Fear of Sudden US Dollar Collapse Set to Trigger Gold Reversal of $15.7 Trillion Bitcoin ETF Price as Countries Adopt Dual Currency

Bitcoin Bitcoin explodes in 2024, fueled by the arrival of a fleet of spot Bitcoin exchange-traded funds (ETFs) on Wall Street (with a top BlackRock executive recently revealing the rest).

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The price of bitcoin has returned to its all-time high of around $70,000 per bitcoin, recovering from a 2022 crash that Goldman Sachs' head of crypto said could signal a “turning point” in bitcoin's price.

Today, after US Treasury Secretary Janet Yellen issued a serious warning about America's ballooning $34 trillion debt, former billionaire and All In podcast “bestie” Chamath Palihapitiya, predicted that bitcoin could “completely replace gold” as countries adopt it – potentially pushing it further into adoption. market capitalization towards $15.7 trillion of gold.

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ForbesJanet Yellen Issues Serious $34 Trillion Warning As Bitcoin Price Set To Hit $1MBy Billy Bambrough

Fears have emerged that the depreciation of the US dollar could lead to the collapse of the currency as the world… [+] reserve asset, which could allow bitcoin to replace gold and trigger a huge rise in bitcoin prices.

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“More and more countries are going to adopt dual currencies,” Palihapitiya said in the podcast he hosts with fellow investors David Friedburg, Jason Calacanis and David Sacks.

“They will look at their local currency and bitcoin. And they will say that these two things are necessary. The first when they make daily transactions for goods and services and the second when you need to buy a permanent asset that must have residual value, they will buy bitcoin.

El Salvador made history by adopting bitcoin as its official currency alongside the US dollar in 2021 with mixed success, sparking debate over whether other countries would follow suit, even though no major countries did it again.

However, Palihapitiya added that he believes “many countries will never view bitcoin credibly even if they support it,” with the United States perhaps being “one of them.”

Palihapitiya pointed to historical Bitcoin price charts that show huge increases in the price of Bitcoin following so-called Bitcoin halvings that reduce the supply of new Bitcoins issued to miners who maintain the network. The last bitcoin halving, the fourth which reduced the daily supply of new bitcoins from around 900 to 450, took place in April.

“If you apply these averages, they are in no way [bitcoin price] “The predictions are just guesses, you start to see what could happen if you take the average of the last few cycles,” Palihapitiya said. “The average of cycles two and three is a really significant appreciation.”

Historical Bitcoin price data shows that after previous Bitcoin halvings, the Bitcoin price peaked approximately 18 months after the supply reduction.

“If this thing reaches these levels of appreciation, it will completely replace gold and become something that will have transactional utility for hard assets,” Palihapitiya said. “If you couple that with the fear that some people have about the devaluation of the dollar, you start to see some interesting opportunities.”

Earlier this year, Bank of America analysts warned that the U.S. debt burden was poised to rise to $1 trillion every 100 days, fueling a surge in bitcoin prices.

“The U.S. national debt is growing by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a note to clients seen by CNBC, adding that he was “not surprising that debt write-down operations are reaching unprecedented heights. , that is to say gold [at] $2077/ounce [and] bitcoin [at] $67,734.”

Hartnett predicted that the newly minted spot Bitcoin ETFs that have taken Wall Street by storm over the past month are on track for an “explosive year,” driven in part by the collapse of the U.S. dollar.

The latest halving follows the historic approval by the United States Securities and Exchange Commission (SEC), led by its chairman Gary Gensler, of a fleet of spot Bitcoin ETFs following a lengthy legal campaign led by crypto asset manager Grayscale.

“We commercialized bitcoin,” Palihapitiya said. “My big prediction for 2024 is that these ETFs will allow bitcoin to cross the chasm and have its pivotal, key moment.”

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The price of bitcoin has surged over the past year, pushed higher by the arrival of Wall Street via the spot… [+] Bitcoin ETF.

Forbes Digital Assets

Meanwhile, bitcoin and crypto companies have become a powerful lobbying group in this year's US elections, spending huge sums on pro-crypto candidates and winning over both former President Donald Trump, the front-runner Republican, and President Joe Biden, whose reelection campaign has reportedly begun reaching out to crypto executives.

“I think it's really interesting to see how the crypto community is organizing itself into a lobby to defend their interests,” said Palihapitiya co-host David Sacks, adding that Gensler and influential Democratic Sen. Elizabeth Warren were on a “crusade” against crypto to “make it illegal or drive it abroad.

“Cryptocurrencies experienced a political awakening and realized they needed to get involved in the political system to defend themselves,” Sacks said.

“The reason [young people] “What's attractive about crypto is that it's not controlled by the government,” Calacanis added, predicting that crypto voters could move the needle up to five basis points on election night. elections.

Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/digital-assets/2024/06/01/sudden-us-dollar-collapse-fear-predicted-to-trigger-a-157-trillion-etf-bitcoin-price-gold-flip-as-countries-go-dual-currency/ The mention sources can contact us to remove/changing this article

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