Kraken's Dan Held Predicts BTC at $1,000,000
Dan Held bases his forecast on several key points. For example, on the speculative nature of bitcoin. She, as conceived by Satoshi Nakamoto, was to become one of the driving forces behind the growth of the price of the cryptocurrency. In the end, it happened
Held quotes Satoshi as referring to a phenomenon known as the viral feedback loop. At the same time, a product or service receives value based on the number of people interested in it. The more interested people, the higher the value.
Bitcoin fits perfectly into this macroeconomic model. And there are maximum reasons for its victorious march. On the one hand, this is high inflation. On the other hand, there is a need to preserve values.
Dan Held says bitcoin can benefit anyone. Even those who do not even think about it now, in due time will be faced with the need to use it.
So, for example, it happens if a person insures himself just in case. And then suddenly there will be an insured event. And you can immediately understand why BTC, like insurance, has such value. In fact, this is insurance against depreciation of money and bank lawlessness.
Institutional investors have understood the value of BTC and are therefore entering the market, setting the stage for a supercycle, Held said. These institutions after Covid need a safe store of value. They manage over $100 trillion. It is not difficult to understand the full benefits of this situation.
In 2021-2022, bitcoin can be bought everywhere - in a bank, from a broker. What previously held back the demand for cryptocurrency will become a thing of the past. Bitcoin turnover will reach many trillions of dollars. Therefore, Held believes that the sharp rise in the price of bitcoin in January is just the beginning of the millionth super cycle.
What happens when bitcoin ownership moves from 0.01% globally to 1%? The price will rise 100 times and move much more.