Why Bitcoin Could Triple In Value Annually:
Bitcoin investor, Michael Saylor have cause for excitement over the significant volatility in the flagship crypto market.
The leader of the world’s largest traded business intelligence company, Michael Saylor, recently revealed why he believes the value of the flagship crypto-asset Bitcoin could triple every year.
In an interview with Stansberry Research, Saylor stated that Bitcoin is monetary energy that will attract lots of money.
“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.
“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.
Another important macro that supports Michael Saylor’s bullish bias is data showing that the number of addresses at 1000 BTC has just hit a new high of 2446.
141 new whale addresses at over 1,000 BTC have been created in the past 21 days, suggesting that large companies are expecting a significant spike in Bitcoin prices in the near future.
The number of addresses holding 1,000 BTC just reached a new all time high of 2,446.
Over the last 21 days, 141 new whale address with over 1k BTC were created, suggesting large entities are expecting a significant price rise for #Bitcoin in the near future.
— Bloqport (@Bloqport) January 21, 2021
The percentage of unique addresses whose funds have an average purchase price that is less than the current price. The “purchase price” is defined here as the price at the time the parts are handed over to an address.
At the time of this writing, Bitcoin is trading at $ 32,640.90 with a daily trading volume of $ 63.8 billion. Bitcoin was up 5.03% that day.
What It Means:
According to one such metric shown above, there was a rebound in investor earnings a few hours ago when Bitcoin fell to $ 28,950 – a key level in terms of support for a leading Bitcoin investor, Microstrategy only bought its second drop in 2021 under $ 30,000 and bought another 314 bitcoins worth $ 10 million of $ 32,000.
— Documenting Bitcoin (@DocumentingBTC) January 22, 2021
Chain analysis researchers explain at length that if the BTC rush continues to increase, the price will certainly increase. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”
Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
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