Bitcoin's price is expected to surge to $250,000 alongside important legal events and the return of large capital flows into the cryptocurrency market.
The cryptocurrency market is attracting significant capital inflows, with a total market capitalization exceeding $3.65 trillion and a surge in trading volume, while bills related to Stablecoin and digital assets are expected to drive the industry's growth.
MAIN CONTENT
Bitcoin could reach $250,000 during the "Crypto Week" taking place in mid-July 2024.
The GENIUS Stablecoin Act and the CLARITY Act create a clear legal basis, promoting the influx of institutional capital into cryptocurrencies.
A weakening USD increases investment confidence in Bitcoin as an alternative asset, with trillions of dollars waiting for opportunities to enter the market.
Can Bitcoin reach $250,000 during "Crypto Week" – What is this based on?
Charles Hoskinson, founder of Cardano, predicts Bitcoin will hit $250,000 in the near future, especially when "Crypto Week" in the US kicks off on July 14, 2024, becoming a significant milestone. This reflects his confidence in the legal event and the strong capital flow returning to the market.
Bitcoin is currently trading above $117,000, with daily trading volume exceeding $100 billion, indicating lively trading activity in the global cryptocurrency market. This is a positive signal for the long-term bullish trend.
What is the role of the GENIUS Stablecoin Act and the CLARITY Act in the bullish trend of Bitcoin?
Hoskinson calls the upcoming bullish phase the "gigachad bull run" and emphasizes the impact of the two bills, the GENIUS Stablecoin Act and the CLARITY Act. These proposals aim to establish a comprehensive legal framework for stablecoins and digital assets, helping to end the legal conflict between the SEC and CFTC.
"Legal clarity will pave the way for a large influx of institutional capital, potentially reaching trillions of dollars, into the cryptocurrency market."
Charles Hoskinson, founder of Cardano, July 2024
The legislative procedure for the bill has passed the Senate and is awaiting a vote in the House of Representatives, bringing great hope for legal stability, thereby encouraging the entry of institutional investors.
The impact of a weakening USD on confidence in Bitcoin as an alternative asset
The USD is currently depreciating amidst the US national debt nearing $41.1 trillion, creating downward pressure on confidence in fiat money. Major investors, including Elon Musk, publicly support Bitcoin as an effective alternative store of value.
"Bitcoin is the currency of the future as confidence in the USD continues to weaken."
Elon Musk, CEO of Tesla, 2024
This trend contributes to the flow of money moving from fiat to digital assets, increasing liquidity and demand for Bitcoin.
The enormous fiat investment portfolio and potential capital flow into the cryptocurrency market
Market analysis shows that there are over $7 trillion in money market funds that could redirect investments into scarce assets like Bitcoin. Experts predict Bitcoin could reach $1 million by 2030, with ARK Invest estimating a low of $500,000 and a high of $2.4 million.
Experts from major organizations like Coinbase and Ripple all agree that clear legal frameworks will facilitate the next steps for the global cryptocurrency market.
Frequently Asked Questions
How long could it take for Bitcoin to reach a price of $250,000?
Based on the prediction of the founder of Cardano, prices could reach this mark in 2024, especially when "Crypto Week" occurs and the laws are passed.
How important are the GENIUS Stablecoin Act and the CLARITY Act?
These bills establish a clear legal framework for stablecoins and digital assets, helping to eliminate legal disputes between regulatory agencies and build trust for investors.
Could the weakening USD have a positive effect on Bitcoin?
A weak USD increases the demand for investment in Bitcoin as an alternative store of value, especially with the support of major investors.
How much fiat money could shift into the cryptocurrency market?
It is estimated that over $7 trillion in money market funds could shift into cryptocurrencies when legal conditions are favorable.
"What does 'Crypto Week' mean for the cryptocurrency market?"
"Crypto Week" is an important event aimed at promoting discussions and the passage of digital asset policies, which is expected to mark a turning point in the industry's development.
Source: https://tintucbitcoin.com/bitcoin-co-the-len-250-000-usd/
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