BlackRock ETF Sparks US Bitcoin Buying as Research Says ‘Going Off Zero’
Bitcoin (BTC) will soak up “all wealth gains” in the future and leave those with no exposure as a result, says a new prediction.
In a Twitter thread On July 8, investor Luke Broyles delivered a bold vision of how Bitcoin would become “society’s basic money.”
Investor Tells Future Bitcoin Buyers: ‘Get Off Zero’
What started as a commentary on how artificial intelligence (AI) is taking on BTC soon became a dramatic overview of how it would end up as the world̵[ads1]7;s best currency.
For Broyles, Bitcoin’s key attribute – a fixed, unchanging supply – makes it unique as a future-proof resource.
“Every innovation (even AI) will rush as quickly as possible to force prices down competitively. Every country will rush as quickly as possible to print currency to force prices up and sustain credit markets. Both of these forces will accelerate ยป, he wrote.
BTC, meanwhile, will remain constant in its emission, and as a result, even a small exposure is a world away from nothing at all.
“We have less in common with the future than the past…Bitcoin already trades for hundreds of millions of units of political currency in many nations. But the ACTUAL big deal is that all wealth gains from all future innovations will flow into society’s foundational money – BTC,” he continued Broyles.
“This is why it is CRUCIAL for people to ‘start from scratch.’ Saying ‘Bitcoin is digital gold’ is like saying a locomotive is an iron horse.”
His perspective is consistent with that recently published by Arthur Hayes, former CEO of crypto derivatives exchange, BitMEX.
As Cointelegraph reported, Hayes believes AI will instinctively choose BTC as its financial lifeblood, again thanks to its unique qualities compared to other assets, including gold.
As a result, AI alone could push the BTC price past $750,000 per token.
BTC Supply Dominance Hits ‘Inflection Point’
The battle to secure the remaining BTC supply, meanwhile, may have already begun.
Related: BTC Price Remains ‘Unquestionably Bullish’ As $30K Bitcoin Buyers Emerge
Broyles argued that Bitcoin liquidity actually peaked during the March 2020 cross-market crash and will never go back to that side.
When the world’s largest asset manager, BlackRock, announced a Bitcoin spot-based exchange-traded fund (ETF) filing, meanwhile, US BTC activity skyrocketed.
As noted by research firm Glassnode in the chain, the US appears to be reassessing its own exposure.
“Following the announcement of the Blackrock Bitcoin ETF request on June 15, the share of Bitcoin supply held/traded by US entities has experienced a noticeable uptick, marking a potential turning point in supply dominance if the trend continues,” commented on 8 July.
An accompanying chart showed the differences in regional BTC supply ownership change.
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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making a decision.
