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Cryptocurrency

Why Bitcoin might go for $3 million in 2025

People have no idea what it will look like when large banks and countries start holding bitcoin in their treasury.

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cryptocurrency, Buying sign: Number of Bitcoin Big players at record high

As the world’s flagship crypto – Bitcoin, continues to record astronomical growth, seen at unprecedented levels, some top fund managers anticipate this might just be the beginning.

Jason Williams, Co-Founder and Partner at Morgan Creek Digital, a digital asset-focused investment fund, recently spoke on why he believed it was just a matter of time, that the world’s most known crypto would hit at least the million-dollar status.

READ: Tether opens up 300,000,000 USDT

“Bitcoin could hit 1–3M dollars in the next 5 years. People have no idea what it will look like when large banks and countries start holding bitcoin in their treasury.

READ: CRR: Banks suffer N917.5 billion debits in latest CBN action

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“To this, he also added that Bitcoin’s digital scarcity is a key feature in its continued growth across institutional contexts. If you’ve read any of our previous articles on Bitcoin’s value, then you know that we, at NBX, believe that digital scarcity is the crux of Bitcoin’s value, alongside its efficiency as a diversifier, among other factors.

READ: There are now 18,000 Bitcoin millionaires

“In other words, to pin down Bitcoin’s complete value proposition is a complex undertaking, which is why it’s important to nail down aspects of it that we haven’t mentioned yet.”

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READ: CBN discloses eligible businesses, those ineligible to apply for N75 billion Youth Investment Fund

What it means

A major factor helping the hedge fund’s manager bias, is that the flagship crypto is a way out into the future. It is scarce and can never be forged by the International Monetary Fund or any single government, meaning it will always be scarce in principle.

Robert Breedlove, the CEO of Parallax digitals, also spoke via Youtube on Bitcoin’s safe-haven asset properties.

READ: CBN reveals framework for the N75 billion Youth Investment Fund

“Bitcoin is the first social institution in human history with laws that cannot be corrupted. There will never be more than 21 million Bitcoin, only the owner of a private key can move their Bitcoin, and (when properly kept) Bitcoin cannot be forcibly confiscated. Bitcoin is the only money maximally resistant to misappropriation in a world increasingly under siege by overreaching governments.”

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

$385 million worth of Bitcoin moved by unknown identity

As Bitcoin’s price trades above $15,800, an unknown Bitcoin whale moved more than $105 million worth of cryptos.

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3 BTC whales move 140 million worth of Bitcoins from Binance

Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s (Bitcoin) market.

What we know

Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.

READ: Two cryptos you should consider investing in

READ: 100,000 tons of cocoa stranded at ports due to CBN documentation – Cocoa exporters

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READ: Crypto: Financial market that never sleeps, or is under any central authority

As Bitcoin’s price trades above $15,800, an unknown Bitcoin whale moved more than $105 million worth of cryptos.

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At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.

It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.

READ: Crypto: Large investors transfer over 700,000 Ethers

This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.

Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.

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READ: Ripple locks 800,000,000 XRP, prices push up

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Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.

What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Ripple on steroids, up 11%

Ripple recorded its highest percentage gain since November 24, gaining up to 10.61%.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.

What we know

Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.

READ: PAX Gold: Crypto backed by gold but outperforms gold

  • The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
  • Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
  • At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.

READ: Germany’s biggest bank says more people now prefer Bitcoin over gold

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XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

READ: World’s biggest asset manager, BlackRock says Bitcoin will overtake gold

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It plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Canadian investment company buys more Bitcoin

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020.

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Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Cypherpunk Holdings a publicly listed Canadian investment company, amid record sell-offs prevailing in the flagship crypto market, has recently purchased more Bitcoin (BTC).

The Canadian investment company recently disclosed it added about 73.9 BTC to its reserves since the middle of 2020. Cypherpunk holdings raised cash by selling other crypto-assets like Monero (XMR) and Ethereum (ETH).

READ: Total credit to the economy rose to N19.54trillion – CBN Governor

With the purchase, Cypherpunk now has 276.5 Bitcoins making it the 9th public Bitcoin holder. At current values, such crypto is worth about $5 million.

The report further added that “During October 2020, Cypherpunk Holdings Inc. was added to the unofficial list of public companies with a treasury position in Bitcoin alongside other companies such as MicroStrategy [MSTR], Square [SQ], and Galaxy Digital Holdings [GLXY].”

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READ: Bitcoin boosts Square earnings in Q3

At the time of writing, Bitcoin price traded at $17,151.39 with a daily trading volume of $44 billion. BTC price is down -3.0% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Recall a publicly-traded company based in America, MicroStrategy, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is seen in many quarters as a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

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READ: Gold Prices cross $1800, first time since 2011

Bottom-line: The many global economic uncertainties that include inflation and the depreciation in value for most global fiat currencies have made cash an unreliable store of value, pushing well-known companies like Square, MicroStrategy, Grayscale to store their value in a deflationary currency like Bitcoin.

READ: Global companies are buying Bitcoins to hedge against inflation

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