Over the weekend, a prominent personality in the bitcoin and blockchain sector, Bruce Fenton, addressed Jack Dorsey, CEO of Block, Inc., through a post on the social media platform X. Fenton asserts that Dorsey owes an explanation, as Twitter’s senior leadership has faced accusations of orchestrating one of the most significant acts of censorship in […]
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Donald Trump Jr. Advocates for Father as Leading Bitcoin Proponent
On Tuesday, Donald Trump Jr. shared an opinion article on the social media platform X and declared that his father Donald Trump is “the best choice for bitcoin.” Trump Jr. Endorses Father as Prime Candidate for Bitcoin, Highlights Bitcoin Magazine Editorial The eldest child of former U.S. President Donald Trump and his first wife Ivana […]
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Early Bitcoin Proponent Erik Voorhees: Crypto Will Be the Currency of AI
Erik Voorhees, an early bitcoin proponent and entrepreneur, believes that crypto will be the currency of artificial intelligence (AI) agents. At Unchained, Laura Shin’s crypto podcast, Voorhees explained that, as soon as AI agents start interacting economically, they only will be able to manage cryptocurrency. “An AI agent can’t go set up a bank account. […]
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Libertarian and Free Market Proponent Javier Milei Wins Argentine Presidency
Argentina has welcomed Javier Milei as its newly elected president, with the libertarian candidate achieving a majority in the popular vote, surpassing his opponent Sergio Massa. Milei, who identifies as an anarcho-capitalist, has expressed his intention to dismantle the political “caste” which he accuses of failing the nation, boldly asserting earlier this year that the state “destroys wealth.”
Milei Triumphs in Argentina’s Presidential Race
At 53, the libertarian economist Javier Milei has claimed victory over the left-leaning finance minister Sergio Massa to become Argentina’s president. In a recent interview with Tucker Carlson, Milei, an advocate of free-market capitalism, attributed Argentina’s economic challenges to its century of socialist policies. The election on Sunday evening was a decisive run-off, following a tightly contested initial vote where Massa had a narrow lead.
Massa conceded defeat to Milei on Sunday before the final vote tally was announced. “The results are not what we expected, and I have contacted Javier Milei to congratulate him and wish him luck,” Massa stated to the media.
Milei has garnered support from bitcoiners and crypto enthusiasts, as the Argentine politician has been a vocal advocate for bitcoin (BTC), by saying it “represents the return of money to its original creator, the private sector.”
Additionally, Milei supports the concept of “dollarization” and advocates for the abolition of the country’s central bank, proposing to dollarize the nation as a remedy for its economic troubles. As the leader of Latin America’s third-largest economy, Milei faces significant challenges, especially with Argentina’s inflation rate soaring to 121% in October.
In the wake of Milei’s electoral success, “Argentina” and “Milei” have become hot topics on social media platform X, attracting millions of posts. Concurrently, major news outlets like the Guardian and the Washington Post have been quick to label Milei with terms such as “far right” and draw parallels between him and former U.S. President Donald Trump.
What do you think about Milei’s win? Share your thoughts and opinions about this subject in the comments section below.
Silver Proponent Predicts Medium-to-Long-Term Prices of $125 Per Ounce Thanks to Auto Industry
Silver prices have been hovering just below the per troy ounce mark over the last 24 hours, after jumping above the range in mid-January. While long-term and modest forecasts expect silver to hit by 2025 and by 2027, Keith Neumeyer, CEO of First Majestic Silver, thinks medium to long-term, silver could reach 5 per ounce, thanks to the automobile industry.
Keith Neumeyer Highlights Silver’s Role in the Growing Demand for Renewable Energy and Electric Vehicles
The precious metal silver is down more than 12% against the U.S. dollar since mid-January when it reached per troy ounce. Still, six-month statistics show an ounce of silver is 14% higher than it was on September 6, 2022. According to the forecast on coinpriceforecast.com recorded on March 6, 2023, silver’s price will “hit by the middle of 2025 and then by the end of 2026.”
The prediction also expects silver to rise to “ within the year of 2028, in 2030, and in 2032.” While that’s modest growth over the next decade, silver proponent and CEO of First Majestic Silver, Keith Neumeyer, has a more bullish outlook.
Neumeyer spoke with Michelle Makori, lead anchor and editor-in-chief at Kitco News, at the BMO Global Metals, Mining, & Critical Minerals Conference. The silver proponent’s outlook for 2023 is roughly per ounce, but his medium-to-long-term outlook is 5 per ounce.
He told Makori that this year was the first year he noticed auto manufacturers at the conference. Neumeyer opined that car manufacturers “aren’t really aware of the supply-demand fundamentals of the metal.” He also stressed that Tesla CEO Elon Musk should be watching this space closely.
“I think as they educate themselves and actually learn the challenges for the silver industry to supply the automotive sector, they will start looking at this industry a lot more aggressively… If I were Elon Musk, I’d be very active in this area,” Neumeyer said.
Neumeyer emphasized that silver is needed to create solar panels and car batteries, and he believes that this consumption will only continue to grow. During his conversation with Makori, Neumeyer stated that he has been predicting for a couple of years that silver prices will reach triple digits in the medium-to-long term, and he thinks that reaching 5 to 0 per ounce is a reasonable expectation.
He also believes that the “stars are aligning” for this prediction to become a reality and that we are now closer to it than we were a couple of years ago. Neumeyer informed the news anchor that the estimated consumption of silver in the solar panel industry is 160 million ounces for 2023. He added that the electrical automotive sector is projected to consume just under 100 million ounces of silver.
What do you think about Neumeyer’s silver forecast? Let us know what you think about this subject in the comments section below.
Why a Long-Time Bitcoin Proponent Thinks BTC Will Rally Over 3,000% in 5 Years
Bitcoin remains below the crucial resistances of ,500 and ,000 but that hasn’t stopped investors from speculating as to where BTC will top in the upcoming bull run.
One prominent executive and programmer in the space is speculating that a price of 0,000 is possible within the next five years. Here’s why he thinks so.
Why Bitcoin Could Hit 0,000 by 2025 According to a Long-Time BTC Proponent
Speaking to Bloomberg on June 1st, Blockstream CEO Adam Back says that he thinks Bitcoin will hit 0,000 within the next five years. This equates to a rally of around 3,050% from the current price.
Back attributed this high prediction to the influx of investors hedging with Bitcoin, be that Paul Tudor Jones or retail investors like you or I. He added that with “a lot of money printing” going on in the world, BTC’s use case makes even more sense.
Corroborating the 0,000 prediction is the famous Stock to Flow Model from analyst “PlanB,” a pseudonymous quantitative analyst that works as an institutional investor in Europe.
His analysis found that the value of BTC can be tied to its level of scarcity. The more scarce Bitcoin is, the higher its fair value should be.
PlanB plotted this relationship and found that by abstracting time from the model, he can fit a regression that has an R squared value of over 99%. The regression suggests that Bitcoin will reach a price of 8,000 within the next five or so years.
Image of a new iteration of the Stock to Flow Model from analyst PlanB. It predicts Bitcoin will reach 8,000 or so in the next era.
Related Reading: Legendary Technical Analyst Says Bitcoin Investors Should Be “Cautious”: Here’s Why
0,000 Might Even Be Too Low
Although Bitcoin rallying to 0,000 would be accepted by any crypto investor, it may be too low of a prediction.
There are analysts seriously considering that the leading cryptocurrency will reach well past 0,000 in the coming years due to macro trends.
Raoul Pal is one of these analysts. The former head of Goldman Sachs’ hedge fund sales division and a noted macro analyst recently went on the “Keiser Report” on RT to discuss this.
During the interview, host Max Keiser asked Pal if he thinks Bitcoin has the potential to rival gold’s market capitalization of trillion in the future.
“If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a trillion number is easily achievable within that process,” the current CEO of Real Vision said.
A trillion market capitalization corresponds with more than 0,000 per coin.
Pal elaborated on his thesis in the April edition of Global Macro Investor — the research business he runs with a business partner.
Bitcoin is likely to erupt higher in the coming years because due to the ongoing recession, there is a risk “of the failure of our very system of money” or at least a collapse of the “current financial architecture.”
To him, cryptocurrencies such as Bitcoin are a way out of that system and may act as the predicate on which the next system is built upon. Pal said on Bitcoin in particular:
“It is an entire trusted, verified, secure, financial and accounting system of digital value. […] It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”
Related Reading: Crypto Tidbits: Bitcoin Nears k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps
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