Category Archives: Bitcoin
Bitcoin price could hit $750K to $1M by 2026 Arthur Hayes – Cointelegraph
Love him or hate him, when Arthur Hayes speaks, people listen.
Last week, as a guest on Impact Theory with Tom Bilyeu, Hayes made the case for why he believes Bitcoin (BTC) price will hit $750,000 to $1 million by 2026.
Hayes said:
Hayes cites the nearly predictable response of the United States government rushing in to intervene in every economic crisis with a bail-out as a key catalyst behind the structural problems in the U.S. economy.
He explained that this essentially creates an endless cycle of central bank printing, which leads to inflation and prevents the economy from going through natural market cycles of growth and correction.
Lets take a quick look at a few of the catalysts that Hayes believes will back Bitcoins move into six-figure territory.
According to Hayes, mounting government debt, a large amount that needs to be rolled over and diminishing productivity can only be addressed with money printing. While monetary expansion does lead to bull markets, the consequence tends to be high inflation.
Hayes expects a massive top at some point in 2026, followed by a great depression-like situation by the end of the decade.
When asked about future contributors to inflation, Hayes zoned in on the $7.75 trillion in U.S. debt that must be rolled over by 2026 and the yield curve inversion in U.S. bonds.
Traditionally, China, Japan and other nations were the main buyers of U.S. debt, but this is not the case anymore a change that Hayes believes will exacerbate the situation in the states.
According to Hayes, the U.S. banking system is functionally insolvent because the regulators made the rules in such a way that it was profitable from an accounting perspective, not an economic perspective, to essentially take in deposits and buy low-yielding Treasurys, and they could do it with almost infinite leverage and a few basis points differing in the change of the price, and everyone makes a lot of money and gets a big bonus.
The largest concern expressed by Hayes is that at a structural level, the U.S. banking system cannot buy more debt because it cannot afford to because it is structurally insolvent. The Federal Reserve has committed to doing quantitative tightening, so its not accumulating more Treasurys.
Hayes explained that the market is digesting this, and the nuance here is that despite high rates on U.S. Treasurys, gold prices remain high and certain market participants who previously were treasury buyers are disinterested.
Currently, banks struggle to attract deposits, and the difficulty of matching their deposit rates to the current rates available in the market creates revenue and debt management stress at a level that could become critical to the function of the entire banking system. Like many cryptocurrency advocates, Hayes believes that its in times like this that a certain cohort of investors begins to look at different investment options, including Bitcoin.
Despite what appears to be a generally dismal outlook on the global and U.S. economy, Hayes still expects Bitcoin price to outperform, placing a target estimate in the $750,000 to $1 million range by the end of 2026.
Hayes expects Bitcoin to continue:
Coming into 2024, Hayes said either a financial crisis will push rates closer to 0%, or the government will keep raising rates, but not as fast as governments spend money and people continue looking for better returns elsewhere.
The eventual approval of a spot Bitcoin exchange-traded fund in the U.S., Europe and perhaps Hong Kong, plus the halving event, could push the price to a new all-time high at $70,000 in June or July of 2024. Regaining the all-time high by the end of 2024 is when the real fun starts and the real bull market starts, and Bitcoin enters the 750,0000 to $1 million on the upside.
When asked whether the estimated price level would stick, Hayes agreed that a 70% to 90% drawdown would occur in BTC price, just like it has after each bull market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin price could hit $750K to $1M by 2026 Arthur Hayes - Cointelegraph
ChatGPT CEO warns US government wants to control Bitcoin – Finbold – Finance in Bold
Sam Altman, the founder of OpenAI, the parent company behind the interactive artificial intelligence (AI) platform ChatGPT, has voiced his concerns about the future of Bitcoin (BTC) and cryptocurrencies, which he believes are facing significant challenges from the United States government.
During a recent appearance on the Joe Rogan podcast, Altman expressed his dismay at what he referred to as an onslaught against the sector by the U.S. government. He suggested that recent government actions represent a war on crypto, highlighting his disappointment with the authorities approach to digital assets.
Im disappointed that the U.S. government has done recently, but the war on crypto, which I think is a, like, we cant give this up, were going to control [bitcoin and crypto] makes me quite sad about the country, Altman said.
His comments mirror the mounting sentiment among crypto enthusiasts and industry leaders who are concerned about heightened government intervention in the digital currency realm. Along these lines, government agencies, led by the Securities and Exchange Commission (SEC), have come under scrutiny amid allegations of attempting to suppress the crypto sector.
Altman went on to express his deep concerns about the potential expansion of the surveillance state in the United States, particularly in the context of state control over money. He expressed his opposition to the concept of central bank digital currencies (CBDCs), stating that he is super against them.
It is worth noting that CBDCs have been a topic of discussion among U.S. lawmakers and regulators, with a majority expressing opposition. Still, Federal Reserve Chair Jerome Powell has indicated that implementing such a technology remains a distant prospect.
At the same time, Altman stated that he remains enthusiastic about Bitcoin, emphasizing the significance of having a global currency that operates outside the control of any government.
Im excited about Bitcoin, too. I think this idea that we have a global currency that is outside of the control of any government is a super logical and important step on the tech tree, he added.
Notably, Altman has been a subject of criticism within the Bitcoin community due to his involvement in the controversial Worldcoin crypto project. The project aims to create a database of individuals by scanning their eyes in exchange for Worldcoins cryptocurrency (WLD). Critics argue that it raises privacy and ethical concerns.
The controversy led to several governments globally banning Worldcoin activities, with countries like Kenya citing concerns about data privacy as the primary reason for their actions.
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ChatGPT CEO warns US government wants to control Bitcoin - Finbold - Finance in Bold
Why Bitcoin Halving Plays a Key Role in Price Discovery And Market Sentiment – Bitcoinist
Bitcoin, the pioneer of cryptocurrencies, has gained immense popularity and attention over the years. Among the various factors that influence its price, Bitcoin halving events stand out as crucial moments in the cryptocurrency market. In this article, well delve into why Bitcoin halving remains an important factor for BTC prices.
Bitcoin halving, often referred to as the halvening, is a scheduled event that occurs approximately every four years, or after every 210,000 blocks are mined. During a halving, the rewards that Bitcoin miners receive for validating transactions and adding new blocks to the blockchain are slashed in half. This means that the rate at which new bitcoins are created is reduced by 50%. Lets explore why this event holds such significance:
One of the fundamental economic principles at play during a Bitcoin halving is the law of supply and demand. Bitcoin has a finite supply cap of 21 million coins. When the rate of new coin creation is cut in half, it creates scarcity in the market.
Assuming that demand for Bitcoin remains stable or increases, this scarcity effect can drive up the price. Investors and enthusiasts often anticipate this reduction in supply, leading to increased demand.
Examining past Bitcoin halving events reveals a compelling trend. In the year following each halving event, Bitcoins price has tended to experience significant rallies. While past performance does not guarantee future results, this historical pattern has drawn the attention of investors and analysts alike. The idea that a reduced supply could trigger a price surge is a strong incentive for many to closely monitor these events.
With fewer bitcoins being rewarded to miners, there is less immediate selling pressure in the market. Miners may be less inclined to sell off their rewards to cover operational costs. This reduction in selling pressure can help stabilize the price and prevent rapid declines that might otherwise occur.
Bitcoin halving events garner significant speculation from both retail and institutional investors. The anticipation of increased demand and the potential for price appreciation can lead to speculative buying. This speculative activity can further drive up the price as traders aim to capitalize on the expected post-halving price surge.
In summary, Bitcoin halving events remain a pivotal factor in influencing BTC prices. The interplay of reduced supply, historical price patterns, reduced selling pressure, and speculative attention creates an environment where price appreciation is often anticipated.
However, it is essential to remember that Bitcoins price is influenced by a myriad of factors, including market sentiment, macroeconomic conditions, regulatory developments, and technological advancements.
The block reward for Bitcoin will undergo a halving event in April 2024, resulting in a reduction from 6.25 BTC to 3.125 BTC. This adjustment will occur precisely at the 840,000th block.
Bitcoin strategy fund New York Digital Investment Group (NYDIG) highlights the halving as a crucial element from an economic standpoint, emphasizing that it holds significance.
Featured image from BBC
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Why Bitcoin Halving Plays a Key Role in Price Discovery And Market Sentiment - Bitcoinist
Former BlackRock Manager Says Prepare For $17.7 Trillion Inflow Into Bitcoin If This Happens – Bitcoinist
Bitcoin could see an influx of up to $17.7 trillion from institutional investors as a former BlackRock manager predicts the imminent approval of spot Bitcoin ETFs in the US.
While some market players have dashed the hopes of the SEC approving a spot bitcoin ETF, others have been optimistic. According to former BlackRock managing director Steven Schoenfield, spot bitcoin ETFs are on their way into financial institutions withing a timeline of the next three to six months.
The SEC has been under intense pressure to approve the various applications of spot bitcoin ETFs it has received in the past few months. Recently, a few US senators voiced their opinions on the subject, pleading with the SEC to approve the applications as soon as possible.
Many analysts have spoken about a predicted an early 2024 timeline for the SECs approval of the ETFs. Bloomberg analysts estimate that the likelihood of approval has now increased to 75%.
Steven Schoenfield, now the CEO of MarketVector Indexes, had initially given a timeline of nine to twelve months for SEC approval. However, the executive has brought out this timeline, considering recent updates.
While speaking at a panel discussion on ETFs at CCDatas Digital Asset Summit in London, Schoenfield said a spot BTC will most likely hit the market in the next three to six months.
The SEC will probably approve all spot bitcoin ETF applications at the same time. Dont think they want to give anybody first mover advantage. Instead of completely rejecting the whole list, theyve asked for comments, which is a marginal but significant improvement in the dialogue, Schoenfield said.
The top crypto has witnessed a notable spike from applications of spot Bitcoin ETFs, and an approval could reshape the digital asset market and propel BTC to new highs. North America, especially the United States, currently accounts for 98% of all crypto futures ETF trading volume.
If approved, a spot Bitcoin ETF could unlock a massive inflow of capital from institutional investors, up to $17.7 trillion from financial institutions. According to Bloomberg senior ETF analyst Eric Balchunas, this would push North Americas stake to over 99.5%.
BlackRock alone, who is currently spearheading the spot Bitcoin ETF charge, has over 9.4 trillion in assets under management (AUM). Other Wall Street giants like WisdomTree, Invesco Galaxy, Valkyrie, VanEck, are also waiting for approval.
Featured image from WSJ
Dismal Third Quarter for Bitcoin Lands It Second-to-Last in Returns: Analyst – Decrypt
Bitcoin (BTC) scraped the bottom of the barrel in the third quarter of the year, registering a loss of 11.1% for investors, barely beating long-term treasuries, which netted -11.9% over the same timeframe.
Greg Cipolaro, Global Head of Research at Bitcoin firm NYDIG, wrote about the cryptos poor performance and how it defies recent events in the crypto space.
Cipolaro pointed to favorable court cases, macroeconomic changes, the recent quagmire over government funding, the debate on U.S. debt, and the ongoing efforts to secure approval for a spot Bitcoin ETF, highlighting how none of these developments managed to push Bitcoin past the upper bound of its current rangewhich he said sits at $31,000.
Bitcoin, however, wasnt the only asset to register losses last quarter. In fact, almost every asset classincluding gold and other precious metals, the U.S. stock market, and real estatesuffered important percentage drops.
Notably, only four assets celebrated wins in the quarter, with commodities gaining 15.5%, seconded by cash at 1.3%.
Economist for the Heritage Foundation, Peter St. Onge, said a momentary pause in rising prices might be behind Bitcoins meager performance. I think the main driver near-term has been inflation looking more sedate, he told Decrypt, adding that gold also feels these effects.
This trend might not be long-lived, however. St. Onge pointed out that recent events in Israel might trigger price action in financial assets. Well have to see what happens in the Middle East, he said, explaining that hard assets tend to shore up, but risk assets go down.
For him, Bitcoin is a bit of both.
St. Onges views differ from those of NYDIGs global head of research.
Cipolaro sees persistently high inflation, rising interest rates, recession worries, and seasonality weighed on returns, highlighting that Bitcoin tends to showcase dismal performances in the third quarter of every year. Perhaps in an effort to give investors hope, however, he wrote that the lackluster performance has a silver lining: the fourth quarter is historically one of the assets best quarters.
In spite of its most recent quarterly performance, Bitcoin investors will have to wait and see if the top cryptocurrency recovers its early 2023 trend, which has seen the asset on fire. Bitcoin has gained 63% on the year, only one of four to register double-digit gains, and is eclipsing its closest contender, U.S. Large Cap Growth Funds by more than double.
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Dismal Third Quarter for Bitcoin Lands It Second-to-Last in Returns: Analyst - Decrypt
Bitcoin is a ‘super logical’ step on the tech tree: OpenAI CEO – Cointelegraph
OpenAI CEO Sam Altman has called Bitcoin (BTC) a super logical step on the tech tree, which is free of government control and helps to fight corruption.
Im excited about Bitcoin, Altman told Joe Rogan during an Oct. 6 episode ofThe Joe Rogan Experience podcast.
The OpenAI bosss wide-ranging interview with Rogan covered his thoughts on Bitcoin as a world reserve currency and his concerns about central bank digital currencies (CBDCs).
Altman, who is also the founder of Worldcoin, said the shift to a technologically enabled world, including Bitcoin, could help reduce corruption.
One of the things that Ive observed obviously many other people too is corruption is such an incredible hindrance to getting anything done in a society to make it forward progress, said Altman.
But in a world where payments, for example, are no longer like bags of cash but done somehow digitally and somebody, even if youre using Bitcoin, can like watch those flows, he said, adding:
Meanwhile, Rogan expressed his own optimism for Bitcoin despite skepticism of the wider cryptocurrency industry, saying he believes it can become a universal viable currency.
That to me is very fascinating. I love the fact that its been implemented, Rogan added.
Altman has been a long-time supporter of Bitcoin. In a blog post dated 10 years ago, Altman argued that a world transacting in Bitcoin would be more transparent.
A world where we all transact in Bitcoin would be much more transparent, and financial transparency is great. Its perhaps the thing that would most reduce corruption, Altman said.
Meanwhile, both Altman and Rogan said they were super against CBDCs and expressed worry about the United States becoming a surveillance state.
Rogan argued that CBDCs could give governments even more control over how people spend their money:
Related: CBDC frameworks must guard user privacy, monetary freedom BIS chief
Altman added he hasnt been impressed with how the U.S. government has treated the cryptocurrency industry recently:
Theres many things that Im disappointed that the U.S. government has done recently, but the war on crypto, which I think is a like, we cant give this up, like were going to control this and all that. Thats the thing that makes me quite sad about the country, he said.
Magazine: Asia Express: China expands CBDCs tentacles, Malaysia is HKs new crypto rival
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Bitcoin is a 'super logical' step on the tech tree: OpenAI CEO - Cointelegraph
Surge in Crude Oil Prices and Other Macros to Impact Bitcoin Price – CoinGape
After a strong start to the month of October 2023, the first week remained quite volatile for Bitcoin and the broader crypto market. Bitcoin delivered flattish gains and is trading around $28,000 levels. On the other hand, altcoins have seen some selling pressure.
Developments in the traditional finance market have dented the rally in the crypto market, with the 10-year Treasury yields shooting to their 16-year highs.
This week, a slew of crucial macroeconomic data is set to be unveiled. The United States will reveal its Consumer Price Index (CPI) and Producer Price Index (PPI) data for September, while the Federal Reserve will release the minutes from its September meeting. Additionally, numerous Federal Reserve officials are slated to deliver speeches.
Investors will be carefully reading into the Fed commentary going ahead as the US central bank prepares for one more rate hike in 2023. As a result, investors are moving cautiously with no clear trajectory in sight.
Bloombergs senior commodity strategist Mike McGlone suggests that Bitcoin is displaying risk-off inclination following the recent escalation between Hamas and Israel. He believes that the downward-sloping 100-week moving average is more likely to prevail over the upward-trending 50-week moving average. McGlone also notes that the surge in crude oil prices is contributing to liquidity pressure in the market.
Over the last weekend, Bitcoin recorded one of its biggest outflow days in over a months time. On-chain data provider Santiment explained that Bitcoin has witnessed its largest movement of coins, totaling over 10,000 BTC, away from exchanges since September 7th.
Meanwhile, the leading cryptocurrency, with the highest market capitalization, is making a second attempt to breach the $28,000 price threshold. The significance of utility is emphasized, particularly as the number of distinct addresses has reached its lowest point in six weeks.
Along with Bitcoin, the altcoin market has been under selling pressure with Ethereum (ETH), Solana (SOL), Cardano (ADA) and others correcting by 3-5% over the last week.
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Surge in Crude Oil Prices and Other Macros to Impact Bitcoin Price - CoinGape
Bitcoin Price At Risk? Whale Transfers $137 Million In BTC After 3-Year Dormancy – NewsBTC
Whales are some of the most relevant entities in the Bitcoin market because of their potential influence on the Bitcoin price through large-volume transactions. Investors and traders often look out for whale transactions, which can trigger a domino effect on the market.
In one of such developments, recent on-chain data revealed that a particular whale has woken up from a three-year slumber, moving their BTC for the first time since 2020.
According to data from blockchain analytics platform Arkham Intelligence, a particular Bitcoin whale became active after years of dormancy and transferred out 5,000 BTC (worth around $137 million) on Saturday, October 7.
The whale address initially received the 5,000 BTC from Poolin mining pool on June 23, 2020. At the time, the Bitcoin price was around $9,700, putting the total value of the transaction at approximately $48.5 million.
The Bitcoin price has experienced significant growth since 2020, with one BTC trading for $27,903 as of this writing. Consequently, the whale address holdings had swelled to approximately $137 million when all 5,000 BTC was moved on Saturday.
On-chain data shows that this whale split and transferred the 5,000 to two separate addresses. Some 4,000 BTC were transferred to one address, and 1,000 BTC were sent to the other address, both of which are new and unmarked.
This latest whale action seems to be provoking a sense of caution in the Bitcoin market. This is no surprise, considering that the movement of a large BTC amount (especially a sell-off) often sparks interest or fear in other investors, leading to momentary price fluctuations.
Nevertheless, it is worth noting that the reason behind this whale transfer is currently not known. It remains to be seen whether the owner wants to sell or just move their assets into another wallet.
If the whale intends to sell off all their BTC holdings, then this latest action could potentially threaten the Bitcoin price. Large-scale selling could negatively impact Bitcoins value, as it often puts downward pressure on the cryptocurrency and could trigger a temporary price dip.
It may be worth mentioning that the Bitcoin price has not experienced any significant or abrupt changes in the past 24 hours. According to CoinGecko data, the value of BTC has dipped by 0.1% in the past day.
Bitcoin has made a relatively healthy start to October, with the premier cryptocurrency recording a 3.3% price gain since the start of the month. The BTC price has been moving mostly sideways in the past few days as it looks to break through the $28,000 mark.
Featured image from Unsplash, chart from TradingView
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Bitcoin Price At Risk? Whale Transfers $137 Million In BTC After 3-Year Dormancy - NewsBTC
Bitcoin ETFs on the brink of US approval, ex-BlackRock manager … – Investing.com
Investing.com|EditorMalvika Gurung
Published Oct 09, 2023 12:16AM ET
The crypto market is poised for a significant transformation with the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, according to a former BlackRock (NYSE:BLK) manager's statement on Monday. This regulatory shift is expected to provide financial institutions with a more familiar pathway to invest in Bitcoin.
The possible sanctioning of Bitcoin ETFs could unlock an estimated $17.7 trillion investment. This speculation underscores the growing acceptance of Bitcoin as a valid asset class within traditional finance circles. If these projections hold true, this would mark a substantial increase in the role and price of Bitcoin within the financial ecosystem.
The anticipated inflow of investments is also expected to foster increased trust in Bitcoin, potentially encouraging further investments in other cryptocurrencies. This development comes amid a growing shift towards digital assets and the increasing integration of cryptocurrencies into mainstream financial systems.
The approval of Bitcoin ETFs in the U.S. would signify a pivotal moment for the crypto market, providing a more structured and regulated avenue for large-scale investments. This could potentially lead to an influx of capital into the crypto market, boosting Bitcoin's prominence and possibly influencing the performance of other digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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If You Invested $100 In Bitcoin, Ethereum And Dogecoin In March 2020, Here’s How Much You’d Have Now – Benzinga
October 8, 2023 10:59 PM | 1 min read
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Investors who have put money into major U.S. indices have enjoyed respectable returns since the bottom of the market in March 2020.
In fact, the SPDR S&P 500 ETF (NASDAQ:SPY), Invesco QQQ Trust Series 1 (NASDAQ:QQQ)and SPDR Dow Jones Industrial Average ETF Trust (NASDAQ:DIA)have returned 87.7%, 113.6% and 74.1%, respectively,since then.
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As good as investors in the major U.S. indices have had it since 2020, a number of cryptocurrencies have performed that much better. Crypto bulls who bought when U.S. markets bottomed out in March2020 and held on for the long term, despite the ongoing volatility, have been treated to epic returns on their investments.
Read Next:Bitcoin, Ethereum, Dogecoin Decline Amid Israel-Hamas Conflict
Winners Since March 2020: Heres how much $100 in each of the following cryptocurrencies and stocks back at the bottom of the U.S. market in March 2020 would be worth today:
See Also: Crypto Analyst Foresees Historic Crypto Bull Run
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If You Invested $100 In Bitcoin, Ethereum And Dogecoin In March 2020, Here's How Much You'd Have Now - Benzinga