All this week in Miami is Bitcoin week. Vice City has been transformed into a crypto hub where the Miami Beach Convention Center is the headquarters of it all. The world’s largest conference dedicated solely to BTC brought together some of the brightest names in finance.
Jan Van Eck shared criteria for Bitcoin valuation
Various models and methods for assigning value to Bitcoin were discussed in several panels, keynotes, and more. The most notable panel was moderated by Jan Van Eck, who shared several intriguing charts and theories that can be used to put a value on BTC. Van Eck talked about the stock-to-flow model, saying that it has a 95 percent correlation with the BTC price, saying that it may be too early to ignore this model. He also determined that there was a 94 percent correlation at one point with Metcalfe’s Law.
Peter Thiel compares BTC to traditional finance
A keynote by PayPal co-founder Peter Thiel also shed light on how billionaires and tech entrepreneurs can value the conference’s focus cryptocurrency. Thiel cited the huge size difference between asset classes when compared to BTC. Bitcoin still accounts for only a fraction of the market cap of $12 trillion in gold. Compared to the $115 trillion valuation of the shares, that’s very little.
None of these traders made crazy price predictions during these sessions. Thiel hinted that the next “10x” and “100x” are possible, noting that it’s just a matter of time. “You don’t constantly check the price of your house after you buy it,” Ricardo Salinas, Mexico’s third-richest man, said at the conference for those who are overly concerned about the current price of Bitcoin.
Tom Lee expects volatility to drop
Fundstrat Global Advisors’ Tom Lee believes crypto is not speculative enough, according to statements made during the Bitcoin 2022 conference. Lee expects Bitcoin’s volatility to drop significantly in the coming years as its market cap continues to rise. He drew parallels between the largest cryptocurrency and gold. When the yellow metal hit a market cap of $10 trillion, its volatility took a dramatic fall.
As we reported on Kriptokoin.com in February, Lee predicted that the price of Bitcoin could go up to $ 200,000, arguing that plenty of speculative capital could flow into crypto. Last year, the Fundstrat boss also predicted that Bitcoin could reach $125,000.
Michael Saylor, Bitcoin (BTC) on the rise
Michael Saylor, CEO of MicroStrategy, known for his BTC investments, said that Bitcoin “more than ever before” He says he is on the rise and thinks the future is bright. Saylor, about the Joe Biden administration in the US and Biden’s attitude towards cryptocurrencies, says that the administration has embraced Bitcoin, and that politicians now think who is the most pro-BTC. Saylor also claims that while the inflation problem will continue, prices will rise. On inflation, he says, “Bitcoin is a great hedge asset.”
Former CEO of SoftBank: 10 percent of all my assets are in BTC
During a panel discussion at the Bitcoin 2022 Conference, Marcelo Claure, the former CEO of SoftBank, said that the government’s monetary policies would change the world. argues that it causes inflation in general. He says fears about the potential for an imminent recession are pushing BTC holdings to increase by 80-90 percent. He states that he has come to see Bitcoin as one of the safest ways to protect our wealth, but more importantly, it is also probably the only investment in existence today, where the potential for asymmetric earnings is much greater.
Cathie Wood also predicts bullishness for BTC
According to another celebrity attending the conference, Cathie Wood, Bitcoin is the world’s first open source, private digital rules-based is the monetary system. Wood, 66, also referred to the world’s most valuable cryptocurrency as an “inflation hedge strategy.” However, he neglected to mention that the crypto-asset fell 27 percent in value last year as inflation soared. Additionally, she noted that Bitcoin, with a market cap of $830 billion, has seen a tenfold increase in liquidity. “This is just a preview of what’s to come,” she said.
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