Bitcoin has bottomed out and will never drop below $ 6,000, says Tuur Demeester.The founder of Adamant Capital says, the institutional involvement in the Bitcoin space to witness further price growth.He also hits the bold prediction that Bitcoin will reach due to the Hyperinflation of 50,000$to 100,000 $.
Bitcoin continues to show impressive price trends in the midst of a corona virus-induced gloomy macro-economic Outlook. The price of the crypto-currency has risen by about 150 percent after it on the 13th. March 2020 had reached almost 3,800 US Dollar to its lowest level.
In the meantime, analysts and traders rely on an extensive growth in the case of BTC, a price prediction model for the Coin until 2024 even over 280,000 $ increase in looks.
To the long list of bullish forecasts also Tuur Demeester joins now add to invest an Influencer, known for his Fund-Adamant Capital in Kraken, the U.S.-based crypto, exchange.
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Demeester, Bitcoin looks to be somewhere between 50,000 and 100,000 dollars. He explains that the crypto-currency will never fall back under $ 6,000.
He made the bold prediction a day after the increase in the Open Interest of Bitcoin options on the Chicago Mercantile Exchange to nearly $ 150 million – the highest ever.
Analysts treat the CME as the best scale for the Bitcoin interest of institutional investors. Demeester uses a similar scale, to explain why the crypto-currency of up to 950 percent, could rise.
Demeester, according to the crypto-currency enters into a “design phase” – to associate a Phase in which the big players on Wall Street start, with the emergence of Blockchain assets.
He mentioned JP Morgan Chase & Co, a banking institution that has referred to Bitcoin as “money” and one of suddenly two of the largest U.S. crypto companies to its customers.
Bitcoins career on Wall Street was also continued with significant investments from Paul Tudor Jones. The billionaire hedge Fund Manager recently invested 1-2 percent of the value of its portfolio in Bitcoin Futures.
Confirmed: The crypto-currency is a form of insurance against global market risks.
“It is a Phase of acquisition of land,” says Demeester about the continued institutional inflows.
“You know that [Bitcoin] is going to be big [and] it is not correlated with the traditional financial systems, [ … ] The institutions set out their claims and see what is later built on [Bitcoin].
Family of companies, billionaires, Hedge funds, and the interest of other prominent investors in Bitcoin would push the price quickly over $ 50,000, the Investor.
Hyperinflation hits Bitcoin scarcity
In a letter to investors, which was sent at the beginning of the month, admits Mr. Tudor Jones, that he has invested in Bitcoin Futures, because he wants to hedge against the Inflation, the through the unprecedented monetary Expansion by the US Central Bank is caused.
In the meantime, the U.S. money supply, M2, which serves as an inflation indicator, also increased cash inflow into the US System. The wave in the graphic below, represents a measure for the amount of money of the United States, the cash, savings deposits, cash deposits, investment funds, money market papers and certificates of Deposit includes.
Demeester commented on, as well as Tudor Jones, that a large part of the institutional money will flow into the Bitcoin market as the crypto-currency is, by nature, is anti-inflationary. This means, roughly speaking: A devalued Dollar around increases the price of the asset to him.
An example of Demeester therefor:
“A bike for $ 200 would be, for example, a thousand Dollar value.”
The question is, what is the US Dollar value, after the Coronavirus pandemic leaves the Fed with a bloated balance sheet. The institutions are already seeing the fall of the dollar.
So Bitcoin is a bet against Inflation – even Hyperinflation.