Bitcoin

‘It’s the beginning of the story’

Published

8 months ago

26 May, 2024

Jack Mallers, CEO of Strike, a Bitcoin (Bitcoin), payments app, made bold predictions about the price of the orange currency. Bitcoin could reach $1 million this bull cycle, he predicts.

In a recent podcast with Antonio Pompliano On his YouTube channel, Mallers doubled down on his prediction that Bitcoin could reach $1 million per coin in the current market cycle.

“We are still early in the history of Bitcoin,” he said. “I think Bitcoin will hit $250,000 to $1 million this cycle.”

Mallers outlined several key factors driving Bitcoin’s potential rise to these remarkable heights.

He highlighted that the bond market faces challenges, which could lead central banks to inject significant liquidity into the financial system to stabilize it. Mallers stated that this influx of liquidity would increase asset prices, including Bitcoin.

Bitcoin is a superior form of money, argues Mallers. Its limited supply makes it resistant to inflation, unlike fiat currencies. His projected potential for Bitcoin to reach $1 million per coin is driven by growing adoption by Wall Street.

Mallers elaborated on his perspective regarding Bitcoin’s position as a legacy system, its resonance with the current macroeconomic environment, and the reasons driving Wall Street’s growing involvement with the Bitcoin market.

He reiterated Bitcoin’s role as a hedge against inflation and positioned it as a superior alternative to gold, citing its fixed supply and independence from government influence.

Furthermore, Mallers also highlighted Bitcoin’s scarcity and its potential as a universally accepted currency as reasons for his optimism. He explained that Bitcoin is the most rigid form of money, with its fixed supply schedule and halving events every four years gradually reducing the rate of issuance of new coins, thus increasing their long-term value.

Additionally, Mallers emphasized the importance of the Lightning Network, a layer 2 solution built on the Bitcoin blockchain, facilitating near-instant and cost-effective transactions. He believes that the adoption of the Lightning Network will allow Bitcoin to be used for everyday purchases, such as buying coffee, increasing demand for the cryptocurrency.

Skepticism around Bitcoin

Mallers acknowledged that some see Bitcoin as a speculative bubble. However, he countered this perception by defending it as the ideal safeguard against an imminent financial crisis.

Furthermore, Mallers highlighted the growing acceptance of Bitcoin in Wall Street circles, signaling a shift in sentiment towards the cryptocurrency.

See the video below:

While Mallers’ predictions may seem ambitious, he is not alone in his bullish stance on Bitcoin. Other notable figures in the cryptocurrency sphere, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.

Bitcoin visionaries Saylor and Hayes remain bullish

Michael Saylor, CEO and president of MicroStrategy, and Arthur Hayes, founder of BitMEX, have articulated ambitious predictions about Bitcoin’s future price trajectory.

On a discussion with CNBC, Saylor stated his belief that Bitcoin’s value could increase tenfold, potentially reaching $350,000 by 2024. He posited Bitcoin as a superior store of value compared to fiat currencies, predicting continued adoption as that more investors recognize its potential.

On the other hand, Hayes designed that the price of Bitcoin could surpass $70,000 by 2025 and rise to $1 million in the long term.

Hayes maintained that the financialization of Bitcoin through the advent of a highly liquid Bitcoin ETF represents a tactic that financial elites employ to retain capital within the system. Despite potential market turbulence, Hayes stated that the financialization of Bitcoin would propel the crypto market to new heights by the end of 2024.

Both Saylor and Hayes highlighted Bitcoin’s scarcity and potential as a globally adopted currency. They postulated that Bitcoin’s fixed supply schedule, characterized by halving events every four years, reducing the issuance of new coins, will sustain its appreciation in the long term.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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