30s Summary

By 2024, Bitcoin’s mainstream reach will be solidified thanks to successful undertakings like Bitcoin ETFs, massive Bitcoin purchases by prominent figures, and the cryptocurrency’s record highs. Finance experts predict increases in Bitcoin investments by wealth management and asset management firms, potentially increasing their returns. The milestone of Bitcoin hitting the $100,000 mark will require a strong catalyst. Unlike gold and silver, Bitcoin’s value continues to grow, offering increased competition for the US dollar as a store of value. Meanwhile, Ethereum shows potential as collateral in the DeFi and blockchain ecosystems.

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So, come 2024, everyone who’s into finance and cryptocurrencies will be talking about how Bitcoin hit the mainstream. It’s all thanks to super successful launches like Bitcoin ETFs, the MicroStrategy CEO’s plan to buy a whopping $42 billion in Bitcoin, and Bitcoin reaching record-highs.

Bitcoin, or BTC as we like to call it, is no small-fry anymore. Experts are chatting about as to how Bitcoin has successfully made way into the world of finance. Brian Russ from 1971 Capital gives us a clearer idea on this.

According to Brian, leading wealth management and asset management firms will soon encourage their clients to invest in Bitcoin or a mix of Bitcoin and Ethereum. This step can greatly increase their returns. Brian gives an example of what VanEck did six months back. The firm reported that with a Bitcoin and Ethereum mix, instead of 9%, one could’ve earned a 17% return. That’s something, isn’t it?

Brian also believes that it isn’t unlikely for individuals and entities who’ve been watching from the sidelines to also want to invest a little into Bitcoin.

As for Bitcoin hitting the $100,000 and above mark, Brian says it’d take a strong catalyst to achieve that. The upcoming election could be that catalyst, but he’s sceptical, because it wouldn’t be unexpected or a surprise. He suspects it might be something else entirely. He adds though, he doesn’t expect Bitcoin’s runaway success to continue unchecked as it has in the past.

Asked about the parallel success of gold and silver with Bitcoin, Brian explains that unlike gold and silver, which are dependent on multiple factors and can actually be sources of liquidity during crises, the value of Bitcoin continues to grow.

He also points out that the US treasury market and US dollars have traditionally been better safeguards during economic downturns than precious metals. In fact, he sees the interest in gold and silver, as well as Bitcoin, as indication of signs of increasing competition for the US dollar as a store of value.

At the ETHDenver meet, Brian shared his unique way of analyzing Ethereum’s value. Despite it not doing very well in this cycle, he is quite optimistic. Along with strong fundamentals, Brian believes that Ethereum, like Bitcoin, has potential to be a useful collateral in the DeFi, and other aspects of the blockchain ecosystem.

Again, like Bitcoin, he believes Ethereum too has what he calls a ‘memetic premium’, a sort of crowd popularity. He feels this popularity of Ethereum, the energy and enthusiasm of its community, and the surge of developers, are all hopeful indicators. Whether Ethereum’s L2 scaling is the right solution or not, time will only tell. But he believes, if it is not, the Ethereum foundation is bright enough to change tack.

Source: Cointelegraph