BlackRock ETF Stirs US Bitcoin Buying As Research Says ‘Go From Zero’

A new forecast says that Bitcoin (BTC) will suck up “all wealth gains” in the future, leaving those with little to no risk as a result.

one in twitter thread On July 8, investor Luke Broyles gave a bold vision of how bitcoin would become “the base currency of society.”

Investor Tells Potential Bitcoin Buyers: “Exit Zero”

What began as a comment on how artificial intelligence (AI) is welcoming BTC soon turned into a dramatic outline of how it should be dethroned as the world’s favorite currency.

For Broyles, bitcoin’s key characteristic – a fixed, immutable supply – makes it unique as a future-proof asset.

“Any innovation (even AI) will move as fast as possible to drive prices competitively. Every country will rush to print money as quickly as possible to raise prices and keep the credit market going. The speed of both the armies will increase,” he wrote.

In the meantime, BTC will remain stable in its emissions, and consequently even a small risk is a world away from nothing.

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

“This is why it is important for people to ‘come from the beginning’. To say that ‘Bitcoin is digital gold’ is like saying that a locomotive is an iron horse.

Bitcoin provides dynamic data. Source: Luke Broyles/Twitter

His viewpoint is similar to one recently published by Arthur Hayes, former CEO of crypto derivatives exchange, BitMEX.

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

As a result, only AI can drive the price of BTC above $750,000 per coin.

BTC Supply Dominance Reached “Tipping Point”

The race to secure the remaining BTC supply may have begun by now.

Related: BTC Price Remains ‘Undoubtedly Bullish’ as ​​$30,000 Bitcoin Buyers Emerge

Broyles argued that bitcoin’s liquidity actually peaked during the cross-market crash of March 2020, and has never returned since.

US BTC activity skyrocketed when the world’s largest asset manager, BlackRock, announced a bitcoin spot-based exchange-traded fund (ETF) filing.

As noted by on-chain analytics firm Glassnode, it appears that the US is re-evaluating its own risk.

“Following the announcement of the BlackRock Bitcoin ETF solicitation on June 15, the share of bitcoin supply held/traded by US institutions increased significantly, marking a potential tipping point in supply dominance if the trend continues.” noticed On 8th July.

The attached chart shows the difference in changes in ownership of the regional BTC supply.

Annotated chart of BTC regional supply year-over-year change. Source: Glassnode/Twitter

Magazine: Should Your Kids Be Eating ‘Orange Pills’? The Case for Children’s Books About Bitcoin

This article does not constitute investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making decisions.

Stay Connected With Us On Social Media Platforms For Instant Updates, Click Here To Join Us Facebook

Show More
Back to top button

disable ad blocker

please disable ad blocker