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Bitcoin hitting $10 trillion market cap is “easily achievable”Raoul Pal — chief executive of Real Vision and a former Goldman Sachs executive — recently sat down with one of Bitcoin’s earliest public bulls, Max Keiser, to talk about the outlook for cryptocurrencies.
Responding to an inquiry from Keiser regarding Bitcoin’s potential to begin to rival gold, which has approximately a $9 trillion market capitalization.
“If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process.”
A $10 trillion market capitalization corresponds with more than $500,000 per coin.
The timelines are acceleratingWhile Pal held the belief that Bitcoin could skyrocket to trillions long before the COVID-19 outbreak, the ongoing macroeconomic conditions are increasing the chances crypto performs well, he has suggested.
Per previous reports from CryptoSlate, he postulated in the April edition of his research newsletter “Global Macro Investor” that due to the economic and monetary fallout of the COVID-19 outbreak, there’s a genuine risk “of the failure of our very system of money” or at least a collapse of the “current financial architecture.”
Pal has specifically cited a potential deflationary spiral caused by the lack of spending, which he believes will cause the value of the U.S. dollar to shoot up while individuals, corporations, and governments will have to default on their record levels of debt.
We offer you a set of all points of views from analysts:submitted by bestchange_pr to bestchange [link] [comments]
▶ Jim Rogers: bitcoin will drop down to zero
Renowned American investor and Chairman of Rogers Holdings Jim Rogers stated that bitcoin continued to be a bubble and at one point in the future its price would plummet to zero.
He pointed out that cryptocurrencies could not exist because they were not controlled by authorities.
"But their governments have something that crypto people don't have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments' power.", Rogers worded his point of view.
He added that money was turning into a digital form, but it continued to be controlled by regulators unlike cryptocurrencies that would not be able to become legal tender.
▶ Max Keiser: the BTC price will grow to $400,000 when dollar collapses
Bitcoin investor Max Keiser confirmed his forecast about the growth of the first cryptocurrency exchange rate up to $400,000 and specified that specific dates would depend on the collapse of the US dollar.
According to Keiser, the interest payment on the USA's national debt comprised the main item of expense for the government.
"The debt is big. But the interest on that debt is now bigger than America’s number-one budget item, the military’s 1.6 trillion spend. When the interest on the debt gets close to 100% of GDP then America will officially be a failed state. This looks like it will be the case within 5 years — as short interest rates snap back to historic levels of 5%, not the current 0.5%", the trader said.
He added that he had been waiting for BTC to grow up to $100,000 since 2011, but had recently increased his forecast to $400,000. The increase will start with the collapse of US dollar, Keiser thinks.
▶ Anthony Pompliano encouraged pension funds to buy bitcoin
Co-founder of Morgan Creek Capital Management Anthony Pompliano addressed pension funds encouraging them to invest money in the cryptocurrency.
Last week he sent a letter to investors where he called bitcoin the most effective equity in the nearest years to come. According to the businessman, pension funds should invest at least 1% of the capital in BTC — the optimal level would be 5%.
"And you want to know where the greatest innovation is occurring at the moment? Bitcoin. There is a group of individuals who have built a $150+ billion asset with the goal of assuming the position of the next global reserve currency. If that happens, it will be the best performing asset for the next 20+ years. But even if that doesn’t happen, things will be okay", Pompliano pointed out.
A couple of days ago on the Dash Nation Discord longtime community member toknormal shared some thoughts about Bitcoin and altcoins. It's shared below in its entirety in the hopes that it'll be thought-provoking to those on this subreddit and may spark some conversation.submitted by TrustThyself to dashcrypto [link] [comments]
TL;DR: This post is about an emerging media agenda to "kill off" altcoins so that bitcoin can grow. The (faulty) perception by bitcoin maximalists that altcoins are a deadweight. How they are going to attack us. Why this is a crucial moment to try to kill off alts and how Dash as a community can constructively address it to its advantage. See also #markets [channel in the Dash Nation Discord linked above] where I've posted some observations about the very long range nature of the Dash market VS bitcoin and its prospects.
I usually try not to write long posts anymore. But my nerves are getting the better of me and all charts are sending the same message so I decided make this a bit of a ramble.
Lately I've been debating (on and off) with the maximalists in the BTC Wall Observer thread (who are very nice people and not trolls) but are convinced that alts are going to get wiped out. I've noticed a common theme in all the conversations that suddenly took me aback - along the lines of "ok - this is it, Bitcoin is now established, we don't need alts any more". Then I saw Max Keiser suddenly declare himself to be a "bitcoin maximalist" out of the blue.
This made me think for a bit because whatever one thinks of Max Keiser, he's not a monopolist. I also noticed how consistent his arguments were with those that I'd encountered in the "Wall Observer" thread and other places such as various Twitter feeds.
The common mantra was that "Bitcoin can do everything".
I'd like to bring this agenda to the community's attention - i.e. that there's some kind of co-ordinated effort afoot to kill off alts going on (even from people who don't believe in monopolies) and offer some tips as to how to address it.
Why now ?
Without knowing much about the politics, it's easy to see why people like Max Keiser might be - albeit guardedly - positioning themselves as "maximalists" at this particular moment in time. Also why there might be a wider coercive effort to kill off altcoins. You only have to look at the Bitcoin dominance charts. (To find this, go to coinmarketcap.com and find the little "Dominance" link right at the top of the page - quite small).
Alts have "eaten" bitcoin's lunch in 3 distinct phases, each of which lasted around 3 years. The first was the "dawn" of alt coins around 2013 when we saw Peercoin, Feathercoin et al emerging and that died off around halfway through the post 2013 bear market. The second was in 2015 when bitcoin was doing basically nothing but consolidating and Dash hit its second ATH on the ratio of 0.02+. The third was the "perfect storm" of ICOs and Bitcoin contentious hard forks when Bitcoin's very existence was in jeopardy. Now we're about to commence a new altcoin dominance rally.
The "maximalists" are aware of a potentially massive impending "Phase 4" altcoin capitalisation beyond anything that has been seen to date. If you look at that chart you can see we are on the cusp of completing a consolidation which - if sustained - will lead to a new influx of growth. You can also see that the growth profiles of altcoin dominance is asymmetrical - there are very long bear markets but right at the end there's an almost vertical, massively invasive bull market. That's what the monopolists are trying to mitigate.
My contention is that this is good for bitcoin. It is natural because bitcoin is a reserve asset that can only capitalise from utility assets that lie above it in "Exter's Pyramid". There is no conflict between bitcoin and other crypto assets and Dash should easily have a 2x to 10x growth against BTC in front of it if BTC functions as a reserve asset in the crypto space. That growth will ultimately find its way into bitcoin, being the reserve.
But many maximalists don't see it that way. They see competing assets as draining capital, brainpower and marketcap from bitcoin. This is ridiculous and not true, but it doesn't matter - they are going to start a media war (possibly worse) against alts. So we need to be aware of this and be able to field authentic challenges to their attacks.
How to address institutional challenges ?
There are 2 core themes IMO:
A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors.Economics
What is a "Bitcoin maximalist" ? It is someone who's advocating that cryptocurrencies are a natural monopoly. Natural monopolies are well known and researched phenomena in economics. We can test this thesis against the definition of natural monopolies and compare each aspect of the definition as to how it applies to cryptos. Intuitively, it seems ridiculous that there can only be one crypto but the media war will try to portay it as such. Dash has made huge advances and we must not take our eye off the ball at this crucial time when altcoins are at the cusp of a new growth phase.
The monopolists have noticed this "end of phase" period and they think we haven't.
Having been engaged in much of this debate lately I've been wondering if I should ditch Dash and go all in Bitcoin as I realised that altcoins in general are at a watershed phase. Is there going to be another bull market against BTC or isn't there ? I've spent a lot of time thinking about this, engaging bitcoin maximalists on other threads and so on. Disclosure - I'm holding BTC as well as Dash. But the truth is I'd rather Dash succeeded and grew against bitcoin. It would be better for bitcoin, better for crypto and better for the world because diversity is a measure of freedom and like it or not, Dash is now one of the significant digital assets.
Regarding 1, I will link to one of my posts on the Wall Observer thread. Obviously it is a huge subject and many will have opinions but
High Infrastructural Costs
Dash has already overcome these as a "barrier to entry". The Dash network hashrate is huge in comparison to what's required to secure a viable cryptocurrency. It has also captured enough of a relative market size to be significantly traded, reviewed and invested in. Over Dash's lifetime, ROI is better then bitcoin. (See Dash/BTC).
William Baumol Criteria
According to this definition, "multi-firm" production would (and is) making cryptocurrency cheaper. If Bitcoin had been unique in the market it would not have had to compete with other blockchains for miners for example. We would not have had mining profitability ranking that tell miners which coin is most viable for them (almost never bitcoin). We would not have had proof of stake. Therefore Bitcoin does not meet the William Baumol criteria for a natural monopoly as "multi-firm" production has made the bitcoin network more efficient (by demonstrating competitively its inefficiencies)
Cost of Production
The original concept of a "natural monopoly" was made by John Stuart Mill according to the Wikipedia entry for "natural monopoly". His motivation was that in the absence of a natural monopoly, prices would reflect the cost of production.