Dan Held, Growth Lead at crypto exchange Kraken, outlines in a podcast the catalysts he believes could ignite a supercycle for the price of Bitcoin and catapult the leading cryptocurrency to $1 million.
In a new episode of the What Bitcoin Did podcast, Held explained why he believes the current bull market could become exponentially larger than Bitcoin’s boom cycles in 2013 and 2017.
“When I look at those cycles, the thing that makes me very excited about this coming one, which could be… a super cycle, is that this time it’s different. The bull runs in 2013 and 2017 were based mostly on retail-driven speculation. The macro markets, the rest of the world, were doing well. It was a big bull run and it was mostly speculative cycles driven by retailers with very shaky infrastructure….”
According to Held, Bitcoin’s (BTC) primary use case as a store of value was thrust into the spotlight by the COVID-19 pandemic amid rampant money printing by governments around the world.
The pandemic was the catalytic moment that could fuel the price of Bitcoin in unprecedented ways. While BTC was often dismissed as a speculative idea before and the idea behind it was never quite understood, recent events mean it now makes sense to more and more people. Held believes that’s exactly the point. More and more institutions and their managers see BTC as a store of value, or even the next gold.
Born2Invest mobile application is bringing all the crypto and business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources.
Bitcoin price could make another 20x from here
Since governments saw their answer to COVID-19 in printing money, that will eventually devalue those currencies and people are looking at Bitcoin’s 21 million fixed cap. They look at that monetary policy, they look at the construction of BTC and how decentralized it is.
“So the demand for Bitcoin, or the people who believe in Bitcoin – that market has grown tremendously to where we now have institutions.”
Held added that improving infrastructure, which has made the flagship crypto asset more accessible to retail investors, is another factor that could continue to fuel demand and thus the Bitcoin price.
For the current bull run to be called a supercycle, the price of Bitcoin is expected to rise over 20-fold from its current level of nearly $50,000. That would pretty much take us to the $1,000,000 mark.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Encomenda Invests €200,000 to Launch Telemedicine Startup Doctomatic
The fund led by Carlos Blanco and Oriol Juncosa has helped launch this new digital platform, called Doctomatic, for remote...
Burkina Faso: The European Investment Bank Strengthens its Partnership with CAPE
According to the Director-General of CAPE Burkina, the support of the EIB is one of the major factors that has...
The First Four Projects of the Civic Crowdfunding of Venice Were Launched
The first four civic crowdfunding projects in Venice were launched. The project "ONDEW - Let's face climate change together", is...
What Fintech Trends Set the Agenda for 2021 in Argentina
The fintech sector in Argentina has strongly developed during the pandemic. There are 238 fintech companies, i.e., almost three times...
Why Plant-Based Meat Could be the Future of the Food Market
Despite this incredible development and potential, vegetable meat is not the only alternative coming into play in this new era....
Cannabis2 weeks ago
Recreational Cannabis in Argentina, an Unavoidable Debate for the Congress in the Making
Featured2 weeks ago
PwC’s Climate Targets Were Validated by the SBTi Initiative
Crypto2 weeks ago
El Salvador’s Switch to Bitcoin Is Not the Cause of the Price Crash
Business2 weeks ago
Augmented Reality and Flooring in an App: XRA’s Double-Horned Unicorn