30s Summary

Senator Lummis suggests that if the US government purchases 5% of Bitcoin’s supply, it could increase instability in Bitcoin’s price. Many believe that Bitcoin’s dominance over the total cryptocurrency market will decrease, resulting in a rise in altcoins. Though Bitcoin hit the $100,000 mark, it’s predicted to continue playing a significant role in institutional portfolios. Many see it as a replacement for gold and investment giant VanEck projects Bitcoin will reach $180,000, stating the cryptocurrency bull market is only beginning.

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Hey, listen up! If Senator Lummis’ idea for the US government to buy up 5% of Bitcoin’s supply goes ahead, we might be in for a bit of a wild ride with Bitcoin’s price. “It could get pretty choppy, especially if the strategic Bitcoin reserve gets the green light. I reckon Bitcoin will soar then probably bounce back again,” says Ben Simpson, head honcho at Collective Shift.

Remember, it hit the headlines when Senator Cynthia Lummis, a big player in the crypto game, said she’d push for legislation for the US to snap up 1 million Bitcoin and hold on to them for no less than 20 years.

On the state of the markets, Simpson thinks Bitcoin’s hold of the total crypto market’s value is going to “start to fall”, and that we’re starting to see a shift towards altcoins as Bitcoin chills around the $100,000 mark, and altcoins begin to climb. Bitcoin’s dominance stands at 56.63%, down 7.20% in the last 30 days, as per TradingView.

Momin, a crypto trader with a following of 140,000, reckons this drop will keep on going, “possibly seeing altcoins take a big leap in the upcoming week.” Still, Simpson warns the move to altcoin season isn’t going to be smooth sailing. Things are likely to be unstable, and it won’t be a straight shot to altcoin season.

While this is happening, Bitfinex analysts still think Bitcoin is going to be a key player for institutions. Even when matched against Altcoins, Bitcoin is still proven to be a sound investment. “Even after pull backs, Bitcoin will continue featuring in the portfolios of big institutions, and interest in Bitcoin will carry on growing,” they opine.

With Bitcoin smashing the six-figure mark, any dips could potentially be a good chance for people to buy in. Even during dips, the fact that Bitcoin has a strong demand, makes these lows short term.

“Believers in Bitcoin are also becoming more adamant about the asset being a perfect substitute for gold and a true store of value,” Bitfinex analysts added.

A little while ago, investment giant VanEck speculated a $180,000 price target for Bitcoin. Their analysts are sticking to their guns, saying the next phase of the crypto bull market is only “just beginning.” So, brace yourselves – it looks like we’re in for a thrilling ride!