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Bitcoin price is going to 'infinity' — Kraken CEO

Bitcoin (BTC) will be worth “infinity” and humanity will soon give up pricing it in U.S. dollars, says the CEO of cryptocurrency exchange Kraken.
Speaking to Bloomberg on March 4, Jesse Powell was characteristically bullish on Bitcoin as BTC/USD broke above $50,000.
Powell: $1 million Bitcoin in ten years “reasonable”
“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.

“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin.”

Powell was commenting as the USD weakened alongside a macro market sell-off on Wednesday, an event which had next to no impact on Bitcoin. At the same time, the U.S. national debt quietly passed $28 trillion for the first time in history.
Despite a rejection of $50,000 support, Bitcoin bulls thus remained more than optimistic.
“The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency, so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.

“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”

As Cointelegraph noted, Bitcoin closed February 26% above its target dictated by the stock-to-flow-based price models, with creator PlanB still confident that $100,000 will hit at some time this year.
Bitcoin stock-to-flow chart as of Mar. 3, 2021. Source: Digitalik
No time for gold
Meanwhile, the gold ecplise argument has been steadily gaining support on social media in particular, often at the expense of gold bugs, who are left with increasingly little ammunition to defend their anti-Bitcoin stance.
As Cointelegraph reported, it was billionaire and former Bitcoin skeptic Mark Cuban who this week took SchiffGold.com CEO Peter Schiff to task over his love of the precious metal. Gold, he told Schiff, “is dead.”
“Bitcoin has been crushing gold since inception,” Kraken growth lead Dan Held added in response to claims by Schiff that a bet against gold was a losing one.

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Bitcoin whales are accumulating BTC around $48K, on-chain data suggests

Whales are continuing to accumulate Bitcoin (BTC) despite the price more than doubling so far in 2021, according to the latest data from CryptoQuant.
This trend indicates that the confidence in Bitcoin is strengthening as the price is now attempting to stabilize above the $50,000 level.
Why whale confidence is important
During bull cycles, whales can take profit on their positions, especially if the futures market is highly overcrowded.
Whales selling their holdings to rebalance their portfolios can cause massive price swings in the market, especially when accompanied by cascading liquidations.
In this bull cycle, on-chain data show that whales are buying Bitcoin rather than selling it, likely in anticipation of more upside in the future.
Ki Young Ju, CEO at CryptoQuant, said:

“Whales accumulating $BTC. They are making a lot of bear traps lately, but the price seems to recover the institutional buying level, 48k. Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.”

Coinbase pro outflow. Source: CryptoQuant
Whales or high-net-worth investors might be accumulating Bitcoin rather than taking profit on their positions because they might believe a supercycle might be emerging.
Bitcoin has not had this much institutional interest prior to the current bull cycle, particularly coming from public companies and financial institutions.
Bitcoin is becoming highly compelling in an environment where the continuous expansion of the money supply by central banks is forcing some companies to look for alternatives to cash.
Additionally, William Clemente, a pseudonymous analyst, also points out that accumulation addresses are increasing, indicating another “wave” of accumulation.

Appears we are in the midst of another wave of new #Bitcoin Accumulation Addresses pic.twitter.com/7TQ1NE08lH
— William Clemente III (@WClementeIII) March 3, 2021
Macro factors are aligned for a Bitcoin rally
As Fundstrat’s Leeor Shimron explains, Bitcoin still has a lot of room to run when priced by the M1 money stock.
Shimron said the Bitcoin cycle could “get very wild,” suggesting that BTC is far away from reaching a potential top.

“Bitcoin priced in the M1 money stock still very far from its ATH. In the face of unprecedented money printing, the bull market may just be getting started. This cycle could get very wild.”

There are several other metrics that suggest a Bitcoin top is likely far from being reached in the near term.
For instance, the SOPR indicator, which measures the profit-taking activity of investors, shows that many investors already took profit on their positions.
In the foreseeable future, this could reduce significant selling pressure on Bitcoin, which coincides with whales continuing to buy up the circulating supply of Bitcoin.
Raoul Pal, the CEO of Real Vision Group, shared a similar sentiment. He said that Bitcoin would suck up most of the world’s capital over time. He said:

“But It really suggests that technology investments and above all, Bitcoin (and my guess ALL digital assets) are going to continue to suck in all the worlds capital, over time, as people realise it is the most efficient way to generate wealth over and above their store of value.”

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