‘A $28 Trillion Opportunity’: Crypto Braces for Huge Earthquake as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing
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The price of bitcoin has fallen 70% since hitting a high of nearly $70,000 per bitcoin in November last year, collapsing in the face of ‘sharp’ interest rate hikes from the Reserve federal. The crash wiped around $2 trillion from the price of Ethereum and other top ten cryptocurrencies BNB
Now, Yassine Elmandjra, the top crypto analyst at Cathie Wood’s Ark Investment Management, has declared that bitcoin is a “$28 trillion opportunity,” based on a previous prediction that the price of bitcoin will hit $1 million per coin. 2030.
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“When we look at bitcoin’s potential, we segment it into multiple use cases — everything from competing as a digital store of value, to a settlement network, to an insurance policy against corruption. arbitrary seizure of assets,” Elmandjra said. Bloomberg. “When you stack each use case on top of the other, you get an opportunity of around $28 trillion, which translates to over $1 million per bitcoin.”
Bitcoin proponents have argued that the cryptocurrency will eventually replace gold as the de facto global store of value and inflation hedge, with bitcoin often referred to as “digital gold” due to its fixed supply. and its decentralized nature.
This week, the bitcoin and crypto community pointed to a shock new PayPal policy that was quickly reversed and JPMorgan’s decision to cut ties with rapper Kanye West as proof of the need for “censorship-resistant money.”
“When you look at bitcoin as a strategic asset, a non-sovereign, censorship-resistant currency, competing with central banks and fiat currencies, with bitcoin supply capped at 21 million, I think there’s an arms race, especially as we move from the digital to the physical world – to be an asset independent of traditional financial systems and traditional asset classes,” Elmandjra said.
However, Ark this year sold $75 million worth of Coinbase shares, giving up its position as the crypto exchange’s third-largest shareholder. Coinbase stock tumbled along with the bitcoin and crypto market, with Coinbase chief executive Brian Armstrong revealing an explosive selloff this week.
The technology and finance industries are still moving towards crypto adoption. Google
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“If the price regains the psychological level of $20,000 with substantial trading volume in the coming days, bitcoin could test $23,000 next week,” Yuya Hasegawa, crypto market analyst at Bitbank, said in comments. by e-mail.
Crypto and the stock market were boosted this week by data that showed the US consumer price index (CPI) rose at an annual rate of 8.2% in September, from an estimated rise of 8 .1%.
“It had been another tough week for the stock market up until the CPI, so the rebound will likely trigger an unwinding of recent risk aversion sentiment, which could have a positive effect on bitcoin’s price,” he said. Hasegawa said, adding, “Unlike last month when the market expected inflation to slow down, the market priced in a shock this time around, so although the price initially fell, it doesn’t wasn’t deep enough to cause panic.”