Bitcoin
Michael Saylor predicts Bitcoin will soar to $100k amid Trump’s pro-crypto administration
Published
1 month agoon
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adminMicroStrategy CEO Michael Saylor is expecting Bitcoin to hit $100,000 before the end of the year, stating that the 2024 U.S election outcome was ‘the biggest thing that’s happened in the past four years for Bitcoin.’
In an interview with CNBC on Nov. 14, the MicroStrategy CEO stated he is already planning a “New Year’s Eve” party at his house to celebrate Bitcoin (BTC) hitting an all-time-high of $100,000. When asked whether he sees any threats that could pull Bitcoin down to $30,000, Saylor expressed certainty that BTC will not go down below $60,000.
“I think it’s going to go up from here. I’m planning the $100,000 party and I’m thinking it’s probably going to be New Year’s Eve at my house. So I would be surprised if we don’t go through $100,000 in November or December,” said Saylor.
Most recently, Bitcoin reached a new all-time high of over $93,400 shortly after the U.S. CPI report was released on Nov. 13. According to data from crypto.news, BTC is currently trading hands at $89,083 after going down by 1,7% in the past 24 hours of trading.
Saylor attributed Bitcoin’s ongoing bull run to President-elect Trump’s win and the Republican party’s dominance over the House of Representatives and Congress, stating that “the red wave is probably the biggest thing that’s happened in the past four years for Bitcoin.”
Shortly after Donald Trump was confirmed as the President Elect of the United States, Bitcoin reached an all-time high of $75,000. As Bitcoin is often an indicator for all other altcoins in the industry, other cryptocurrencies like Ethereum(ETH), Solana(SOL) as well as meme coins such as cat in a dogs world(MEW) and Peanut(PNUT) have risen along with it.
“I think this is incredibly bullish for digital assets. It’s very good for the crypto industry. We’re gonna see a lot more pro Bitcoin policies. We’re gonna see a digital assets framework. We’re gonna see an end to the war on crypto,” said Saylor.
At the time of writing, Stand With Crypto recorded 272 pro-crypto candidates have been elected into the House of Representatives, with a majority of them being Republicans.
On Nov. 11, Michael Saylor announced that MicroStrategy has invested an additional $2.03 billion worth of BTC, bringing their total Bitcoin holdings to 279,420 tokens. MicroStrategy currently holds the largest Bitcoin Reserve owned by a company.
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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?
Published
3 hours agoon
December 23, 2024By
adminRich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).
Robert Kiyosaki Hints At Economic Depression Ahead
Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.
In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”
This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”
However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.
What’s Next For BTC?
Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.
In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.
However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.
On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC
Published
5 hours agoon
December 23, 2024By
adminTokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.
Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.
According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.
The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).
The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.
Metaplanet buys dip
The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.
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Altcoin Season
End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction
Published
8 hours agoon
December 23, 2024By
adminThe creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.
Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.
According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.
“Is This the End of Altcoin Season?
Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.
If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”
The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.
At time of writing, BTC.D is hovering at 59%.
Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.
“The Board Keeps Shifting.
As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.
Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.
New hands are absorbing the sales.”
At time of writing, Bitcoin is worth $97,246.
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