- Bitcoin price could rocket to '$1,000,000' as big institutions buy directly from miners - Express
Speaking to Express.co.uk bitcoin pioneer Max Keiser said: "The demand for bitcoin is growing almost exponentially while supply is mathematically locked at 900 a day and in fact, in 2024, the supply gets cut in half again to 450 a day. This is why I think institutions that are buying bitcoin will do so directly from miners and the public won’t have a chance to buy any. The public will be shut out as the price rockets to $1,000,000 (£752680.50) per coin.
"Meanwhile, Generation Z who bought lots of bitcoin when it was under $100 (£75.27), will be the new global power elite.
"The world order is about to flip."
Studying the daily demand for bitcoin from the world's major exchanges, the current estimated average daily demand far outweighs the daily supply created by mining bitcoin.
The daily demand on exchanges amounts to 2,600 bitcoin, whereas the supply from mining is only 900 bitcoin.
READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies
Of this disparity, Max Keiser said: "This is amazing, the daily demand from these four is 2,600 bitcoin, but the daily supply from mining is only 900 bitcoins."
This prediction of an escalating price was also echoed by Dan Morehead, the CEO of Pantera Capital, who said: "The first investment firm in the US to launch a digital currency, pre-auction ICO, and blockchain-enabled venture funds.
"PayPal and CashApp already buying more than 100 percent of all newly-issued bitcoins.
"PayPal alone likely buying all within weeks.
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"Where would Cash App get theirs?
"That’s where the finite-supply, inelasticity part comes in, at a higher price."
Bitcoin expert Dan Held gave a list of the financial institutions "and trading legends" that recognise bitcoin is the new gold.
Mr Held tweeted the following names and institutions, "Fidelity, JP Morgan, Bloomberg, Deutsche Bank, Citibank, Jeffries, Blackrock, Susquehanna, Jump Trading, Paul Tutor Jones and Stanley Druckenmiller".
A follower of Mr Held tweeted: "Bitcoin will divide people into two groups.
"In those who have it and those who want it."
- Date of publication:
- Sat, 11/21/2020 - 15:47
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