Long

Bitcoin

<p><a href="https://www.thecoinrepublic.com/2024/07/31/samson-mow-retorts-to-goldman-sachs-ceos-bitcoin-remarks/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;(BTC) analyst Willy Woo has suggested that the price of BTC could one day hit $700 000 or even $24 million per coin. This projection supposes that financial institutions will keep on increasing adoption of cryptocurrency. According to Woo, the global wealth should be invested in BTC at 3% allocation.</p>
<h2 class="wp-block-heading" id="h-bitcoin-could-reach-700-000-with-institutional-support"><strong>Bitcoin Could Reach $700,000 with Institutional Support</strong></h2>
<p>Large investors are gradually investing in Bitcoin. Fidelity has recommended a 1-3% allocation, while&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/29/ethereum-etf-launch-prompts-blackrock-warn-crypto-scams/" rel="noopener noreferrer nofollow">BlackRock</a>&nbsp;has proposed up to 85%. Therefore, if institutions embrace a 3% allocation, Bitcoin may soar to $700,000.</p>
<p>Woo’s calculations take into account the global wealth of over $500 trillion. With institutional investment on the rise, Bitcoin’s market capitalization may increase drastically. This growth can only be achieved if the adoption rate increases beyond 16%.</p>
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   <p lang="en" dir="ltr">So now everyone is asking when. This is also a well known phenomena via the adoption S-curve. <br><br>16% is early majority, 50% is late majority. Wealth management is somewhere in this sector.<br><br>So figure out when BTC adoption enters 16%-50% world adoption based on the yellow line. <a href="https://t.co/e61FvcKlVw" rel="noopener noreferrer nofollow">pic.twitter.com/e61FvcKlVw</a></p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1818897540344893490?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 1, 2024</a>
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<p>It has taken Bitcoin 15 years to achieve 4.7% of global adoption. According to Woo, adoption will increase at a faster rate just like the growth of the internet. If this trend continues, then Bitcoin could reach its “ultimate price.”</p>
<h2 class="wp-block-heading" id="h-btc-price-influenced-by-etf-activity"><strong>BTC Price Influenced by ETF Activity</strong></h2>
<p>Based on historical chart patterns, BTC is likely to hit a new all-time high by September. At the moment, a single BTC is valued at $64,710, which is still 12% below the record high of $73,750 set on March 14. The most recent price increase has not been high, with prices increasing by only 2.9% within the last one month.</p>
<p>The reduction in inflows to US-based&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/31/spot-ether-etfs-post-33-7m-inflows-ending-recent-negative-streak/" rel="noopener noreferrer nofollow">spot Bitcoin exchange-traded funds</a>&nbsp;(ETFs) has affected the trend. As of July 31,&nbsp;US ETFs had only invested $300,000 in Bitcoin. This is a marked difference from the $18.3 million net outflows recorded on July 30.</p>
<p>BTC prices are greatly influenced by ETFs. As of February 15, 2021, 75% of new investments in Bitcoin were through ETFs. Higher ETF inflows could positively impact BTC price to a great extent.</p>
<h2 class="wp-block-heading" id="h-btc-set-for-major-growth-in-adoption"><strong>BTC Set for Major Growth in Adoption</strong></h2>
<p>As of July 24, over 75% of BTC’s short-term holders were in profit. This could create more upward pressure for Bitcoin. STH behavior can be related to the retail interest in BTC.</p>
<p>Woo also stresses the role of the adoption curve. He points out that 16% is the early majority and 50% is the late majority. The penetration of wealth management is expected to be within this range.</p>
<p>The adoption of Bitcoin may mimic the uptake of the internet paradigm. In the final five years, the internet experienced a very high growth in the number of users.&nbsp;<a href="https://www.thecoinrepublic.com/2024/05/07/bitcoin-price-prediction-can-btc-repeat-bull-rally-above-65k/" rel="noopener noreferrer nofollow">BTC</a>&nbsp;may see a similar increase in the following years as well.</p>
<h2 class="wp-block-heading" id="h-woo-predicts-700k-btc-with-institutional-support"><strong>Woo Predicts $700K BTC with Institutional Support</strong></h2>
<p>Despite optimistic predictions, Bitcoin faces challenges. ETF inflows have slowed, impacting price momentum. Institutional investment remains a critical factor for future growth.</p>
<p>Woo’s projection of $700,000 hinges on continued institutional support. If adoption surpasses 16%, BTC could see substantial gains. However, reaching this threshold requires sustained interest from major investors.</p>
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   <p lang="en" dir="ltr">Nobody knows what the ultimate price of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> will be but simple maths can give us an upper bound. All wealth assets is $500T, if BTC captured all of this (never gonna happen) it's $24m per coin (today's value before future inflation adjustment).<br><br>The question is what will be…</p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1818895018205012057?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 1, 2024</a>
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<p>Bitcoin’s price history shows significant volatility. Despite this, the potential for long-term gains remains strong. Institutional investment could drive Bitcoin to unprecedented heights.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/01/bitcoin-could-hit-700k-or-24m-in-long-term-willy-woo-predicts/" rel="noopener noreferrer nofollow">Bitcoin Could Hit $700K or $24M in Long Term, Willy Woo Predicts</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Bitcoin Could Hit $700K or $24M in Long Term, Willy Woo Predicts

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