Microstrategy’s executive chairman, Michael Saylor, sees bitcoin as “the strongest asset.” He believes that capital is going to keep flowing from other asset classes, such as gold and real estate, into bitcoin because the cryptocurrency is “technically superior to those asset classes.” He emphasized that bitcoin is an exit strategy and Microstrategy has no plan […]
Bitcoin News
Robert Kiyosaki Expects Bitcoin to Hit $100K by June This Year
Rich Dad Poor Dad author Robert Kiyosaki expects the price of bitcoin to reach 0,000 by June this year. This prediction aligns with his earlier forecast of bitcoin’s rise and gold’s decline. Kiyosaki recently increased his bitcoin holdings in anticipation of a price surge fueled by the recent approval of spot bitcoin exchange-traded funds (ETFs) […]
Bitcoin News
Peter Schiff Warns SEC Could Change Definition of ‘Security’ — Expects Lots of Investors to Be Retroactively Fined
Economist and gold advocate Peter Schiff has sounded the alarm about the U.S. Securities and Exchange Commission (SEC) potentially changing the definition of a “security.” He cautioned: “Now that the U.S. Appeals Court has upheld the SEC’s authority to unilaterally change the definition of a ‘dealer,’ I expect lots of private investors to be retroactively […]
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Robert Kiyosaki Expects Bitcoin to Take off — Foresees Gold Crashing Below $1,200
Rich Dad Poor Dad author Robert Kiyosaki has predicted that bitcoin and silver will take off while gold will crash below ,200. He urges investors to prepare for the “biggest crash in history” which he forecasted in his book years ago. Emphasizing that the Federal Reserve is “destroying” the U.S. economy, he advised: “Rather than […]
Bitcoin News
Peter Schiff Warns of Bitcoin ‘Pump and Dump’ — Expects to See a ‘Massacre’
Economist and gold bug Peter Schiff has warned that the current bitcoin price surge looks like “another classic pump-and-dump.” Noting the significant excitement around the new spot bitcoin exchange-traded funds (ETFs), he expressed his skepticism, stating: “I wonder when the massacre will begin.” Peter Schiff on Bitcoin ‘Pump and Dump’ The price of bitcoin soared […]
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Expert Who Predicted 2021 Bitcoin Peak Expects $600,000 By 2026
Tuur Demeester, a Bitcoin OG and researcher for Adamant Research shared his bullish outlook for Bitcoin via X (formerly Twitter), anticipating its price could escalate to between 0,000 and 0,000 by 2026. Demeester’s prediction is predicated on the influx of trillions of dollars through global bailouts and stimulus measures, which he believes will significantly propel Bitcoin’s valuation.
He remarked via X (formerly Twitter), “In ’21 bitcoin topped at k. I’m targeting 0-0k by 2026. Fueled by $ trillions in global bailouts/stimulus,” indicating a strong conviction in the cryptocurrency’s future amidst expansive monetary policies.
In '21 bitcoin topped at k. I'm targeting 0-0k by 2026. Fueled by $ trillions in global bailouts/stimulus. https://t.co/ULslIMgzee
— Tuur Demeester (@TuurDemeester) February 12, 2024
In response to the question of whether the Bitcoin price will peak in 2025 or 2026, Demeester added: “It’s hard to say. We might get a bull cycle in two parts, like in 2013 – that could draw it out longer.”
Demeester’s track record lends weight to his forecasts. Notably, in September 2019, he accurately anticipated the previous bull run’s momentum, suggesting Bitcoin could reach ,000 to 0,000. The reality surpassed expectations as Bitcoin peaked above ,000 in November 2021, validating his prediction range’s upper end.
Why The Bitcoin Rally Is Far From Over
Adding depth to his latest prediction, Demeester pointed to Google trends data, which often serves as a barometer for retail investor interest in Bitcoin. Despite Bitcoin hitting ,000 yesterday, Yassine Elmandjra, a researcher at Ark Invest, highlighted that Google search volumes relative to Bitcoin’s price are at all-time lows, suggesting a lack of widespread retail frenzy at this stage.
Bitcoin hit k.
Meanwhile, Google search volumes relative to price are at all time lows.
This is a new era. pic.twitter.com/8DnsadIclt
— Yassine Elmandjra (@yassineARK) February 12, 2024
This observation led Demeester to suggest, “I expect for retail to start waking up soon. Remember, there is no fever like Bitcoin fever,” indicating his anticipation of a surge in retail engagement once Bitcoin’s price momentum gathers pace.
Demeester also shared sage advice for investors, cautioning against the perils of debt and overexposure given Bitcoin’s notorious volatility. He emphasized the psychological resilience required to ‘HODL’ through market turbulence, stating, “The HODL attitude requires psychological & emotional work. The unprepared investor cannot sit tight, only the one who has worked to imagine the market relentlessly punching him in the face.”
Addressing inquiries about the future trajectory of Bitcoin, Demeester expressed uncertainty regarding the continuation of the four-year cycle pattern, suggesting that market dynamics are too complex for such predictable cycles to persist indefinitely. “I don’t know if the four-year cycle will hold. That sounds too good to be true tbh. All patterns seem to eventually break,” he commented, highlighting the unpredictable nature of markets.
On the topic of the anticipated economic bailouts, Demeester clarified his stance, pointing to the unsustainable fiscal practices of banks and governments as a catalyst for monetary expansion.
“Of banks and governments. For example, the US government today is already spending more on interest payments than on their military. Only way to keep going is to print an ocean of money,” he explained, providing a grim outlook on the financial stability of key institutions and the potential for BTC to benefit from these conditions.
Money Printing = Numbers Go Up
To understand Demeester’s claims, it’s essential to understand the broader economic dynamics at play. Economic stimulus packages and bailouts, particularly in response to crises, inject liquidity into financial markets, potentially devaluing fiat currencies through inflation.
Hard assets like Bitcoin, with their capped supply, stand in contrast to potential inflationary pressures, offering a hedge against currency devaluation. This dynamic, coupled with increasing institutional adoption by spot ETFs and the growing recognition of Bitcoin as a ‘digital gold,’ could send BTC’s value to unprecedented heights, aligning with Demeester’s projections.
At press time, BTC traded at ,856.
Famed Analyst Richard Bove Says US Dollar Is Finished as World’s Reserve Currency — Expects China to Overtake US Economy
Renowned financial analyst with over 54 years of experience, Richard Bove, has warned that the U.S. dollar is finished as the world’s reserve currency, cautioning that China will overtake the U.S. economy. He warned that the offshoring of American manufacturing poses a significant threat to the financial sector and the U.S. dollar.
Richard Bove’s Economic Warning
Renowned financial analyst Richard Bove shared his dire outlook for the U.S. economy in an interview with the New York Times on Saturday. The 83-year-old worked as a financial analyst for 54 years at 17 brokerage firms; he officially announced his retirement last week. Voicing concerns about the future of the U.S. dollar, he said:
The dollar is finished as the world’s reserve currency.
In addition, Bove predicted that China will overtake the U.S. economy. He emphasized that no other analysts will make a similar statement because they are “monks praying to money,” choosing not to critique the mainstream financial system that employs them. He added that many analysts are rewarded for making unique but inconsequential and “arcane” statements.
Bove has warned about the global rise of the Chinese yuan as a threat to the U.S. dollar for quite some time. In January 2019, he explained that “China and its allies are working diligently to establish a multilateral world.” He noted, “The United States is creating a financial vacuum into which the yuan is creeping,” adding: “The biggest banks in the world are now headquartered in China.”
Bove once held the belief that big banks are essential. In his 2013 book titled “Guardians of Prosperity: Why America Needs Big Banks,” he contended that regulatory crackdowns on the industry would hinder lending to small businesses. However, he has since shifted his stance on the importance of big banks, especially following the regional banking crisis last spring.
He articulated that the offshoring of American manufacturing poses a significant threat to the financial sector and the U.S. dollar. This is because “the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money.” Bove sees cryptocurrency as a natural beneficiary of the decline of the U.S. dollar.
What do you think about Richard Bove’s predictions regarding the U.S. dollar losing its world’s reserve currency status and China overtaking the U.S. economy? Let us know in the comments section below.
Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May, Pushing ETH to $4,000
Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot ethereum exchange-traded fund (ETF) in May. The banking giant’s analyst foresees the price of ether rising to ,000 by the expected approval date.
Standard Chartered’s Ethereum ETF Prediction
Standard Chartered published a note on Tuesday detailing why it expects the U.S. Securities and Exchange Commission (SEC) to approve spot ethereum exchange-traded funds (ETFs) in May, Bloomberg reported. The bank’s head of crypto research and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s approval of spot ethereum ETFs to mirror the agency’s approach to spot bitcoin ETF approvals.
The analyst explained that May 23 is the last date by which the securities regulator must approve or deny spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to make a decision on the final date, similar to its Jan. 10 approval of 11 spot bitcoin ETFs. Kendrick believes that ethereum’s legal and financial situation closely mirrors that of bitcoin, suggesting a similar approval pattern for spot ethereum ETFs.
However, SEC Chairman Gary Gensler remains evasive on whether ethereum is a security, despite stating that most crypto tokens, other than bitcoin, are securities. The SEC delayed its decisions on two spot ethereum ETF applications last week: one from Blackrock and one from Grayscale Investments.
Ethereum’s Price Could Rise to ,000, Analyst Says
Moreover, the Standard Chartered head of crypto research explained that ethereum’s price could reach ,000 by the May 23 approval date if ETH follows a similar trajectory to bitcoin during its ETF approval process. At the time of writing, ether is trading at ,370.
Kendrick’s ,000 ETH price target hinges on several key assumptions, including general market sentiment for approval remaining low, implied volatility being wrong, and the SEC approving multiple spot ethereum ETF applications on the same day as it did with spot bitcoin ETF applications.
While bitcoin’s price experienced a selloff after the spot bitcoin ETF approvals as investors, including FTX, exited the Grayscale Bitcoin Trust (GBTC), Standard Chartered believes that etherum will avoid much of the selloff bitcoin faced. The analyst noted that Grayscale’s existing Ethereum Trust holds a smaller portion of the total market capitalization of ether, compared with the bitcoin held in GBTC. He emphasized:
These factors should make ETH less vulnerable than BTC to a post-approval selloff.
Meanwhile, Standard Chartered said early this month that the price of bitcoin could hit 0K in 2025.
What do you think about Standard Chartered’s prediction regarding spot ethereum ETF approvals and the price of ETH? Let us know in the comments section below.
South African Regulator Expects to Determine Fate of 50 Crypto License Applications in ‘Coming Weeks’
The head of enforcement at South Africa’s financial industry watchdog said on Jan. 24 that he expects the organization to decide the fate of 50 crypto firms’ license applicants in the coming weeks. The watchdog stated that from the more than 100 entities that applied for a license, 20 have since withdrawn from their respective applications.
The Cost of Obtaining a License
An official with the Financial Sector Conduct Authority (FSCA), South Africa’s financial industry watchdog, announced on Jan.24 that the organization expects to determine the fate of some 50 crypto firms’ license applications in the coming weeks. Gerhard van Deventer, the head of enforcement at the FSCA, revealed that out of the 90-plus applicants, 20 have since withdrawn.
As reported by Bitcoin.com News in late 2023, the South African watchdog had received a total of 93 applicants just days before the Nov. 30 deadline. This figure, which ultimately rose to 105, consisted of both current holders of FSP licenses and fresh applicants. At the time, Diketso Mashigo, the FSCA’s compliance head, confirmed that some applicants had decided against pursuing the license. Some eventually opted to operate outside the South African market.
Deventer, who made the remarks during a podcast, said he agrees with the assertion that some of the applicants may have chosen to withdraw because they have may been spooked by the cost of obtaining the financial service provider (FSP) license.
Applicants Fail to Meet Key Requirement
The FSCA’s head of enforcement however suggested that some of the withdrawing applicants only did so after they became aware of the burden of getting the license. Deventer suggested that many of those applicants had no realistic chance of meeting one key requirement.
“Applicants got stuck on the requirement of having an appropriate key individual because such an individual will need to have a very specific and relevant experience, qualifications and skills. And there is not a lot of that around if you take into account that crypto has not been around for a long time,” the FSCA’s Head of enforcement said.
Some of the applicants who found themselves in this situation said they would only reapply when a suitable individual is found, Deventer added.
Meanwhile, when asked about the changes to regulations proposed by the FSCA, Deventer said tackling scammers who purposely choose to operate outside its regulatory ambit is what motivated it to make the amendments. According to Deventer, once the new regulations kick in it will now be impossible for such entities to avoid regulation of their activities.
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Former Bitmex Chief Expects Bitcoin to Bottom Out Between $30,000 and $35,000
Former Bitmex CEO Arthur Hayes has predicted that bitcoin will find a support level between ,000 and ,000. He contends that the ongoing bitcoin selloff is not due to outflows from Grayscale’s bitcoin trust (GBTC). “That argument is bogus,” he claimed, adding that bitcoin’s price movement is “anticipating the Bank Term Funding Program (BTFP) will not be renewed.”
Ex-Bitmex Chief’s Bitcoin Price Prediction
Arthur Hayes, co-founder and former CEO of crypto exchange Bitmex, has shared his bitcoin price prediction, explaining that he believes the cryptocurrency will form support between ,000 and ,000. In a blog post published Tuesday, Hayes detailed:
I think bitcoin will find a local bottom between ,000 and ,000.
Referring to his statement earlier this month that he expects a 30% correction for bitcoin, Hayes elaborated in Wednesday’s blog post that “A 30% correction from the ETF approval high of ,000 is ,600.” He also previously noted, “The washout could be even more severe if the slate of U.S.-listed spot bitcoin ETFs has already commenced trading.”
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Jan. 10. Most of them started trading the next day. The price of bitcoin pushed above K in anticipation of the approval but dropped below K on Monday and K on Tuesday.
Discussing why the price of bitcoin plummeted following the ETF launches, the former Bitmex executive said: “The first argument for bitcoin’s recent dump is the outflows from the Grayscale Bitcoin Trust (GBTC). That argument is bogus because when you net the outflows from GBTC against the inflows into the newly listed spot bitcoin ETFs, the result is, as of January 22nd, a net inflow of 0 million.”
The former Bitmex boss continued:
The second argument, which is my position, is that bitcoin is anticipating the Bank Term Funding Program (BTFP) will not be renewed. This event will not be positive as the Fed still has yet to cut rates to a level that pushes the 10-year Treasury into the 2% to 3% range.
On Wednesday, the Federal Reserve Board announced that the Bank Term Funding Program will cease making new loans as scheduled on March 11. The Fed announced the creation of the Bank Term Funding Program on March 12 last year following the collapse of Silicon Valley Bank (SVB) and Signature Bank.
Hayes previously explained that he expects bitcoin will dip before the Bank Term Funding Program renewal decision on March 12. “As the SPX [S&P 500] and NDX [Nasdaq-100] dump due to a mini financial crisis in March, bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button,” the former Bitmex executive noted.
What do you think about former Bitmex CEO Arthur Hayes’ bitcoin price prediction? Let us know in the comments section below.