Bitcoin is influenced by political issues such as the forthcoming elections in the US, emerging technological advancements, as well as the growing interest from institutional players. This was discussed on the last episode of the Roundtable by Rob Nelson and Armando Pantoja, a futurist and the president of Quant Index and also how big investor firms like Blackrock holds some percentage of this crypto coin.
Rob Nelson asked about Bitcoin’s possible price by the end of the year, and Pantoja shared his thoughts on how the election could influence its value. Pantoja said the election is creating uncertainty in the market, but he predicted that Bitcoin could quickly jump to $85,000. Especially because some people expect it will even go to 100000 after the election, because of those events and whether the discussion will picture cuts of interest rates.
BlackRock and MicroStrategy Hold 3% of Bitcoin: What’s Next?
Nelson then pointed out that many of the big investment firms like BlackRock and Fidelity are in the line waiting to dump funds into this asset class. “I would argue that after the election, we’re going to see a lot of money move into Bitcoin pretty fast,” he said, pointing to how much capital these firms have ready to invest.
Pantoja noted that some big companies are already heavily invested in Bitcoin. For example, MicroStrategy now has 2,50,000 Bitcoins and BlackRock 340 000. Such holdings alone constitute nearly 3 percent of the total bitcoin circulation. Pantoja thinks these companies will spend even more ligatures than this after the elections.
This time, Pantoja talked about how other cryptocurrencies and bitcoin would link with new artificial intelligence (AI) technologies. He stated, ‘In my personal view, Bitcoin’s future is going to be linked to AI and autonomous systems’ While crypto is still something of a hot speculation, Pantoja feels that as AI expands so will the utilitarian use of Bitcoin, particularly the potential for it to replace the dollar in overseas automated trading systems.
Considering that BlackRock is reaching the milestone of 2% of the total supply of Bitcoin, the demand for Bitcoin from large investors may likely increase its value in the foreseeable future.
Also Read: Is Bitcoin the Future of Global Reserve Currency?
