‘A $28 Trillion Opportunity’ — Crypto Geared For A Major Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing
Bitcoin
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The bitcoin price has crashed 70% since peaking at nearly $70,000 per bitcoin last November, crumbling in the face of the Federal Reserve’s “brutal” rate hikes. The crash has removed about $2 trillion from the price of ethereum and other top ten cryptocurrencies BNB
Now Yassine Elmandjra, the chief crypto analyst at Cathie Wood’s Ark Investment Management, has said that bitcoin is a “$28 trillion opportunity,” standing by an earlier prediction that the bitcoin price would reach $1 million per coin by 2030.
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Bitcoin price has crashed back, but some investors remain confident that it will bounce back, … [+]
“When we look at bitcoin’s potential, we segment it across multiple use cases — everything from it competing as a digital store of value, to a settlement network, to insurance against arbitrary asset seizure,” Elmandjra said. Bloomberg. “When you stack each use case on top of another, you arrive at an opportunity of about $28 trillion, which equates to more than a million dollars per bitcoin.”
Bitcoin supporters have argued that the cryptocurrency will eventually replace gold as the world’s de facto store of value and inflation hedge, with bitcoin often referred to as “digital gold” due to its fixed supply and decentralized nature.
This week, the bitcoin and crypto community pointed to a shock new PayPal policy that was quickly reversed and JPMorgan’s decision to cut ties with rapper Kanye West as evidence of the need for “censorship-resistant money.”
“When you look at bitcoin as a strategic asset, non-sovereign, censorship-resistant money, competing against central banks and fiat currencies, the bitcoin supply is limited to 21 million, I think it’s an arms race – especially as we shift from digital to the physical world – to be an asset independent of the traditional financial systems and traditional asset classes,” Elmandjra said.
However, this year Ark has dumped $75 million worth of Coinbase shares, giving up its position as the crypto exchange’s third-largest shareholder. Coinbase stock has crashed along with the bitcoin and crypto market, and this week Coinbase CEO Brian Armstrong revealed a sell bomb.
The technology and financial industry is still on the path to crypto adoption. Google
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The Bitcoin price has risen higher in recent years despite crashing 70% since last … [+]
“If the price recovers the psychological level of $20,000 with significant trading volume in the next few days, bitcoin could test $23,000 next week,” Yuya Hasegawa, crypto market analyst at Bitbank, said in an email.
Crypto and equity markets have been boosted this week by data showing that the US Consumer Price Index (CPI) rose at an annualized pace of 8.2% in September, compared to an estimated 8.1% gain.
“It had been another tough week for the stock market until the CPI, so the decline is likely to trigger the unwinding of the recent risk-off sentiment, which could have a positive effect on the price of bitcoin,” Hasegawa said, adding: “In unlike last month, where the market expected inflation to ease, the market has expected a shock this time, so although the price initially fell, it was not deep enough to induce panic.”
