7RCC Global's Perduhova See Bitcoin at $200K by End of Year

Summary

The transcript discusses the potential for Bitcoin to reach $200,000 by year-end, driven by factors such as ETF approvals, global shifts in narrative, and increased adoption. The UK's support for crypto-backed ETNs and Hong Kong's interest in a Bitcoin ETF further bolster this outlook. Supply-demand dynamics, with reduced mining rewards and high demand, suggest that the anticipated ETF demand may not be fully priced into the market yet,预示著比特币价格可能面临上行压力。

Takeaways

• 🚀 The target for Bitcoin has been revised from $100,000 to $200,000 by the end of the year, reflecting a significant increase in expectations.
• 🌐 The approval of ETFs (Exchange Traded Funds) has been identified as a global catalyst for Bitcoin's growth, leading to wider adoption in the U.S.
• 🌍 A shift in narrative is observed globally, with conversations among investors changing significantly in various countries.
• 🇬🇧 The UK's decision to open doors for crypto-backed ETNs (Exchange Traded Notes) is a positive development for the cryptocurrency market.
• 🇭🇰 Hong Kong saw ten issuers filing for a spot Bitcoin ETF following the US approvals, indicating a growing international interest.
• 💰 An estimated $40-$50 billion per year in the first year for ETFs in the U.S. is considered a realistic demand, with additional demand outside the U.S.
• 📈 The upcoming halving event is expected to put tremendous pressure on Bitcoin's price, potentially leading to further increases.
• 🤔 The question of whether the halving has already been priced in is addressed by considering the supply and demand dynamics of Bitcoin.
• 🔄 Miners currently produce about 900 Bitcoin per day, with this number set to decrease to 450 per day in mid-April, highlighting a potential supply crunch.
• 🔄 The daily demand for Bitcoin is around 10,000 coins, suggesting that if the halving effect is not yet priced in, there will be significant upward price pressure.

Q & A

What is the projected value of Bitcoin by the end of the year according to the discussion?

The projected value of Bitcoin by the end of the year is $200,000.

How has the target for Bitcoin changed since the last discussion?

The target for Bitcoin has been revised from $100,000 to $200,000 by the end of the year.

What was identified as a significant global catalyst for Bitcoin's rise?

The approvals of ETFs (Exchange-Traded Funds) were identified as a significant global catalyst for Bitcoin's rise.

How has the narrative around Bitcoin shifted recently?

The narrative has shifted towards wider adoption of Bitcoin, especially in the U.S., and conversations with investors have changed significantly.

What recent developments in the UK and Hong Kong indicate a positive trend for Bitcoin?

The UK opened the door for crypto-backed ETNs (Exchange-Traded Notes), and ten issuers filed for a spot Bitcoin ETF in Hong Kong.

What is the estimated annual demand for Bitcoin ETFs in the U.S.?

The estimated annual demand for Bitcoin ETFs in the U.S. is around $40 to $50 billion in the first year.

How does the supply and demand of Bitcoin affect its price?

Currently, miners provide about 900 Bitcoin per day, which will decrease to 450 Bitcoin per day in mid-April. With a daily demand of about 10,000 Bitcoins, the supply-demand imbalance will put pressure on the price.

What is the current daily supply of Bitcoin from miners?

The current daily supply of Bitcoin from miners is about 900 Bitcoins.

How is the global demand for Bitcoin expected to impact its price?

The global demand, including outside the U.S., is expected to put tremendous pressure on the Bitcoin price, potentially increasing it.

Is the current price of Bitcoin reflecting the anticipated demand?

The speaker suggests that even if the current price is reflecting some of the anticipated demand, the supply-demand imbalance will still lead to price pressure.

What is the expected change in Bitcoin's daily mining output in mid-April?

In mid-April, the daily mining output of Bitcoin is expected to decrease from 900 to 450 Bitcoins.

Outlines

00:00

🚀 Bitcoin Price Prediction and Catalysts

The speaker discusses the potential for Bitcoin to reach $200,000 by the end of the year, which was considered unrealistic a few months prior. They attribute this possibility to the recent approvals of ETFs, which have acted as a global catalyst for wider adoption of Bitcoin, particularly in the U.S. The shift in narrative is also highlighted by the speaker's international experiences, noting a significant change in investor conversations. The UK's move to allow crypto-backed ETNs and the filing of ten issuers for a spot Bitcoin ETF in Hong Kong are cited as further evidence of this trend. The speaker anticipates that the demand for ETFs, both in the U.S. and globally, will exert significant upward pressure on Bitcoin's price, which is yet to be fully realized.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. In the video, the discussion revolves around the potential increase in the value of Bitcoin, with a target of $200,000 by the end of the year.

💡ETFs (Exchange-Traded Funds)

ETFs are investment funds and exchange-traded products, traded and priced at stock exchanges much like individual stocks. In the context of the video, the approval of Bitcoin ETFs is considered a catalyst for wider adoption and investment in Bitcoin, as it opens up the cryptocurrency to traditional investors who may not have previously had access or been interested in the asset class.

💡Adoption

In the context of the video, adoption refers to the acceptance and use of Bitcoin and other cryptocurrencies by individuals, businesses, and institutions. The discussion includes a shift in global narrative and increased conversations with investors across different countries, indicating a growing acceptance and integration of cryptocurrencies into various financial systems.

💡Crypto Backed ETNs

Crypto backed Exchange Traded Notes (ETNs) are financial products similar to ETFs but are unsecured debt securities rather than a direct investment in the asset. They are designed to track the performance of an underlying asset, such as Bitcoin, without actually holding the asset. In the video, the UK's opening the door for crypto backed ETNs is mentioned as part of the positive developments for the cryptocurrency market.

💡Supply and Demand

Supply and demand is an economic model that describes the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. In the context of the video, the supply of new Bitcoins being mined and the demand from investors are discussed as key factors that could influence the price of Bitcoin.

💡Miners

In the context of cryptocurrencies like Bitcoin, miners are individuals or entities that use powerful computers to solve complex mathematical problems and validate transactions on the blockchain. They are rewarded with new Bitcoins for their work, which is a process known as mining. The video discusses the reduction in the number of Bitcoins awarded to miners, which affects the supply of the cryptocurrency.

💡Hong Kong

Hong Kong is a significant international financial center. In the context of the video, it is mentioned as a location where ten issuers have filed for a spot Bitcoin ETF, indicating growing interest and regulatory openness towards cryptocurrencies in the region.

💡Price Pressure

Price pressure refers to a situation in a market where the forces of supply and demand are causing changes in the price of a good or asset. In the context of the video, it suggests that the demand for Bitcoin is expected to exceed its supply, which could lead to an increase in its price.

💡Global Narrative

The global narrative refers to the overarching story or dominant perspective that shapes public opinion and discourse on a particular topic. In the context of the video, it relates to the changing perception and acceptance of cryptocurrencies worldwide, which is seen as a positive development for the market.

💡Investors

Investors are individuals or institutions that allocate money into financial schemes, shares, property, or a business with the expectation of achieving a profit. In the video, the changing conversations with investors across different countries suggest a growing interest and potential influx of capital into Bitcoin and the cryptocurrency market.

💡Regulatory Approval

Regulatory approval refers to the process by which a regulatory agency grants permission for a product, service, or activity to proceed within the rules and guidelines set by that agency. In the context of the video, regulatory approval is crucial for the mainstream acceptance and institutional investment in cryptocurrencies like Bitcoin.

Highlights

The prediction of Bitcoin reaching $200,000 by the end of the year.

A few months ago, a $200,000 Bitcoin value seemed out of this world.

The previous target for Bitcoin was $100,000, which has now been revised upwards.

The approval of ETFs (Exchange-Traded Funds) has been a global catalyst for Bitcoin.

ETFs have opened the door to wider adoption of Bitcoin in the U.S.

The global narrative around Bitcoin has significantly shifted.

Conversations with investors in multiple countries have notably changed.

The UK has opened the door for crypto-backed ETNs (Exchange-Traded Notes).

Ten issuers filed for a spot Bitcoin ETF in Hong Kong following the US approvals.

The belief that the first-year demand for ETFs in the U.S. could reach $4050 billion is realistic.

Demand for Bitcoin ETFs is not limited to the U.S., with significant interest globally.

The upcoming Bitcoin halving event will put tremendous pressure on its price.

Miners currently produce about 900 Bitcoin per day.

In mid-April, Bitcoin production by miners will decrease to 450 per day.

There is a daily demand for approximately 10,000 Bitcoins.

The supply-demand dynamics suggest that Bitcoin's price will face upward pressure.

Despite current pricing, the impact of the Bitcoin halving has not been fully priced in.

Transcripts

$200,000 by the end of the year. You know, a few months ago, that would

have sounded pretty out of this world. What do you say are the catalyst that

could drive Bitcoin to that level? Yes.

Last time we were here, our target was 100,000.

We're currently revising that to 200 by the end of the year, if not higher.

Indeed. The approvals of the ETFs were a bit

catalyst global event. Not only that, this opened the door to a

wider adoption of the assets here in the U.S., but also the narrative has shifted

globally. I was in about five or six countries in

the last month or so, and the conversations with investors had changed

significantly. We saw yesterday the UK opening the door

for the crypto backed ETNs. We had ten issuers filed for a spot

Bitcoin ETF in Hong Kong the day after we saw the approvals here in the US.

So we still continue to believe that 4050 billion a year in the first year

for the ETFs in the U.S. is beyond the realistic estimate and

that demand. Not to mention the demand outside of the

U.S. and the having around the corner will be

putting a tremendous pressure on the Bitcoin price, which is yet for us to

see, in my opinion. Well, that's what I was going to ask

you. Really.

How do you know that the having has not really been priced in already?

Well, if we look simply at the supply demand, right, like we currently have

miners providing about, what, 900 bitcoins a day.

And in mid April, this number is going to go down to 450 bitcoins a day.

And we're seeing about nine 10,000 bitcoins per day demand.

So if people are pricing it in at the moment, I think simply by supply demand

will have we'll definitely see that pressure on price.