Surging prices, anticipation, and steady coin interest round out today’s headlines.
Former Facebook Executive Says Bitcoin Price will eventually reach $200k
Chamath Palihapitiya, the chairman of Virgin Galactic and the CEO of Social Capital, hasn’t stopped talking about Bitcoin since 2011.
Then, the digital asset was trading in cents. In a recent interview with CNBC’s Halftime Report, Chamath pointed out Bitcoin’s tailwinds, saying they are strong. Consequently, the digital asset can easily soar five-fold from the spot rates to $200k.
He didn’t give a time frame. However, he says, together with Tesla, the Bitcoin network is one of the most potent and could resolve the paint point currently being experienced in the global financial system.
In his view, faith in world leaders and institutions is dissipating. Bitcoin is emerging as an uncorrelated hedge that holders have direct control of.
Joe Biden is Officially President-Elect, a Bitcoin Pump?
Chaos in Congress follows the confirmation of Joe Biden as the official President-Elect taking over from Donald Trump.
As Joe Biden is set to take over—he has control of both houses of Congress and the White House making it easy for him to implement his legislative agenda and his campaign promises. Because of this, the investment community expects the expansion of the United States’ fiscal support and stimulus packages.
Consequently, more money will flow, risking to push inflation higher. Although the economy might recover faster, expectations of higher inflation could prop Bitcoin prices in the long-term.
More Bitcoin Flowing to Ethereum
Data reveals that over $5 billion worth of Bitcoin (over 136k BTC) has been tokenized and exist in Ethereum being utilized for DeFi.
As of writing, open finance protocol manages over $22.3 billion of assets just when the ETH price is $200 shy from its all-time high of $1.4k.
The pace at which BTC flows to Ethereum shows the increasing utility of Ethereum and even the possibility of the platform being used to scale Bitcoin.
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