May 23, 2024

Solid State Lighting Design

Find latest world news and headlines today based on politics, crime, entertainment, sports, lifestyle, technology and many more

BlackRock ETF Sparks US Bitcoin Buys as ‘Stay Away From Zero’ Research Says

BlackRock ETF Sparks US Bitcoin Buys as ‘Stay Away From Zero’ Research Says

A new prediction says that Bitcoin (BTC) will absorb “all boom gains” in the future and leave behind those who do not have exposure as a result.

in Twitter topic On July 8, investor Luke Broyles presented a bold vision of how Bitcoin could become “the foundation of society’s money.”

Investor Tells Potential Bitcoin Buyers: ‘Stay Away From Zero’

What started as a commentary on how artificial intelligence (AI) would welcome Bitcoin quickly became a dramatic outline of how it should end up as a global currency.

For Broyles, the key feature of Bitcoin — its fixed and immutable supply — makes it unique as a future-proof asset.

“Every innovation (even artificial intelligence) will rush in as quickly as possible to push prices down competitively. Every country will rush in as quickly as possible to print currency to force prices up and keep credit markets going. Both forces will pick up speed.

In the meantime, BTC will remain steady in its emission, and as a result, even minuscule exposure is a world away from nothing at all.

“We have less in common with the future than we have in the past… Bitcoin is in circulation for hundreds of millions of political currency units in many countries already. But the real big deal is that all of the prosperity gains from all future innovations will flow into society’s money base – BTC,” Broyles continued.

This is why it is so important that people “get out of the blue.” Saying that “bitcoin is digital gold” is like saying that a locomotive is an iron horse.

Bitcoin supply dynamics data. Source: Luke Broyles / Twitter

His view chimes with a recent post by Arthur Hayes, former CEO of crypto derivatives exchange, BitMEX.

See also  The Fed's preferred measure shows the lowest annual rate of inflation since April 2021

As Cointelegraph reported, Hayes believes that AI will instinctively choose Bitcoin as its financial lifeline, again thanks to its unique qualities compared to other assets, including gold.

As a result, AI alone can push the bitcoin price above $750,000 per token.

Bitcoin supply dominance reaches ‘inflection point’

In the meantime, the race to secure the remaining bitcoin supply may already be on.

Related: BTC Price Remains ‘Undoubtedly Bullish’ as ​​$30K Bitcoin Buyers Emerged

Bitcoin liquidity in fact peaked during the cross-market crash in March 2020, Broyles argued, and has never retrace its steps since then.

When BlackRock, the world’s largest asset manager, announced the introduction of a Bitcoin spot exchange fund (ETF), meanwhile, US BTC activity soared.

As noted by on-chain analytics firm Glassnode, the US appears to be re-evaluating its exposure.

“Following the Blackrock Bitcoin ETF order announcement on June 15, the share of Bitcoin supply held/traded by US entities has seen a significant rise, signaling a potential inflection point in supply dominance if the trend continues.” comment On July 8th.

The accompanying chart showed the differences in the regional Bitcoin supply’s ownership change.

Annotated graph of the regional supply of BTC change year on year. Source: Glassnode / Twitter

JJ: Should you be the children of the “orange pill”? The case for Bitcoin children’s books

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.