I watched the clip of Robert F Kennedy Junior earlier where he mentioned that if elected in 2024 he would back the US dollar with Bitcoin and remove capital gains taxes for those converting Bitcoin to the US Dollar. This is not something we would typically expect coming out of a politicians mouth and it could be part of a spin campaign to guarantee the crypto community votes. Remember by 2024 there should be so many more people in crypto as regulation seems to be opening up after the SEC vs Ripple case.
Cathie Wood from ARKinvest predicts Bitcoin will reach $1.5 million per coin which would make it 2.5 x that of the market cap of gold which is also quite insane when you think about it, but then again it is still possible. My head says $1 million so that is only 50% more and I truly believe that is possible.
The problem is no one knows how much the value can be or if we did we would be the richest people on the planet. In my post yesterday I mentioned Bitcoin was once at 3 for 1 cent and back then thinking it could possibly go to $1 and never thinking even $100 was possible. Investments just don't do this type of thing and here we are thinking can an investment that has already performed miracles do another 50 x.
What if Kennedy Junior gets into power in 2024 and carries through on his promise as you would be crazy not to have Bitcoin. Think of all the other crypto investors who when cashing out would be swapping into Bitcoin to avoid the capital gains taxes. That would be really obvious and the price would be so much higher just because of the need to be able to exchange out with this.
The truth is we are still early and have to keep reminding ourselves how early
with what is still to take place. When we are talking pf prices for Bitcoin that are 50 x higher than they are now what does that say about the rest of crypto as this would be staggering to try and comprehend.
The way crypto is being spoken about these days by a few they are definitely making people stand up and pay attention as you cannot ignore these statements. Even if they are only half right it is not shocking to see why institutions want to get in quickly before they are even priced out of the running. This next Bull cycle is going to be really interesting to see what happens and like always expect the unexpected as crypto is not your normal investment.
Just think a Bitcoin even at $1 million which is only a 30 times from here and not the 50 x Cathie Wood is predicting that would put Hive if everything was relative which it isn't at around $10. We know Hive would be much higher than that but still it is food for thought on why it is important to keep moving forward growing our bags.
