After a June that encouraged cryptocurrency investors, July is relatively quiet. However, the silence will be broken. Data and developments related to ETF applications are expected to increase the volatility in July. Moreover, historically, July has not been a host to significant losses, so the possibility of double-digit growth is high. So what does Luke say?
The Future of Bitcoin
Investor Luke Broyles put forward a bold vision of how Bitcoin will become the “fundamental currency of society” in his post on July 8th. He began his article as a comment on how artificial intelligence (AI) welcomed BTC, and in a short time, he created a dramatic outline of how it should become the world’s valid currency.
According to Broyles, the fundamental feature of Bitcoin, its fixed and immutable supply, makes it a unique asset for the future.
“Every innovation (even artificial intelligence) will move as fast as possible to competitively lower prices. Each country will try to print money as fast as possible to raise prices and sustain credit markets. The speed of both of these forces will increase”.
Of course, during this period, Bitcoin (BTC) emission will remain constant, and even a small demand explosion could significantly raise its price in the same period.
“Bitcoin is already traded for hundreds of millions of political currencies in many countries. However, the real big issue is that all the welfare gains from future innovations will flow to BTC, the fundamental currency of society. This is why it’s VERY IMPORTANT for people to ‘get off zero’. Saying ‘Bitcoin is digital gold’ is like saying the locomotive is an iron horse.”
Crypto At A Turning Point
Meanwhile, when the world’s largest asset manager BlackRock announced its Bitcoin spot exchange investment fund (ETF) application, US BTC activity skyrocketed. As indicated by Glassnode, the US seems to be reassessing its risk. Glassnode wrote in its statement on July 8;
“After the announcement of the Blackrock Bitcoin ETF request on June 15, the share of Bitcoin supply held/traded by US institutions experienced a significant increase and indicates a potential turning point in supply dominance if this trend continues”.
So what will happen with the approval of any ETF? Broyles says that a small future demand could significantly boost the BTC price. This demand increase could come from qualified investors, and with an approved ETF, qualified investors around the world will be able to invest in Bitcoin easily and securely. This, along with the increasing demand from the US, confirms that cryptocurrencies are now at a new turning point.
