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

Bloomberg Television
12 Mar 202401:55

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.

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Related Tags
BitcoinETFsAdoptionDemandSupplyGlobalInvestorsCryptoETNsHong KongUKMiningPrice Pressure