com/news/institutional-money-may-propel-bitcoin-to-250k-in-one-year-s-time-says-macro-investor
https://cointelegraph.com/news/bitcoin-analysts-explain-what-s-next-in-the-aftermath-of-btc-plunging-to-16-2k
Post Views: 227
