Bitcoin Trading As of press time, the cryptocurrency seemed to be moving far away from its ATH levels a few months ago. Nevertheless, many in the community remain optimistic about the bullish credibility of crypto in the short term.
This sentiment, shared by Bloomberg’s latest intelligence report, presents a bullish trajectory for the cryptocurrency as well. In fact, it said,
“We see performance parallels that could put the benchmark crypto back on track by up to $100,000.”
Went to add report,
“What has changed in almost three years is enough to keep the same for most of bitcoin’s history – rising prices. Supply is declining while demand and adoption is increasing in most countries that welcome open discourse and free market capitalism.”
double whammy on bullishness
With the decline in supply, there has also been an increase in demand and adoption. However, what effect does this have on known estimates? The Root In Lark Davis’ latest video, the analyst pointed to the reasons why such estimates are not unrealistic.
Consider this – Fidelity acquired 7.4% of Marathon Digital Holdings, one of the largest bitcoin mining companies in North America. Both institutions have been big BTC supporters since their inception. The analyst claimed that both companies “doubling down on their bullish thesis for BTC” is “absolutely surprising.”
who is watching the innovation
Jumping from one (fast) news to another, according to local media reports, parliamentarians in Spain are considering a proposal that would enable mortgage payments with crypto.
This would be huge if it gets passed! #bitcoin https://t.co/DcCct2hcPa
— Lark Davis (@TheCryptoLark) August 4, 2021
“Spain has been a crypto-friendly country in the past, but they are going very deeply with the legislation that is being proposed,” Davis said. With China distancing itself from this “huge, innovative, booming sector”, other countries like Spain are making the best of this opportunity.
Along the same lines, a senator from Uruguay recently introduced a bill allowing the use of cryptocurrencies as payment in contracts. The bill aims to provide “legal, financial and financial protection in business derived from the production and commercialization of cryptocurrencies”.
on an optimistic note Furthermore, SEC Chairman Gary Gensler recently demonstrated “openness” toward BTC ETFs, but only under certain conditions. “ETFs that comply with the SEC’s strict regulations for mutual funds can provide the necessary protection to investors,” he said.
All of the above has a very strong impact on bitcoin. The price and on-chain data associated with the cryptocurrency may impact independent of how it does so. Ergo, there is good reason to believe that BTC will eventually climb to $100,000. In doing so, it will also stick to the market estimates.
Lark Davis shared the same view as he concluded,
If I gave you a million dollars worth of one of the following on the understanding that you have to hold it for 10 years, what would you choose?
Ray Dalio says #Gold, not #bitcoin, I disagree, but curious on your thoughts!
— Lark Davis (@TheCryptoLark) August 5, 2021