Jeff Park, the chief investment office at ProCap Investments has focused on one specific catalyst.
“A black swan event for Bitcoin upside would be sovereign adoption,” Park stated during an interview on a podcast published YouTube will be available on Thursday.
“If there was, for some reason, all of a sudden, news that a major developed market, OECD country, was going to buy Bitcoin on the balance sheet, and actually do it,” Park explained.
Jeff Park, “It would have to be real”
Park claimed that such a move could push Bitcoin to the (BTCIts publication price, $85,089 would have risen by 76%. according CoinMarketCap.
Park said that this must be true, and not just a marketing stunt.
“It would have to be real,” “He said” “It couldn’t be this fake version we lived with for about a year,” “He said”
Samson Mow is the founder of Jan3 said nation-state adoption It may be sooner than you think. “I think we’re on the tail end of gradually, and we’re at the beginning phases of suddenly,” Mow is a saying.
Park said that some “clarity on resolution” Quantum computing could help Bitcoin in the short-term.
Quantum is the a “weird boogie man” Cryptocurrency: Bitcoiners
“I know quantum is this weird boogie man that people keep talking about,” He said that the recent decline in Bitcoin prices could be due to uncertainty.
“If the whales are selling, they are selling for reasons that are probably just as likely to be improbable for the reasons having bought in 2012 and 2011,” “He said”
“You have to just ascribe these tail events as catalysts for how their behavior changes,” “He said”
Glassnode has said that recent Bitcoin whales selling is not unusual.
Park says that quantum clarity can stop the pressure to sell.
“Long-term holders have been realizing profits throughout this cycle, just as they did in every previous one,” Glassnode said on Nov. 14.
Park stated that some clarification could be made. “the type of thing that stops at least the selling pressure.”
Related: Bitcoiners lose their mind after Scott Bessent walks into a Bitcoin bar
“If you stop the selling pressure at least, then you know the buying pressure is actually adding incremental more capital for price action,” “He said”
Recent years have seen a rise in concern about Bitcoin and quantum computing.
Gianluca Di Bella, a smart-contract researcher specializing In zero-knowledgeproofs, the threat posed by quantum computers is not a distant worry; it’s an immediate concern.
Bitcoin OG Willy W. recently suggested one “intermediary measure,” The transfer of Bitcoins from one person to another SegWit-compatible Address, and hold the Bitcoin in that address until a protocol for quantum safety is developed.
Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express
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Source: cointelegraph.com
