BlackRock ETF stirs US Bitcoin buying as research says ‘get off zero’
2023.07.09 09:12
Bitcoin (BTC) will suck in “all prosperity gains” in future and leave behind those who have no exposure as a result, a new prediction says.
In a Twitter thread on July 8, investor Luke Broyles delivered a bold vision of how Bitcoin would become “society’s base money.”
Investor tells would-be Bitcoin buyers: “Get off zero”
What started off as a commentary on how artificial intelligence (AI) is welcoming BTC soon became a dramatic outline of how it should end up as the world’s go-to currency.
For Broyles, Bitcoin’s key attribute — a fixed, immutable supply — makes it unique as a future-proof asset.
“Every innovation (even AI) will rush as quickly as possible to competitively force prices down. Every country will rush as quickly as possible to print currency to force prices up and sustain credit markets. Both of these forces will increase in speed,” he wrote.
BTC, meanwhile, will remain constant in its emission, and as a result, even a tiny exposure is a world away from nothing at all.
“We have less in common with the future than the past… Bitcoin is trading for hundreds of millions of political currency units in many nations already. But the ACTUAL big deal is that all prosperity gains from all future innovations will flow into society’s base money- BTC,” Broyles continued.
“This is why it is CRUCIAL for people to ‘get off zero.’ Saying ‘Bitcoin is digital gold’ is like saying a locomotive is an iron horse.”
Bitcoin supply dynamics data. Source: Luke Broyles/Twitter
His perspective chimes with that recently published by Arthur Hayes, former CEO of crypto derivatives exchange, BitMEX.
As Cointelegraph reported, Hayes believes that AI will instinctively choose BTC as its financial lifeblood, again thanks to its unique qualities compared to other assets, including gold.
As a result, AI alone could push the BTC price past $750,000 per token.
BTC supply dominance hits “inflection point”
The race to secure the remaining BTC supply, meanwhile, may have already started.
Related: BTC price remains ‘undoubtedly bullish’ as $30K Bitcoin buyers emerge
Broyles argued that Bitcoin liquidity in fact peaked during the March 2020 cross-market crash, and will never retrace its steps since.
When the world’s largest asset manager, BlackRock, announced a Bitcoin spot-based exchange-traded fund (ETF) filing, meanwhile, U.S. BTC activity rocketed.
As noted by on-chain analytics firm Glassnode, the U.S. appears to be reassessing its own exposure.
“Following the Blackrock Bitcoin ETF request announcement on June 15th, the share of Bitcoin supply held/traded by US entities has experienced a notable uptick, marking a potential inflection point in supply dominance if the trend is sustained,” it commented on July 8.
An accompanying chart showed the differences in regional BTC supply ownership change.
BTC Regional Year-over-Year Supply Change annotated chart. Source: Glassnode/Twitter
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
