Bitcoin

Sudden US Dollar Collapse, ‘Fear’ Predicted to Trigger $15.7 Trillion ETF Gold Price Shift as Countries Go ‘Dual Currency’

Published

8 months ago

2 June, 2024

Sudden US Dollar Collapse, 'Fear' Predicted to Trigger $15.7 Trillion ETF Gold Price Shift as Countries Go 'Dual Currency'

Bitcoin
Bitcoin
exploded in 2024, driven by the arrival of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street (with a top BlackRock executive recently revealing what’s next).

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The price of bitcoin has soared back to its all-time high of around $70,000 per bitcoin, recovering from a 2021 crash that Goldman Sachs’ crypto leader thinks it could signal a “turning point” in the price of bitcoin.

Now, after US Treasury Secretary Janet Yellen issued a sobering warning about the US’s growing $34 trillion debt pileformer billionaire and All In podcast “best friend” Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it – potentially pushing its market capitalization to $15.7 trillion worth of gold.

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ForbesJanet Yellen Issues Serious $34 Trillion Warning as Bitcoin Expected to Soar to $1M PriceBy Billy Bambrough

Fears have been raised that the devaluation of the US dollar could lead to the currency’s collapse, as the world… [+] reserve asset – potentially paving the way for bitcoin to replace gold and triggering a huge rally in the price of bitcoin.

getty

“There are a growing number of countries that will become dual currency,” Palihapitiya said on the podcast he hosts along with fellow investors David Friedburg, Jason Calacanis and David Sacks.

“They will look at their local currency and they will look at bitcoin. And they will say that these two things are necessary. The first for when they do daily transactions of goods and services and the second when you need to buy a permanent asset that needs to have residual value, they will buy bitcoin.”

El Salvador made history when it adopted bitcoin as its official currency alongside the US dollar in 2021 with mixed success, sparking debate over whether other countries would follow suit, although no major country has yet done so.

However, Palihapitiya added that he thinks “there are many countries that will never look at bitcoin credibly even if they support it,” with the US perhaps “one of them.”

Palihapitiya pointed to historical bitcoin price charts that show huge increases in the price of bitcoin following so-called bitcoin halvings, which reduce the supply of new bitcoins issued to miners maintaining the network. The latest bitcoin halving, the fourth that reduced the daily supply of new bitcoins from around 900 to 450, took place in April.

“If you apply these averages, they are in no way [bitcoin price] predictions, they’re just guesses, you start to see what can happen if you take the average of the last few cycles,” Palihapitiya said. “The average of cycles two and three is a really significant appreciation.”

Historical bitcoin price data shows that after previous bitcoin halvings, the bitcoin price peaked about 18 months after the supply cut.

“If this thing reaches these levels of appreciation, it will completely replace gold and become something that has transactional utility for hard assets,” Palihapitiya said. “If you combine that with the fear that some people have about the devaluation of the dollar, you start to see some interesting opportunities.”

Earlier this year, analysts at Bank of America warned that the US debt load is about to rise to add $1 trillion every 100 days – fueling a rise in the price of bitcoin.

“The US national debt is increasing by $1 trillion every 100 days,” wrote Michael Hartnett, chief strategist at Bank of America, in a note to clients. visa by CNBC, adding that “it’s no wonder ‘debt degradation’ trades have approached all-time highs, i.e. gold [at] $2,077/oz [and] Bitcoin [at] $67,734.”

Hartnett predicted that the newly created bitcoin spot ETFs that took Wall Street by storm last month are on track for a “boom year,” in part because of the collapse of the US dollar.

The latest halving came on the heels of the historic approval by the U.S. Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, of a fleet of spot bitcoin ETFs, following a long legal campaign by crypto asset manager Grayscale.

“We trade bitcoin,” Palihapitiya said. “My big prediction for 2024 is that these ETFs will allow Bitcoin to cross the chasm and have its pivotal moment.”

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The price of bitcoin has risen over the last year, driven by the arrival of Wall Street via spot… [+] Bitcoin ETF.

Forbes Digital Assets

Meanwhile, bitcoin and crypto companies have emerged as a powerful lobbying group in this year’s US elections, spending huge sums on pro-crypto candidates and winning over both former President Donald Trump, the Republican frontrunner, and President Joe Biden. , whose re-election campaign has reportedly begun contacting crypto executives.

“I think it’s really interesting how the crypto community is organizing into a lobby to defend their interests,” said Palihapitiya co-host David Sacks, adding that Gensler and influential Democratic Senator Elizabeth Warren are on “a crusade” against crypto to “make it illegal or drive it abroad.”

“People in crypto have had a political awakening and realized they need to get involved in the political system for the sake of self-defense,” Sacks said.

“The reason [young people] are attracted to crypto is that it is not controlled by the government,” Calacanis added, predicting that crypto voters could move the needle on election night by as much as five basis points.

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Related Topics:All in podcast American dollar Bitcoin Bitcoin price Chamath Palihapitiya Cryptography David Sacos gold

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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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Cryptocurrency Charts by TradingView.

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