Kategorie: Bitcoin News

• Matt Hougan has said three factors will push Bitcoin to $80,000 by the end of 2024
• Hougan indicated that the US election is a big deal for crypto
• Altcoins could also help bolster the melt-up case for Bitcoin achieving new highs

Bitwise’s CIO has indicated three things that could see Bitcoin achieving highs of $80,000 by the end of 2024.

In a client memo, Matt Hougan said that the US election, the economy, and no negative crypto surprises are what may see a “melt-up” of Bitcoin to trade above $80,000 during the last quarter of 2024.

At the end of 2023, Bitwise predicted that Bitcoin would reach $80,000. He also indicated that spot Bitcoin exchange-traded funds (ETFs) will be approved.

In his latest memo, Hougan stood by his belief that Bitcoin will reach all-time highs. Writing about the US election, the CIO stated that while a Republican win would be good for the crypto market “given the GOP’s strong and growing advocacy for the space,” the election is “more nuanced on the Democratic side.”

He added that the Democrats have “disparate views on crypto” from Senator Elizabeth Warren’s “Anti-Crypto Army” to Representative Ritchie Torres’ deep support of the market.

“To thrive, bitcoin doesn’t need politicians,” Hougan said. “It just needs them to get out of the way. And barring a Democratic sweep of both houses of Congress and the White House, I suspect they will, with the Democrats taking a more neutral approach to the industry.”

Recent data shows that former US President Donald Trump leads the election against Vice President Kamala Harris on Polymarket, the decentralized prediction market platform.

Lack of trust

Turning to the economy, Hougan stated that the US Federal Reserve’s rate cuts by 50 basis points and China releasing two trillion yuan in economic stimulus in late September fueled the crypto rally.

Hougan added that the market expects a further 50 basis points by the end of 2024 from the Federal Reserve and additional fiscal stimulus in China.

Looking to his third point, Hougan indicated that a Bitcoin rally to $80,000 would be achieved if there are no major surprises, no lawsuits, and no locked coins entering the market. However, he noted that the crypto industry is full of surprises that have impacted the market.

“Over the past few quarters, the release of previously locked-up bitcoin from failed exchange Mt. Gox and from government coffers has contributed to keeping us range-broad,” he said.

Altcoins could help

In Hougan’s view, aside from the three factors above, a broader rally in crypto will help seal the deal of Bitcoin reaching $80,000.

“Bitcoin doesn’t need Ethereum, Solana, or novel altcoins for its long-term success,” he added. “But if we’re going to get a full-on melt-up in the short-term – say, a rip to $100,000 in just a few months – it would help to have a bit of pro-crypto sentiment sweep the market.”

While he believes those crypto “animal spirits” have been in short supply during 2024, he sees them rising in areas such as stablecoins and projects including Sui, Aptos, and Monad.

“Strong and sustained momentum in these areas would bolster the melt-up case,” Hougan said.

The post Bitwise CIO: Three things are needed for Bitcoin’s “melt-up” to $80,000 in Q4 appeared first on CoinJournal.

• Film director, Cullen Hoback, points to Peter Todd as Bitcoin’s inventor
• Hoback relies on a 2010 web forum post in which Todd responded to one of Satoshi’s post
• Todd points out that he’s Satoshi “as is everyone else”

HBO’s latest documentary has named Bitcoin core developer Peter Todd as Satoshi Nakamoto, the mysterious inventor behind Bitcoin.

“Money Electric: The Bitcoin Mystery,” directed by Cullen Hoback, examines Bitcoin’s early days and some of its key figures. Using old and new clues, Hoback confronts Todd and Blockstream founder Adam Back with the evidence, according to a report from Politico.

During the documentary’s finale when confronted with a question from Hoback, Todd said: “Yeah, I’m Satoshi Nakamoto.” This is far from being a confession, though, as Todd also said he was Craig Wright.

Hoback’s reasoning behind Todd being Bitcoin’s creator lies in a 2010 web forum post in which Todd responded to one of Satoshi’s posts. According to Hoback, Todd’s post is a continuation of Satoshi’s that was mistakenly sent from Todd’s account rather than Satoshi’s.

The film director cited another clue, in which Todd wrote in a blog post that he was “probably the world’s leading expert” on how to sacrifice Bitcoin, adding that he had “done one such sacrifice”. According to Hoback, this was an admission that Todd had sacrificed his ability to access Bitcoin.

Not a confession

Todd’s admission is by no means concrete proof that the Canadian developer is the cryptocurrency’s inventor.

Todd is well known for saying the phrase “I am Satoshi,” In fact, during a 2019 interview in “What Bitcoin Did,” with podcast host Peter McCormack, Todd said, “I am Satoshi, as is everyone else.”

Ahead of the documentary’s release, Todd denied he was Satoshi after it was leaked online. Following its release, Todd took to social media again to deny he was Satoshi after someone called him out, writing, “I’m not Satoshi.”

During the documentary, Todd said to Hoback after he presented his theory: “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”

Jameson Lopp, co-founder of Bitcoin company Casa, wrote on X that “wherever Satoshi may be, I like to think they’re having a laugh at this latest round of foolishness.”

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• Metaplanet boosts Bitcoin holdings to 639.5 BTC as of Oct. 7.
• The company’s stock price has surged 11%, with a 544% year-to-date gain since May 2024.
• It has so far acquired an additional $1.4M in BTC via options trading, recognizing 23.97 BTC as revenue.

Japan-based investment firm Metaplanet on October 7 announced that it has made yet another significant acquisition of Bitcoin, boosting its holdings to a total of 639.5 BTC, valued at approximately $40.5 million.

The company, which has garnered the nickname “Asia’s MicroStrategy” for its aggressive Bitcoin purchasing strategy, acquisition of an additional 108.78 BTC, worth roughly $7 million at the current Bitcoin price of $63,600.

Metaplanet’s Bitcoin strategy has been nothing short of bold. Since May 2024, when it first adopted Bitcoin as its strategic treasury reserve asset, the firm has made regular purchases to strengthen its cryptocurrency portfolio.

In total, Metaplanet has invested 6 billion Japanese yen into Bitcoin over the past few months. Its consistent buying behaviour has drawn comparisons to MicroStrategy, the American company known for its own large-scale Bitcoin acquisitions.

This most recent purchase has led to a surge in Metaplanet’s stock price, which climbed more than 11% on October 7, reaching an intraday high of 1,047 Japanese yen (approximately $7). The company’s stock has more than tripled in value since the start of the year, with a 544% year-to-date gain, although it is still trading at a 66% discount from its all-time high in May 2024.

In addition to direct Bitcoin purchases, Metaplanet has employed options strategies to increase its reserves. Last week, the company acquired Bitcoin worth $1.4 million through options trading, selling put options with a strike price of $62,000. These options, set to expire on December 27, 2024, generated a premium of 23.97 BTC, which the company recognized as revenue.

Market analysts remain optimistic about Bitcoin’s trajectory, with predictions suggesting it could rise to $77,700 by the end of October. As Bitcoin continues its upward momentum, Metaplanet’s ongoing acquisition strategy could further solidify its position as a leading player in the cryptocurrency space.

The post Japan’s Metaplanet buys $7M Bitcoin, now holds to $40.5M BTC appeared first on CoinJournal.

• The IMF wants El Salvador to limit “public sector exposure to Bitcoin”
• The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin”

The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin.

During a press conference, IMF spokesperson Julie Kozack said:

“What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”

Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.”

The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin legal tender. Following its official adoption, the IMF released a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender.

More recently, the IMF released a statement in August that focused on, among other things, the need to “mitigate the risks from Bitcoin.” However, the financial agency did note that while “many of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..” in Bitcoin.

Still committed to Bitcoin

Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.

However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador’s pro-Bitcoin president, knows more work needs to be done. In a recent interview with TIME magazine, Bukele admitted that his Bitcoin strategy for El Salvador had been “net positive,” but it hasn’t witnessed the “widespread adoption” they hoped for.

Despite this, Bukele remains committed, even going so far as to buy additional Bitcoin when the price drops. The country also promised to use the profit it makes from its Bitcoin Trusts to build 20 schools as it works at making crypto more appealing to its citizens.

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