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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
John Deaton

Pro-XRP Lawyer Speculates On Bitcoin’s Surge: Is $300,000 Within Reach?

Ebo Victor
by Ebo Victor
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

John Deaton, the lawyer representing XRP holders, recently ignited a discussion on Twitter that delved into the vast potential of Bitcoin. He posed an intriguing question, contemplating whether the cryptocurrency could one day rival the market capitalization of gold, reaching a remarkable half of the precious metal’s value.

To engage his audience, Deaton presented the query:

Do you envision a future where #Bitcoin achieves half the market capitalization of #Gold?”

The implications of such a milestone were profound, as Deaton speculated that Bitcoin’s price could surge to an impressive $300,000, signifying a staggering tenfold increase from its current valuation.

By purposefully selecting the 1/2 benchmark, Deaton sought to emphasize his belief in Bitcoin’s current allure as an investment opportunity for those with a long-term perspective, provided they can refrain from requiring immediate access to their invested funds.

Related Reading: How Gold And The Dollar Could Validate A Bitcoin Bull Run

Examining Bitcoin’s Potential

At the time of writing, BTC held a value of $30,556, a figure that found agreement from the founder of CryptoLaw.

In elaborating on his rationale for choosing the scenario where Bitcoin attains half the market capitalization of gold, the founder expressed strong conviction in the present appeal of Bitcoin’s price for investors with long-term goals.

Bitcoin U.S. Dollar Chart
BTCUSD ranging around $30,598 | Source: TradingView

Additionally, attention was drawn to an intriguing development, as BlackRock CEO Larry Fink underwent a reversal of his stance on BTC.

Fink disclosed that over 600,000 customer inquiries regarding BTC had been recorded on the BlackRock website—an influential statistic that Deaton regards as significant, further reinforcing his perspective.

BlackRock’s Bitcoin Spot ETF Application Sparks Market Optimism

Last week marked a turning point in the cryptocurrency market as investors swiftly shifted from a pessimistic outlook on regulations to an optimistic stance. This was driven by the potential of a Bitcoin spot ETF.

This remarkable reversal of sentiment can be attributed, in part, to the influential presence of BlackRock.

BlackRock, the world’s largest asset manager, boasts $10 trillion in assets under management. Its track record shows an approval rate of 575 out of 576 ETF applications.

Adding to the evolving landscape, a staggering $1.4 billion worth of Bitcoin and Ethereum were withdrawn from centralized exchanges (CEX), a noteworthy development reported by IntoTheBlock.

Related Reading: John Deaton: Hackers Target Pro-XRP Lawyer’s Twitter Account To Promote Fake Coin

As market participants witnessed BlackRock’s announcement of a BTC spot ETF application, the entire cryptocurrency market experienced a resurgence of vigor.

The impact was evident through a noticeable upswing in buying activity, with the market displaying a strong inclination towards embracing the positive implications brought forth by this significant advancement.

Featured image from Twitter, chart from TradingView.com
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Ebo Victor

Ebo Victor

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Ebo Victor is a professional crypto journalist, writer and trader, Whose main goal is to preach the crypto gospel to everyone around him. With his vast experience covering various aspects of Web3, crypto and blockchain, Victor has helped several crypto publications in creating quality content. He is a lover of sport and art.

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