Bitcoin: New Crypto Bull, Financial Gerontocracy and the Trillion by 2030

Bitcoin: New Crypto Bull, Financial Gerontocracy and the Trillion by 2030

Bitcoin has been more than just the center of interest at the conference held this past week in Miami through which clearly renowned figures from the world crypto world have passed, in a city very marked by cryptocurrencies. Remember that last August he even traded his own crypto, MiamiCoin.

Miami that has created the new symbol of cryptocurrencies a kind of cyber bull, much more advanced in its configuration than the archfamous Wall Street, the Charging Bull, called Miami Bull and with a very Transformers touch, since its creators participated in the design of the film of the same name. The bull symbolizes, of course, wealth and prosperity. As you can imagine, the images of both bulls, especially from behind, have meant all kinds of comments on social networks.

Bitcoin and memes about comparisons between Wall Street and Miami bulls

But beyond the anecdote the truth is that everything poured in the conference has not managed to green a Bitcoin that has even lost strength compared to last week with falls in the last seven sessions of 8.05%, while in the month it advances by 5.70%. The strong half-yearly cuts of 22.7% are maintained and so far this year, the losses increase to 9.2% for the crypto asset.

Bitcoin quotes the asset year-on-year in the market

As you can imagine there are three presences that wreaked havoc on the Conference, although from it, let us be clear, there has been no significant development. Not even entity forecasts for Bitcoin in the current year. Of course, in the medium term, it is still a great bet for investors. This is the case of the interventions of both Michael Saylor and Cathie Wood.

In the first case, the head of MicroStrategy highlighted his optimism at the announcement of US President Joe Biden about the new regulatory framework of cryptocurrencies, including the push of the digital dollar, which considers a change of bias on the part of the authorities and politicians on the blockchain universe and now compete, says, who is more proBitcoin. A big boost, which could be the push for the asset in the face of what institutional investors need to participate and invest in Bitcoin.

For her part, the head of Ark Investment stressed that she firmly believes that the cryptocurrency par excellence of the market is a hedge against inflation, although she believes that technological innovation will create enormous deflationary pressures that will compensate for the Fed’s money printing.

And it keeps its price proposal open in a horizon to 2030, you know, of possible value of no less than one million dollars, as long as, of course, it fulfills an inescapable condition: that 2.5% of all assets are allocated in Bitcoin, once the technology allows greater penetration in the market, with more efficiency, which will attract, he estimates, a greater number of users.

The most disruptive words, without a doubt, were pointed out by the creator of PayPal and one of mark Zuckerberg’s greatest collaborators until February. We are talking about Peter Thiel, who lashed out at Jamie Dimon of JP Morgan, always very critical of Bitcoin and even against another traditional investor, Warren Buffet, against what he describes, in the best of terms as “gerontocracy” about Bitcoin, so he considers that the investor hinders the development of the cryptocurrency.

He considers it “public enemy number one”, in a speech that opened the conference and in which he pointed out that sooner rather than later the Bitcoin market will compete one-on-one with the global stock market with a value of more than 100 trillion dollars. An investor who has no problem with the huge carbon footprint of cryptocurrencies by constantly questioning the needs of sustainable investment and under ESG principles.

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