Podcasts Technology Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News 388: BITCOIN WILL HIT $500K AND MONEY STORED IN BTC WILL RUN THE FASTEST, OVERTAKING GOLD!

388: BITCOIN WILL HIT $500K AND MONEY STORED IN BTC WILL RUN THE FASTEST, OVERTAKING GOLD!

Published: Nov. 11, 2020, 3:27 p.m.

The Winklevoss Twins, co-founders of the Gemini crypto exchange, recently stated that the Bitcoin price will hit $500K in the years ahead due to BTC having the potential to outpace gold:

“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or BTC will outrun the scourge. And money stored in BTC will run the fastest, overtaking gold…

Nonetheless, we believe that BTC will continue to cannibalize gold and that this story will play out dramatically over the next decade. The rate of technological adoption is growing exponentially. Software is eating the world and gold is on the menu.”

Raoul Pal, CEO of Real Vision and a former hedge fund manager, also recently stated that Bitcoin could hit $1,000,000 in this market cycle.

He believes that institutional investment in the cryptocurrency will drive this rally.

Pal recently stated that he has over 60% of his net worth in Bitcoin or Ethereum, citing his belief that the cryptocurrency market may be the best trade of his lifetime. He added that he would not be surprised to see his personal allocation to Bitcoin increase toward 80% or even higher in this market cycle.

According to a macro analysis by crypto-asset trader Josh Rager, Bitcoin is on the verge of an exponential uptrend.

The trader shared the chart below, noting that every time “Bitcoin has closed above the previous monthly all-time high,” a 700-1,000 percent uptrend followed suit.

Bitcoin will likely do this once again if November closes above $14,000. What could follow is a surge toward $100,000, or potentially even higher:

“Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed.

November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market”

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