Crypto analyst Willy Woo predicts a surge in Bitcoin’s price, driven by a global competition among sovereign nations to acquire the cryptocurrency.
Sovereign Nations Enter the Bitcoin Game
Woo believes that the trend of corporations holding Bitcoin, started by MicroStrategy, will be eclipsed by a new wave of sovereign wealth funds following El Salvador and Bhutan’s lead. He envisions a “race of sovereigns” to accumulate Bitcoin, pushing prices higher. He doesn’t expect a single massive event, but rather a series of incremental steps leading to significant growth.
Institutional Acceptance is Key
A turning point, according to Woo, was BlackRock CEO Larry Fink’s positive comments on Bitcoin. This shift in sentiment among major financial institutions is significant. He notes that institutional investors are now openly discussing Bitcoin not just as an investment, but as a potential future world reserve currency. This newfound acceptance reduces the career risk for financial advisors recommending Bitcoin, leading to broader adoption.
Bitcoin’s Recent Performance
At the time of writing, Bitcoin is trading around $105,785, having recently hit a new all-time high above $108,000. The cryptocurrency has seen a 4% increase in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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