7RCC Global's Perduhova See Bitcoin at $200K by End of Year
Summary
TLDRThe 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
🚀 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.
Mindmap
Keywords
💡Bitcoin
💡ETFs (Exchange-Traded Funds)
💡Adoption
💡Crypto Backed ETNs
💡Supply and Demand
💡Miners
💡Hong Kong
💡Price Pressure
💡Global Narrative
💡Investors
💡Regulatory Approval
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.
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