Dan Morehead Predicts Bitcoin at $700,000 as Adoption Increases | ETH is Going to the MOON!!

hey what's up guys cryptocurrency assets 
continues to grow in this video we'll take   a look at the cryptocurrency market then a 
long-term bitcoin price analysis and finally   that morehead will explain how bitcoin 
might reach 700 000 as adoption increases   this video is brought to you by atani 
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link to atani in the description box below today is saturday stock market is closed but 
cryptocurrency market never sleeps currently   cryptocurrency markets surpass 2.5 trillion 
dollars in market capitalization that's a   big deal bitcoin dominance is at 44 and ethereum 
dominance is at 17 haven't really changed since   my last video but the price is hell as of the time 
this recording bitcoin increase still high 58 000   it even touched 59 000 but it retraced a bit 
now bitcoin is back to its price prior to its   recent 25 correction current market cap is likely 
under 1.1 trillion dollars ethereum is reaching   new all-time high yet again it's slightly 
over 3500 yesterday we saw some glitching on   yahoo finance where ethereum was jumping in 
between three thousand five hundred dollars   and three thousand eight hundred dollars for few 
minutes first i thought it was price manipulation   but it seems like it was some glitching in the 
system ethereum still remains very strong on   the weak it's up by 28 with a market cap of 
over 400 billion dollars it's hard to believe   that i'm actually saying these numbers binance 
bnb retraced a bit it's almost flat on the week   dodge coin continues to skyrocket it surpassed 
another all-time high currently it's 71 cents it's   up by 15 percent of the day and 110 on the week 
with the market cap of 92 billion dollars this is   nuts it's just 5 billion behind binance bin b it 
seems like it can flip binance in any moment now   dodge coin is just based on the dog picture that's 
it there is nothing more to it if you think it's   worth 92 billion dollars then go ahead and buy 
it personally i don't think it's worth even a   billion dollars cardano looks solid it's near its 
all-time high 1.61 cents it's up by almost twenty   percent of the week bitcoin cash pumped quite hard 
in the last week it's exactly the best performing   asset in the top 10 behind dodge coin it's up 
by 42 percent currently it's likely below 1 500   litecoins closing top 10 
cryptocurrencies it's up by 26   on the week here is the fun fact i own 7 out of 
10 cryptocurrencies in the top 10.

I did not buy   them recently i bought them many years ago the 
ones i do not own are deutsche coin and polka dot   another fun fact ethereum continues to consume 
as much as 37 of my total portfolio currently   bitcoin takes up to 61 percent and the remaining 
two percent is split among top leading old coins   here is the interesting and quite scary fact 
federal reserve printed more money in one year   during this corona virus crisis than six years 
that followed the 2008 housing bubble crisis   since 2020 the fed's balance sheet doubled 
currently it had 7.8 trillion dollars   that means that soon we will see twice as 
much currency in the economy than prior to   coronavirus crisis most of those printed money 
will find its way to financial assets including   cryptocurrencies according to this next chart 
more than 250 billion dollars flowed into bitcoin   in the past six months it seems like printing 
trillions every year it's a new normal now it   won't surprise me seeing bitcoin in six digits 
in the third quarter of this year another quite   interesting fact the number of bitcoin addresses 
with the balance greater than 1000 btc continues   to decline it's not as bad as it seems so take 
a chill pill it dropped by only 10 percent or so   keep in mind guys this balance is over 1000 
bitcoin 1k btc that will be over 59 million   dollars out of this current price if i would have 
that much bitcoin i would sell few millions worth   of btc and buy multi-family building will have 
a tax deductible free cash flow every month   so i see why that number of addresses with 
at least 1000 btc continues to decline but   if you have only 5 btc selling all those btc 
in binary lambo it's just stupid and ridiculous   here we have another very cool bitcoin chart that 
represents the price in between bitcoin having   peak of the cycle and trough of the cycle first 
bitcoin having took place in late 2012.

During   that time btc price was only 10 the peak of the 
cycle was over one thousand one hundred dollars   then btc went into the bear market and it found 
the trove of slightly below two hundred dollars   that one year later it was the time for the 
second bitcoin having that took place in mid   2016. and that time bitcoin was trading at around 
650 bucks after a bitcoin having it went parabolic   and reached the peak of the cycle slightly below 
20 thousand dollars then once again there is no   cycle without bear market and bitcoin dropped 
still three thousand two hundred dollars in 2018   so that was the trough and since then it starts 
picking up again and by the time of the third   bitcoin having it increased till eight thousand 
five hundred dollars so what can we say about this   historic performance well this is what we can say 
for the fact in between first and second bitcoin   having btc increased by 65x between second and 
third because having btc increase by 13x between   first peak of the cycle and the second peak of 
the cycle bitcoin increased by 17x and between   first row and the second row btc increased by 
16x so let's assume that btc can generate 15   x between the last peak of the cycle at the next 
peak of the cycle as well as the last rough of   the cycle and the next row of the cycle in the 
last peak of the cycle will be seats up at 20 000   20 dollars times fifteen that would be three 
hundred thousand dollars this could be a   conservative target for the next peak how about 
trove well last round took place in 2018 bear   market where bitcoins found its bottom at around 
thousand so hundred dollars if it will generate 15   x from that price then the tax drop would be at 48 
000 in general we can say that bitcoin is likely   to top at around 300 000 then drop during the next 
bear market to 48 000 and that would be 85 drop   similar what we have witnessed in the previous 
bear markets now let's take a look at this latest   video with that more hat where he explains what 
is the next move for bitcoin as well as other   old coins let's take a look so let's bring him in 
pantera capital ceo dan morehead joins us right   now and dan appreciate you coming on here to chat 
uh the forecast talk to me about uh stock to flow   and where you're seeing it shaping up here 
and why you're so confident that that number   is right yeah so it is like commodities there's 
a certain amount of bitcoin that are created   every 10 minutes a certain number are created in 
the beginning it was 50 bitcoins every 10 minutes   and then every four years that number is cut in 
half um so we've had three times in bitcoin's   history that that halving event has happened and 
each time it has a lesser impact because there's   more stock outstanding but you can use that to 
imply what would happen in this current having   and in the first halving in 2012 there 
were only 10 million bitcoins outstanding   and we were taking 1.6 million out of the flow for 
the next 446 days that's the the average peak uh   and then the second having in 2016 obviously it's 
half as many are being withdrawn from the system   and they were then 15 million bitcoins outstanding 
so it was only about five percent of the stock of   bitcoins that were reduced in supply this time 
they're having again half as big a impact on the   number of bitcoin and there's 18 million bitcoins 
outstanding when they haven't happened last may   so it has about one-third as big an impact using 
those ratios of the size of the havoc relative to   the price impact in the previous two we calculated 
the implied price for um the end of this halving   period which would be august of this year and in 
our april investor letter uh a year and a bit ago   we put a forecast out for the price 
of bitcoin over the next 15 months   and april last year we predicted that bitcoin 
would hit 62 968 in the middle of april and it did   exactly on time so when people say oh this is 
crazy you know i push back i don't think it's   crazy it's i've been doing this for 10 years it's 
actually very predictable yeah it's just wild   to see how closely that matched up going back to 
your uh investor letter last year now a year later   uh almost exactly to the day when we look at 
maybe the the way that bitcoin now is playing into   you know portfolios we talk a lot about it 
because it's the biggest one but we are seeing   some pretty impressive moves from the likes of 
other altcoins out there dogecoin catching a lot   of attention but also ether in the way that it's 
being utilized in the defy space talk to me about   how important those things are now as you track 
the portfolio of your guys's funds and the way   that you're building out those yeah i think it's 
really important uh back in the day bitcoin was   everything there were no other cryptocurrencies 
and then you know for many years bitcoin really   was a great proxy for the industry but there are 
dozens of really important projects now so from   an investor's standpoint we recommend that people 
have exposure to a basket of different blockchains   uh bitcoin now represents about 46 of the total 
market cap as recently as four or five months   ago is 70 so in the last uh three or four months 
bitcoin's been stable bitcoin's at the same price   it was in late february but ethereum is double 
and other cryptocurrencies have done very well   and for example our liquid token fund that trades 
all the the tokens that are tradable it's up 430   year-to-date when bitcoin itself is only up 89. 
so there's lots of opportunity outside of just   bitcoin dan i want to get back to the formula 
you laid out the calculation here that the price   rising 200 dollars per new million users 
you've said that if if you follow that formula   bitcoin would essentially be 
fairly valued at seven hundred   thousand dollars um what's what's the caveat 
here what's what do you think could derail that   you know i don't think there is it's an amazing 
relationship where two data series the number of   people using bitcoin and the price of bitcoin 
have gone up five orders of magnitude which is   just a staggering amount and the ratio or 
the relationship between those have been   utterly constant each data point with 
one exception has hit exactly on time   and it does make some sense that the more people 
that use bitcoin the more valuable the network is   it's just kind of econ 101 supply and demand 
and if you forecast that out it would say that   bitcoin would hit 200 000 next year 2022 that 
seems reasonable we're uh on pace to do that and   then the the 700 000 number is taking the number 
of people that have a smartphone that's the only   requirement for using bitcoin is the possession 
of a smartphone so with three and a half billion   people on earth at some point you know a decade 
from now when they're all using cryptocurrencies   that would imply a price of around 700 000 and 
that actually seems reasonable that's about 15   of global m2 um i think bitcoin and other 
cryptocurrencies will be a very important   uh version of currency in the future and being 15 
of today's you know it's it's definitely doable   let me know what you guys think about dance more 
hit 700 000 long-term bitcoin price target leave   your thoughts in the comment section below smash 
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