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- 🥜 Bitcoin to $1 million in 4 years 🤯
🥜 Bitcoin to $1 million in 4 years 🤯
PLUS: VanEck Bullish Bitcoin
GM to all 28,425 of you. Crypto Nutshell #178 stormin’ in. 🏰 🥜
We’re the crypto newsletter that's less dramatic than waking up as a mob boss managing a family and a criminal empire... 👔🚬
What we’ve cooked up for you today…
🐂 VanEck bullish on Bitcoin
🤯 Crypto Expert: Bitcoin To $1 Million in 4 years
🧑🍳 Bitcoin’s recipe for success
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am ET
Only the top 20 coins measured by market cap feature in this section
VANECK BULLISH ON BITCOIN 🐂
BREAKING: VanEck predicts record-breaking highs for Bitcoin in 2024
VanEck CEO, Jan Van Eck is extremely bullish on Bitcoin.
Which comes as no surprise, considering VanEck is one of the 13 applicants currently in the race for a Bitcoin ETF.
Recently, Jan appeared on CNBC and gave his thoughts on Bitcoin and the upcoming ETFs.
Jan first got into Bitcoin in 2017. He mentions that VanEck was the first established ETF player to file for a Bitcoin ETF.
Interestingly, Jan also mentions that his father (founder of VanEck) started the first gold fund in the US:
“Store of value investing is in our DNA. I said what’s this Bitcoin thing? And I knew about it, well I gotta do the deep dive. So I listened to the podcasts, read the white paper, and I said this is going to be an accompaniment of gold.”
Looking forward, VanEck believes Bitcoin is the “obvious asset”.
“Bitcoin is the obvious asset that is growing up in front of our eyes”
Jan also dismissed accusations that Bitcoin is in a “bubble” with the following response:
“You can argue about it being a bubble… It bubbled in 2017 but then it hit all-time highs in 2021. Nothing has ever been a bubble, that then has outperformed itself… I expect all-time highs in the next 12 months.”
Finally, Jan expects all of the Bitcoin ETFs to be approved on the same day, as that’s what happened with the Ethereum futures ETFs.
A couple of days ago we mentioned that the biggest marketing blitz in history is upon us.
This is what we’re talking about.
All these asset managers are going to be pumping Bitcoin to capture the most amount of market share possible.
Checkout the full interview below:
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BITCOIN TO $1 MILLION IN 4 YEARS 🤯
Plan B is the most popular on-chain analyst.
Completely anonymous, he rose to prominence for creating the famous Bitcoin stock-to-flow model.
A pricing model which has proved itself to be spooky accurate in predicting the Bitcoin price.
Plan B’s Stock-To-Flow Model
In his latest video update, Plan B answered some questions from investors.
Here are the highlights:
Question 1: Where are we in the Bitcoin adoption S-curve?
Plan B believes we are still in the ‘innovators’ stage of adoption.
The point in which we transition between ‘innovators’ & ‘early adopters’ is 3.5%.
Plan B argues we are still not beyond 3.5% adoption.
This also means Plan B doesn’t think we get diminishing returns from cycles until we reach 50% adoption. Which is 1-2 halvings away.
“I can't possibly imagine diminishing returns until 50% adoption. Until we reach 50% adoption, I think there will be exponential growth.”
Question 2: Could Bitcoin hit an all-time high before the Halving?
Plan B believes a new all-time high before the April 2024 Halving is very well possible.
Why?
The Bitcoin ETF.
“If the ETF gets approved by January, then I think we have the all time high in the pocket. $69,000 would be a low estimate. I think we'll go straight to $100,000.”
Question 3: Can you provide more detail regarding your $532,000 bull case target?
$532,000 actually isn’t Plan B’s price target for Bitcoin. It’s his stock-to-flow model average for the Bitcoin price in the 4 years following the 2024 halving.
This means according to the model, we could see Bitcoin peak much higher than the model average of $532,000.
Question 4: Can Bitcoin reach $1 million per BTC?
Plan B believes that Bitcoin can hit $1 million per coin, even over the next 4 years.
Using his stock-to-flow model, a $1 million dollar Bitcoin is only 1 standard deviation above its expected price.
In most of the previous cycles, we have seen Bitcoin go 1 standard deviation above the models expected price.
Bottom Line:
Some extremely bold predictions from Plan B.
Which we love to see. 👏
When analysts put out bold predictions like this, they are putting their reputation on the line.
Plan B has been spookily accurate in the past. Let’s hope he continues to be so with these projections. 🤞😎
BITCOIN’S RECIPE FOR SUCCESS 🧑🍳
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Analysts believe this metric is key to understanding Bitcoin’s potential supply shock.
Declining exchange balances is often seen as a bullish indicator. When investors withdraw Bitcoin from exchanges, sell side pressure decreases.
Currently only 2,377,021 Bitcoin remain on exchanges.
To put that into context, that’s only 12.14% of the circulating supply…
Bitcoin investors are increasingly opting for self custody over leaving their coins on exchanges.
The biggest catalyst (and wake up call) for this change was the collapse of FTX. Since November 2022, 302,584 Bitcoin have been withdrawn from exchanges. 📉
That’s ~12.46 billion in todays prices.
Two days ago we also learned that ~70.33% of the Bitcoin supply hasn’t moved in over a year.
We’ll lay it out for you:
HODLers refusing to let go + shrinking exchange balances + ETF approvals + Halving = Ultimate recipe for success 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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MEME CORNER 😂
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Trivia Answer: C) KYC 🥳
Know your customer (KYC) is the first stage of anti-money laundering (AML) due diligence.
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