BTC's Bright Future: Celebs and Bankers Are Loading the Bags
In the last few months, we've seen some crazy swings in Bitcoin price. Fluctuating between $48,000 and $65,000, it made many people wonder what will happen next: a rally to $100,000, another correction, or a new harsh bear market? The best way to understand what's happening is to look at the current market conditions, mainstream media, and general sentiment. Sometimes, looking at someone's predictions can be counterproductive, especially during euphoria. Furthermore, the celebrities mention certain altcoins, and the more hedge fund managers and other public persons speak of certain projects, the stronger the growth is. This article will analyze influencers' thoughts on Bitcoin and understand how their opinions can predict the coin's price.
Celebrities
When we think of crypto, Elon Musk is the first person that comes to mind. Over the last year, Tesla CEO became a hardcore supporter of Bitcoin and other cryptocurrencies, such as DOGE. However, On March 24, he tweeted, stating that Tesla cars can now be bought with Bitcoin. Furthermore, the SEC report uncovered carmaker's recent purchases of the leading cryptocurrency for the amount of $1.5 billion for the purpose of portfolio diversification. This news sent Bitcoin way over 50k.
Musk is one of the most influential people in today's entertainment. But there are also many other celebrities with a history of supporting Bitcoin.
- Ashton Kutcher and his wife Mila Kunis are long-term Bitcoin investors. On The Late Show with Stephen Colbert, Mila shared the story of how it all started. Ashton pitched an idea of Uber and Bitcoin to her. Despite seeing the idea as terrible, Kutcher invested anyway. Now Mila is very happy about Ashton's decision, and both of them hold cryptocurrencies.
- Logic, a famous Grammy-awarded rapper and YouTuber, claimed that he would invest $6 million in Bitcoin when its price was around $10,000. Since then, there wasn't any news about him selling his stack, so we can assume that now he sits on a $30 million stash of BTC.
- Lately, Snoop Dogg has been talking mostly about Dogecoin, for obvious reasons. Yet, some people may remember that he was one of the first celebrities to sell his music, Reincarnated album, for Bitcoins. Snoop charged 0.3 BTC for each digital copy when the price was around $700 per coin. We don't know how many copies were sold but recently, in April 2021, he said in an interview that "Bitcoin is here to stay. [...] The future is unfolding right before us. I don't see it as a pandemic fad, the pandemic just put gas on the fire". Now he sells his music in the form of NFT, seeing it as a better way to connect with his fans.
- 50 Cent also sold a lot of copies of his 2015 album Animal Ambition for Bitcoins. He made approximately $450,000 in sales, around 700 BTC. Now he probably could have $350 million worth of coins.
- Kanye West talked about Bitcoin on Joe Rogan's podcast, stating he thinks "these guys really have a perspective on what the true liberation of America and humanity will be."
- It's maybe hard to believe, but Paris Hilton also became involved in cryptocurrencies. She was among the first people to issue NFTs many years ago, and she still does it and even publishes articles about the NFT technology. Recently she said that she is "excited about Bitcoin."
- One of the biggest tech stars, Jack Dorsey, Twitter, and Square CEO, is a long-time fan of Bitcoin. Square buys BTC, while Dorsey supports the upcoming Taproot upgrade and promotes BTC in his interviews and Twitter. On May 14, he tweeted, "Bitcoin changes *everything*…for the better. And we will forever work to make bitcoin better".
This list can be much more extensive. We can even remember John McAfee's prediction about $1,000,000 Bitcoin. However, as large corporations and banks pay close attention to cryptocurrencies, their view matters a lot.
Corporate Future for BTC?
Institutional investors are coming for Bitcoin. In 2020 alone, they bought more than 1 million BTC, and raked up 3% of the leading currency's current circulating supply this year. Not only do the likes of Tesla and Square buy a lot of Bitcoin, but the majority of big companies also try to understand this asset. For example, Microstrategy now holds $2.5 billion worth of Bitcoin, while Morgan Stanley bought 10.9% of their stocks. Marathon, another company, listed on NASDAQ, bought $150 million worth of Bitcoin in 2021.
Investment funds also play a big role in the recent surge. GrayScale now holds $30 billion worth of crypto. In 2021 they bought 43,000 BTC, which is more than all miners produced this year. Many other investment funds, such as Three Arrows Capital, Guggenheim, and Rothschild Investment Corporation, buy BTC through GrayScale. Others, like Skybridge Capital, BlackRock, Miller Value Funds, Mark Cuban, Paul Tudor Jones, Ray Dalio, publicly speak up of the plans to work with crypto.
It's a good time for prominent players to enter as the SEC now has the crypto-friendly chairman Gary Gensler, and a lot of crypto-related companies such as Coinbase got listed on NASDAQ. It will be tough for governments worldwide to start the global crackdown on crypto, given how much money is involved. It will hurt a lot of investors. Even the former SEC chairman Jay Clayton joined the crypto investment fund, and the former US Treasury Secretary Larry Summers is certain that Bitcoin is here to stay.
Conclusion
Currently, there are more than 106 million people using crypto in the world. Given that there's a lot of room to grow, major payment systems, such as Visa, MasterCard, and PayPal, are likely to join the party. The US Treasury will soon allow US banks to use stablecoins for payments. It's very obvious that Bitcoin and crypto, in general, are more than just speculative assets. There are only 21 million BTC, with some of them already lost, and the number of millionaires in the world exceeds the remaining BTC amount. Thus, in the long run, Bitcoin may become a much more valuable asset.
However, it's very unclear how high it can climb during the current bull run. Making such short-term predictions is very unwise. What's more important is that BTC can still grow to $200k by 2025, and those who still hold it can expect good returns in the future. But what's the point of just holding an asset? It's better to make money work for you. That's why you can use our CoinLoan service for depositing BTC and getting an asset-backed loan or earn interest on it while your asset's value appreciates.