A YouTube video by Altcoin Daily explains the Possibility of Bitcoin Reaching $1,000,000 per coin based on various bullish metrics.
The speaker asserts that a $1 million Bitcoin price is inevitable and could occur in a very short timeframe.
What you'll learn 👉
Institutional Are Getting Bullish
One of the reasons for that is that institutional accumulation of Bitcoin is increasing, with 39 different global funds now owning over 1,50,000 Bitcoin.
Institutions are significantly buying Bitcoin, which could push its price towards $1 million per coin. More so, daily inflows into US Bitcoin ETFs in July have been just over a billion dollars.
Based on regulation and legitimacy, Bitcoin is being legitimized by large financial institutions like Fidelity and BlackRock, whose clients are buying the dip.
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Show more +Favorable Economic and Political Conditions
Venture Capitalist Mark Cuban, a supporter of Bitcoin, notes that current conditions are aligning perfectly for a BTC price surge.
Mark Cuban discusses the impact of potential political changes, specifically the re-election of Trump, on the ease of operating crypto businesses due to changes at the SEC.
He admits that all signs are pointing to a bull run in 2025, and BTC could reach or be approaching $1 million by then. The Bitcoin supporters think favorable macroeconomic and political factors could help the situation.
Read Also: Have Ripple vs. SEC Settlement Rumors Fueled XRP Price Pump?
Favorable metrics like lower rates, global uncertainty, and the potential decline of the US dollar as a reserve currency, can all drive Bitcoin price increase, especially if it is seen as a safe haven.
Bitcoin has a limited supply of 21 million BTV. With an increase in demand, a limited supply can help Bitcoin’s market price increase a lot.
Accumulation and Market Dynamics
There is a strong accumulation from Asian markets, with Hong Kong Bitcoin ETFs hitting record highs.
The limited supply of Bitcoin on exchanges (around 1.4 to 1.6 million BTC) and the aggressive buying by ETFs are expected to drive up the price.
The video mentions that some experts believe in diminishing returns for Bitcoin as it grows. Some also argue for hyperbitcoinization; a case where Bitcoin could grow to replace fiat money.
The presenter thinks things have changed in the financial market and various factors could push BTC to $1,00,000 but it remains to be seen if it can maintain the level.
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