BlackRock ETF stirs US bitcoin buying as research says ‘get away from zero’

A new prediction says that bitcoin (BTC) will suck up “all the prosperity gains” in the future and leave behind those who have no exposure.

one in twitter thread On July 8, investor Luke Broyles gave a bold vision of how bitcoin would become “the base currency of society.”

Investor Tells Prospective Bitcoin Buyers: “Get Away From Zero”

What began as a comment on how artificial intelligence (AI) is welcoming BTC soon turned into a dramatic outline of how it should be dethroned as the world’s favorite currency.

For Broyles, bitcoin’s key characteristic – a fixed, immutable supply – makes it unique as a future-proof asset.

“Every innovation (even AI) will move as fast as possible to bring prices down competitively. Every country will rush to print currency as quickly as possible to prop up prices and maintain the credit market. The momentum of both these forces will increase,” he wrote.

In the meantime, BTC will remain stable in its emissions, and as a result, even a small risk is a world away from nothing.

“We have less in common with the future than with the past…Bitcoin is already trading for hundreds of millions of political currency units in many countries. But the real big deal is that all the benefits of prosperity from all future innovation will flow into the base money of society – BTC,” Broyles continued.

“That’s why it’s important for people to ‘get out of the void’.” To say that ‘Bitcoin is digital gold’ is like saying that a locomotive is an iron horse.

His viewpoint coincides with one recently published by Arthur Hayes, former CEO of crypto derivatives exchange, BitMEX.

As Cointelegraph reported, Hayes believes AI will instinctively choose BTC as its financial lifeline, again thanks to its unique properties compared to other assets, including gold.

As a result, the AI ​​alone could propel the price of BTC past $750,000 per coin.

BTC Supply Dominance Has Reached “Inflection Point”

Meanwhile, the race to secure the remaining BTC supply has probably already begun.

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Broyles argued that bitcoin’s liquidity actually peaked during the cross-market crash of March 2020, and has never retraced since then.

Meanwhile, US BTC activity picked up when the world’s largest asset manager, BlackRock, announced a bitcoin spot-based exchange-traded fund (ETF) filing.

As noted by on-chain analytics firm Glassnode, it appears that the US is re-evaluating its own risk.

“Following the BlackRock Bitcoin ETF request announcement on June 15, the share of bitcoin supply held/traded by US institutions increased significantly, marking a potential inflection point in supply dominance if the trend continues.” commented On 8th July.

The attached chart shows the difference in regional BTC supply ownership changes.

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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.