In a recent analysis, it has been strongly advised that investors should “get off zero” and embrace Bitcoin as the world’s only truly scarce asset. Luke Broyles, an investor, emphasized the fixed and immutable supply of Bitcoin, asserting that it would ultimately become society’s base money. Broyles highlighted that every innovation, including artificial intelligence (AI), would competitively drive prices down, while countries would print more currency to boost prices, thereby supporting credit markets. In contrast, Bitcoin’s emission remains constant, making even a small exposure highly valuable in the long run.
CEO of BitMEX
Arthur Hayes, former CEO of BitMEX, echoes Broyles’ perspective, emphasizing the crucial need to secure the remaining Bitcoin supply. Broyles contends that Bitcoin liquidity peaked during the market crash in March 2020 and is unlikely to retrace its steps.
The recent announcement by BlackRock, the world’s largest asset manager, regarding a Bitcoin spot-based ETF filing, has significantly accelerated Bitcoin activity in the United States. According to Glassnode, a leading on-chain analytics firm, US entities have shown a notable increase in their Bitcoin supply holdings and trading activities since the ETF request was made. This surge in US Bitcoin accumulation may indicate a potential inflection point in Bitcoin supply dominance.
IT'S HERE…— Luke Broyles (@luke_broyles) July 7, 2023
AI machines exchanging in #Bitcoin.🤯
I've said it before… in time, this is a 100x bigger deal than #Bitcoin demonetizing the bond and equity markets.
A thread to expand your long term vision… 🧵👇 https://t.co/Q6tmw2qmej
The accompanying chart displays the contrasting changes in regional Bitcoin supply ownership, emphasizing the impact of the BlackRock ETF news. As more investors recognize Bitcoin’s potential as a hedge against inflation and a store of value, its prominence in the financial landscape continues to grow.
In summary, the introduction of a BlackRock ETF filing has sparked a surge in US Bitcoin accumulation, prompting experts to urge investors to consider adding Bitcoin to their portfolios. With Bitcoin’s scarcity and its potential to absorb future prosperity gains, getting involved with the cryptocurrency is seen as a prudent move by many in the financial industry.