This is a summary of the leading cryptocurrency most crucial news.
Among the most relevant news of the leading cryptocurrency, the following stand out: according to Cathie Wood, Bitcoin is “digital gold”, MicroStrategy now owns 158,400 BTC, Berstein says that Bitcoin will reach $150,000 in 2025, Michael Saylor suggests a bright future for Bitcoin, and CoinShares reported record investments in cryptocurrencies, with Bitcoin leading the way.
Cathie Wood Reaffirms Her Confidence in Bitcoin as “Digital Gold”
ARK Invest CEO Cathie Wood believes Bitcoin is digital gold. In an interview on Bloomberg, he said he would choose BTC for long-term storage over precious or fiat metals.
According to a post on Bloomberg Crypto’s X, Cathie Wood says that “she would unambiguously wager on Bitcoin — rather than gold or cash — to safeguard against the possibility of deflation in the coming decade.”
The famous Wall Street tech guru has indicated that she expects a new era of falling prices, supported by new technologies that include Artificial Intelligence, electric vehicles, robotics, genetic sequencing and Blockchain.
Indeed, Cathie Wood is clear about her bet for the next ten years: Bitcoin, without a doubt. “is a protection against inflation and deflation because there is no counterparty risk and institutions hardly participate.”
MicroStrategy Increases Its Bitcoin Reserve to 158,400 BTC
MicroStrategy shows no signs of letting up on its crypto strategy with an additional purchase of 155 BTC. According to the company’s Q3 2023 earnings report, MicroStrategy now owns 158,400 BTC.
In this regard, MicroStrategy CEO Phong Le said that the company is “well positioned to capitalize on both the tailwinds of Bitcoin and the growth of our BI business.”
Saylor is convinced of Bitcoin’s role in the future economy and says the cryptocurrency surpasses gold as a reliable store of value. The most recent purchase coincides with the enthusiasm seen among investors over the possible arrival of a spot Bitcoin ETF in the US market.
Bernstein: Bitcoin Price Will Reach $150,000 in 2025
The price estimate by financial advisor Bernstein was based on the assumption that the US Securities and Exchange Commission (SEC) will begin approving spot Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024.
Basically, the bullish estimate is roughly five times the current price of around $34,000 and more than double Bitcoin’s all-time high of over $69,000 set in November 2021.
According to Michael Saylor, Bitcoin Will Continue to Multiply Considerably
Amid a fluctuating market, Michael Saylor remains steadfast in his conviction and suggests a bright future for the cryptocurrency. Reaffirming his belief in the unparalleled potential of Bitcoin, foreseeing a tenfold increase in its value.
During his conversation on CNBC, Saylor conveyed that $12 billion annually in natural sales is expected to turn into $6 billion annually. Aligning with the growing demand for Bitcoin driven by spot Bitcoin ETFs. This approval would make it easier for institutional investors to access Bitcoin, which could significantly increase demand for the cryptocurrency.
CoinShares Reports Record Investments in Cryptocurrencies, With Bitcoin Leading the Way
A recent report from CoinShares indicates that cryptocurrency investment products saw a notable increase in inflows last week, reaching their highest point since July 2022. Indeed, it was highlighted that Bitcoin accounted for $296.3 million of the total $326 million in digital asset inflows.
On October 30, CoinShares posted on X that such numbers “are due to what we believe was rising optimism from investors that the US SEC is poised to approve a spot-based Bitcoin ETF in the US.”
By Leonardo Pérez
