Blockchain

In a pivotal moment backed by pro-XRP lawyer John E Deaton’s sentiments, high-profile entrepreneurs Elon Musk and Mark Cuban, along with a consortium of prominent investors, have raised objections against the US Securities and Exchange Commission (SEC). This challenge comes in the form of an amicus curiae brief addressing the SEC’s litigation procedures.

Elon Musk and Mark Cuban’s Amicus Brief

Musk, Cuban, and other amici such as Phillip Goldstein, Nelson Obus, Manouch Moshayedi, and the Investor Choice Advocates Network (ICAN) collectively argue against the SEC’s predominant use of administrative proceedings over jury trials. The brief highlights that this method raises questions about the constitutionality of the SEC’s practices.

The amicus brief was composed for the SEC v. Jarkesy case. Here, George Jarkesy, the complainant, alleges that his Seventh Amendment privileges were infringed upon. He argues that the SEC’s internal adjudication method, which lacks a jury and is overseen by a commission-designated administrative law judge, violates these privileges.

Drawing attention to the Seventh Amendment, which upholds a defendant’s right to a jury trial for cases mirroring “suits at common law,” the amici underline the SEC’s inconsistency. They cite the SEC v. Seghers case as an example, where the SEC opted for a jury trial, resulting in a liability verdict against Seghers for fraud.

The amici also address concerns of “forum shopping” by the SEC, suggesting that the agency might prosecute two identical defendants differently. This approach could result in one party benefiting from full constitutional rights, while the other might not, leading to a disparate legal outcome.

The document reads:

Forum shopping by itself may not be impermissible. But forum shopping by the federal government to pursue the same claims and penalties against similarly situated individuals, so that one individual has access to a jury and the other does not, violates the Equal Protection Clause of the Constitution.

The document further contends that such practices damage the SEC’s credibility at a time when public trust in such institutions is waning, intensified by revelations of the SEC’s “improper access to privileged memoranda.”

The amici conclude that the SEC’s practices deprive the public of critical information that might come to light during a jury trial, which contradicts the SEC’s core mission. This shared stance by Musk, Cuban, and their associates emphasizes the need for a reassessment of the SEC’s litigation approach, hinting at a potentially groundbreaking legal tussle on the horizon.

Pro-XRP Lawyer Deaton Reacts

Renowned pro-XRP lawyer, John E Deaton, aired his views on X, expressing his support for Musk and Cuban’s stance. Deaton said, “I’m thrilled to see Mark & Elon take this path, even if they disagree on certain issues.” He reflected on past decisions, stating, “Three years ago I filed suit against the SEC, and encouraged companies in the crypto space to do the same.”

Deaton further challenges the narratives that discourage companies or executives from contesting the SEC or its chairmanship. “Just because they state something doesn’t make it true. Almost every court case involving the SEC is proving that very point,” he contends.

He highlights concerns about potential conflicts of interest within the SEC, suggesting that both parties, Republican and Democrat, are tainted. In a particularly revealing statement, he mentions, “These temporary bureaucrats are often conflicted, implementing agendas that favor their friends and the companies they go work for immediately following their tenure at the SEC.”

Detailing alleged past conflicts, the pro-XRP lawyer critically remarks, “Look at Jay Clayton. He helped Apollo Group after they gave Kushner a huge loan and Clayton becomes a top advisor and Board Member at Apollo… Speaking of Hinman, he’s made partner at A16z, and they, along with Joseph Lubin, Vitalik Buterin, asked Hinman to give ETH a free pass. Hell, a16z lawyers actually helped Hinman write his famous speech.”

Bringing attention to the broader issue, Deaton’s concerns are not only with individual transgressions but with systemic flaws. “The SEC MUST be completely restructured. It’s a broken and failed agency,” he unequivocally asserts.

Deaton concludes with a strong call to action, emphasizing the urgent need for reform. “We need term limits in Congress and we need to pass legislation forbidding a regulator from immediately working for companies they were just regulating.”

In his final, resounding statement, he warns, “Now it’s no longer only a revolving problem. It’s gotten so out of hand, they blatantly violate conflict laws because they know no one will do anything about it. The next regulator simply takes the attitude: ‘Now it’s my turn.’”

At press time, XRP traded at $0.4804.

Solana is correcting gains from the $25 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $30.

SOL price started a downside correction after it failed to clear the $25 resistance against the US Dollar.
The price is now trading above $23.00 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could start a strong rally if it clears the $24 and $25 resistance levels.

Solana Price Remains In Uptrend

After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.82 and recently started a downside correction, like Bitcoin.

There was a move below the $24.20 and $22.00 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high. There is also a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair.

SOL is now trading above $23.00 and the 100 simple moving average (4 hours). It is now showing positive signs and remains supported above the $22.00 pivot level.

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $24.00 level and the triangle region. The first major resistance is near the $24.00 level. The main resistance is still near the $25.00 zone. A successful close above the $25.00 resistance could set the pace for a larger increase. The next key resistance is near $28.50. Any more gains might send the price toward the $30.00 level.

Are Dips Limited in SOL?

If SOL fails to recover above the $24.00 resistance, it could continue to move down. Initial support on the downside is near the $22.85 level or the 50% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high.

The first major support is near the $22.40 level. If there is a close below the $22.40 support, the price could decline toward the $21.80 support. In the stated case, there is a risk of more downsides toward the $20.50 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $22.85, and $22.40.

Major Resistance Levels – $23.90, $24.00, and $25.00.

In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, one of the hottest trends in crypto.

Following The Trend, What To Look For At xDay 2023?

In addition to rebranding, the project launched new products, including a “Super App” called xPortal, to expand its ecosystem. The project founder and CEO, Beniamin Mincu, has been vocal about their attempts to provide “real” use cases and value to their users and foster a new financial system supported by blockchain, AI, the multiverse, and other technologies.

We went to xDay to explore how MultiversX works to achieve this goal and what makes this ecosystem unique. The event will begin today, October 19th, and will last three days to wrap up this upcoming Saturday, October 21.

Mincu told us in an exclusive statement:

xDay brings together builders, government officials, executives from major global companies and investors for 3 days of meaningful dialogues on the latest trends and advancements at the intersection of blockchain, AI, Metaverse and Web3. A great opportunity to build bridges across industries and uncover our latest innovations, products and strategic partnerships.

The Technological Renaissance Runs On The Blockchain

The event will be subdivided into chapters, with the first two chapters dedicated to discussing MultiversX and its ecosystem, its technical milestones, and the projects building on top of this network. Mincu and other vital members of MultiversX will take center stage.

In addition, the Romanian Minister of Energy, Sebastian Burduja, and the Romanian Minister of Economy, Stefan Radu, will talk about the potential for blockchain and crypto to drive innovation and growth in the country.

The third and fourth chapters of the event will focus on partnerships, with Daniël Rood, Head of Web3 at Google Cloud, Tobias Jung from Deutsche Telekom, Nikita Kharchenko from Amazon Web Services, and Liu Bin from Tencent Cloud taking over the stage.

These experts will discuss ways to drive global adoption of Web3, regulation, scalability, and interoperability across different sectors and regions. Representatives from Circle, Osmosis, Binance, KuCoin, Deloitte, Ledger, Trust Wallet, and others will speak about investment strategies, staking, security, and other relevant topics.

Finally, on the final day of the xDay 2023 event, new technologies and their integration with blockchain and crypto, such as Artificial Intelligence and the Metaverse, will become the focus. Across the event, the community will have a voice as the Palace of Parliament in Bucharest becomes a place of dialogue. The CEO of MultiversX added:

A catalyst for bridging the gap between Web2 and Web3, this event plans to reignite European ambitions, marking the beginning of a technological Renaissance (…). Over the next 3 days, we’re diving deep. Expect hands-on demos, product unveilings right from this stage, firsthand accounts of our newest strategic partnerships, and spotlights of the most audacious grassroots projects from our vibrant ecosystem, that are turning heads and setting trends. But beyond the tech, beyond the unveilings, xDay is a forum for dialogue.

The event will be live-streamed via the project’s official channels. The event will become available for the worldwide crypto community a few days later.

Cover image from MultiversX, chart from Tradingview

Ethereum price settled below the $1,565 support zone against the US dollar. ETH is accelerating lower and might drop toward the $1,440 support.

Ethereum is gaining pace below the $1,550 support zone.
The price is trading just below $1,565 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at risk of more downsides toward the $1,440 support.

Ethereum Price Turns At Risk

Ethereum started a fresh decline and settled below the $1,600 pivot level. ETH traded below the $1,565 and $1,550 support levels, like Bitcoin.

A low is formed near $1,542 and the price is now consolidating losses. The current price action suggests high chances of more losses. There is also a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD.

Ethereum is now trading just below $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,565 level and the trend line. The 50% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low is also near the trend line.

The first major resistance is near the $1,575 zone or the 76.4% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low.

Source: ETHUSD on TradingView.com

A close above the $1,575 resistance might start a steady increase. In the stated case, Ether could start a recovery wave toward the $1,600 resistance. Any more gains might open the doors for a move toward $1,665.

More Losses in ETH?

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,540 level.

The next key support is $1,520. A downside break below the $1,520 support might spark sharp bearish moves. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,350 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,520

Major Resistance Level – $1,565

Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand.

Bitcoin is struggling to gain traction for a move above the $28,500 level.
The price is trading above $27,750 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could revisit the 100 hourly Simple moving average before it attempts a fresh increase.

Bitcoin Price Extends Downside Correction

Bitcoin price started a downside correction from the $30,000 resistance zone. BTC struggled to stay in a positive zone and settled below the $28,500 pivot level.

Recently, the bears pushed the price below the $28,200 level. Besides, there was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC/USD pair. A low is formed near $28,150 and the price is now consolidating losses.

Bitcoin is now trading above $27,750 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $28,550 level. It is close to the 50% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.

The next key resistance could be near $28,800 or the 76.4% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.

Source: BTCUSD on TradingView.com

The main resistance is now near the $29,000 zone. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,150 level.

The next major support is near the $28,000 level and the 100 hourly Simple moving average. A downside break and close below the $28,000 support might trigger more losses in the near term. The next support sits at $27,660, below which it could test $28,120.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $28,150, followed by $28,000.

Major Resistance Levels – $28,550, $28,800, and $29,000.

Cardano (ADA) has been stuck in an accumulation zone for a couple of months now and has not seen the kind of run-up other large cryptocurrencies have experienced. This continued accumulation as well as trading in a very tight range could mean a very significant breakout when it finally happens and one crypto analyst has predicted an incredible surge along these lines.

Cardano Could See A 16,500% Surge

Tim Warren, one of the hosts of the Investing Broz show on Discord, took to X (formerly Twitter) to share a rather bullish Cardano chart. In the chart, Warren points out Cardano’s previous price performance which has been nothing short of phenomenal.

As the chart shows, the ADA price had fallen around 98% from its prior all-time high which it had hit in 2018. By 2020, ADA’s price was sitting as low as $0.018, but the imminent turnaround would take the entire market by surprise. ADA would go on to rally a total of 16,500% by the time it hit its new all-time high of $3.10 in 2021.

Applying this historical performance to the current price level of ADA could suggest another such rally. Cardano’s price is currently sitting around 92% below its all-time high, which puts it close to the same level it was back in 2020.

If ADA sticks to this historical performance and does a repeat, a 16,500% surge from the current price level would put the digital asset’s price at $40 at its peak.

The Value Proposition Of ADA

Responding to Warren’s post, another X user, Chris O chimes in with the value proposition of the digital asset. Chris, who is the founder of Ghost Fund DAO, a protocol on Cardano, explained that ADA’s previous 16,500% surge had happened without having support for smart contracts and decentralized finance (DeFi), among others. But now that the network supports this, the founder believes this could trigger a large rise.

Chris points to the presence of DeFi, a rising Total Value Locked (TVL), non-fungible tokens (NFTs), and sidechains which are now prominent on the network. He also points out the various protocols which have been launched on the network across these different sectors.

#Cardano fam, simple chart showing FUTURE opportunity. Without SC, CNT’s, Defi, $ADA did 165x from bear bottom.

Now with SC, Defi/booming TVL, NFT’s, Projects such as @book_io, @CornucopiasGame, @Indigo_protocol, @IagonOfficial, etc…, along with Hydra, Marlowe, Mithril,… https://t.co/EChPO0SSLH

— Chris O (@TheOCcryptobro) October 14, 2023

As Chris points out, ADA had done a “165x from bear bottom” without Cardano having support for all of the sectors listed above. So he believes that “A 25x – 40x is a very reasonable expectation. Drown out the noise.”

Related Reading: Meme Coins That Are Ripe For The Picking Following $3.2 Billion Crash

Chris referred to Warren’s chart as a “simple chart showing FUTURE opportunity.” However, if ADA were to make a repeat of its 2020-2021 rally, a 40x would only be the beginning for the digital asset.

In the middle of escalating tensions between Israel and Hamas, over 100 legislators, led by Senators Elizabeth Warren and Roger Marshall and Representative Sean Casten, have issued a bipartisan note urging the Biden administration to address alleged close relations between crypto and terrorism. 

The lawmakers express alarm over reported evidence suggesting that Hamas successfully evaded US sanctions, acquiring millions of dollars through crypto assets. They are now pressing the administration to clarify its strategy for tackling this critical national security threat.

Lawmakers Sound Alarm On Crypto-Financed Terrorism

The bipartisan letter, addressed to National Security Advisor Jake Sullivan and Brian Nelson, Under Secretary for Terrorism and Financial Intelligence at the Department of the Treasury, highlights the concerns surrounding Hamas and Palestinian use of crypto funding. 

The letter states that between August 2021 and June of the following year, these organizations allegedly raised over $130 million in digital assets, with millions being transferred between them. 

The lawmakers stress the urgency of the situation, given the danger posed by the financing of militant organizations, and call on the Biden administration to provide details about its plan to prevent the use of crypto for terrorism financing.

In their letter, the lawmakers cite an article from the Wall Street Journal, which reports that researchers studying Hamas’s financing allegedly confirm that crypto remains one of several tools employed by the group to raise funds. 

While it has not been determined whether the crypto received by Hamas directly financed the October 7th terrorist attack on Israel, the group’s explicit solicitations for crypto have left no doubt about their intentions. 

Furthermore, the lawmakers highlight that both the Israeli and US governments have previously warned about the threat posed by crypto in the fight against terrorism. Israel has even seized crypto assets from terrorist organizations like Hamas and Hezbollah. 

However, experts believe that only a fraction of the digital asset funds flowing through Hamas have been successfully captured. 

Urgent Call To Curtail Alleged Illicit Activity 

In light of this, the lawmakers call for decisive action to address the risks associated with illicit crypto activity to prevent further tragedies. 

As Congress considers legislative proposals to mitigate alleged money laundering and illicit finance risks, they urge the Biden administration to swiftly and comprehensively act to curtail such activities and safeguard national security, as well as the security of US allies.

The lawmakers have set a deadline of October 31, 2023, for the Treasury and the Biden administration to respond to questions about their plans to address the serious national security threats arising from using crypto to finance terrorism.

As the debate surrounding the regulation of digital assets continues to intensify, the alleged crypto-financed terrorism adds another layer of complexity. 

Featured image from Shutterstock, chart from TradingView.com 

Devin Walsh, Executive Director of the Uniswap Foundation, a non-profit organization supporting the growth and decentralization of the Uniswap decentralized exchange (DEX), believes that Uniswap is decentralizing. Walsh even compares the current state of the DEX to that of Ethereum. The executive also acknowledged that the DEX’s current level of success is due to the active participation and contribution of the developer community.

Uniswap Becoming More Decentralized?

The Executive Director responded to a thread on X where Antonio Juliano, the founder of dYxX, a layer-2 DEX on Ethereum, insinuated that Uniswap is now centralized. However, it started on a decentralized path. 

With centralization, Juliano added, the protocol can iterate quickly, mainly to boost revenue. On the other hand, by being more decentralized, dapps allow users to enjoy the full advantages of decentralized finance (DeFi).

Decentralization of protocols launching on public ledgers, like Ethereum or Cardano, is crucial. Usually, the community will gauge how well a dapp is decentralized by looking at, among other factors, how decisions are made and which party spearheads development. 

In the case of Ethereum, Walsh pointed out that the community has taken over from where Vitalik Buterin, the co-founder; and Consensys, a technology company developing solutions for Ethereum, left. Since then, multiple developers have been refining the network and ensuring it is secure and robust to anchor dapps.

Uniswap is one of the most popular DEXes on Ethereum, looking at total value locked (TVL). DeFiLlama data shows that the exchange manages over $3 billion of assets and is primarily active on Ethereum. However, the exchange enables trustless swapping on layer-2 platforms like OP Mainnet, and public ledgers like the BNB Chain.

Preparing For Hooks And KYC?

Presently, Uniswap Labs leads the development of Uniswap. Nonetheless, Walsh said more developers are now building and contributing solutions. This, the Uniswap Foundation executive further observed, is especially considering the scheduled launch of Hooks in v4.

There is no specific timeline for when Uniswap will deploy the latest iteration, but the release of the Cancun upgrade on Ethereum will play a role. The protocol will be more customizable with Hooks since the feature acts more like a plugin. 

Even so, there have been concerns that Hooks, though being developed by community developers, will be the basis for Uniswap to censor liquidity providers (LP) or traders who don’t verify by adhering to know-your-customer rules (KYC). UNI prices remain under pressure at spot rates and may break lower, registering new 2023 lows.

In its latest update on October 18, renowned crypto analyst Rekt Capital has highlighted six altcoins that have caught his attention, showing potential for the remainder of 2023, Ocean Protocol (OCEAN), Dogecoin (DOGE), Woo Network (WOO), Verasity (VRA), Stellar (XLM), and Injective (INJ).

Mixed Signals For Dogecoin

Rekt Capital’s analysis suggests a crucial moment for the Ocean Protocol. Whether the current price deviation will result in a downside wick below the red channel placed at $0.2763 or if the price will close below it weekly. 

While a downside wick followed by a recovery could lead to a move toward the Channel Top at $0.3247, a weekly close below the Channel Bottom would necessitate keen observation for price rejection as new resistance.

On the other hand, Rekt Capital notes that Dogecoin has been meandering at the bottom of its channel at $0.058890.

However, recent price developments indicate that the potential bullish divergence in its 1-week chart is likely no longer valid. 

The lower low has shifted from support to resistance, confirmed by price action and a breakdown in the RSI’s trendline. Although a scenario of DOGE reclaiming its lower low remains possible, Rekt believes that a more definitive reaction is needed to confirm a potential fake breakdown.

Injective Dominates The Altcoins Market

Woo Network has experienced a relatively subdued quarter compared to the first half of 2023. Despite the uncertain macro outlook, WOO Network remains confident in its vision and mission. 

Notably, the network successfully negotiated the repurchase of shares and tokens from the estate of Three Arrows Capital, alleviating uncertainty for WOO Network’s community and investors.

Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledges the breakout from the mid-term downtrend structure in Verasity’s native token. 

The token has been establishing higher lows after reaching a low point on October 4, indicating a potential shift in momentum.

Stellar is a blockchain-based payments network that facilitates global, efficient digital asset issuance and exchange. XLM has recently displayed sideways price action, trading below its 50-day and 200-day moving averages. Nonetheless, Rekt Capital includes Stellar in their altcoin watchlist, suggesting it is one to watch.

Injective is an open and interoperable blockchain optimized for DeFi applications, utilizing the Tendermint PoS consensus mechanism. Rekt Capital highlights the significant uptrend in INJ’s native token in the past 24 hours and over the past year, with a remarkable surge of 290%.

As Rekt Capital’s analysis indicates, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of the crypto analyst. 

While each cryptocurrency presents its unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performances and assessing their potential for the remainder of 2023. 

Featured image from Shutterstock, chart from TradingView.com

Since the Bitcoin Price crossed $50,000 back in the 2021 bull market, there have been speculations on when the price will hit $100,000, and on the other extreme end, $1,000,000. Over time, various analysts and pundits have put forward their forecasts, but the most recent of these is from budding economist Alessandro Ottaviani who believes BTC could hit the $1 million mark in the next three years.

Bitcoin Price On Its Way To $1 Million

Ottaviani starts out his X (formerly Twitter) post by pointing out that the Bitcoin market cap had climbed rapidly following fake news of a Spot Bitcoin ETF approval. Now, recall that on Monday, media outlet Cointelegraph made a post on X saying that the US Securities and Exchange Commission (SEC) had approved the BlackRock iShares Spot Bitcoin ETF filing.

Following this, the price of Bitcoin surged above $30,000 and in a matter of minutes, over $50 billion was added to the crypto’s market cap, as Ottaviani points out. Going by BTC’s reaction to this news which eventually turned out to be fake, the analyst was able to draw a parallel for what might happen when Spot Bitcoin ETFs are approved for real.

Main take away of today: Bitcoin makrket Cap went up by more than $50 billion in minutes, and very likely the money flowing into Bitcoin were less than $500 million (ratio 100:1)

A former Blackrock Director said that we can expect $150-200 billion flowing into Bitcoin in 3…

— Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023

Ottaviani points out that this $50 billion increase in market cap came from an around $500 million injection into the market, meaning the market cap rose at a ratio of 100:1. Thus, going by what BlackRock Director and CEO Larry Fink said about a Spot ETF triggering a $150 billion to $200 billion inflow into the asset, Ottaviani explains that this would put BTC’s market cap at $21 trillion. At a $21 trillion market cap, the price of each BTC would be going for $1 million.

Now, about when this might happen, Ottaviani reverts to Fink’s statement. When Fink made his forecast that $150-$200 billion could flow into Bitcoin, he said that this could happen over a three-year period. So if a Spot Bitcoin ETF is approved in 2024 as Bloomberg analysts believe, then the price of Bitcoin could reach this $1 million mark in 2027-2028 if all goes as planned.

“Surely on the way up there will be many people selling, but this is already directionally clear how much could be the effect of the BTC ETFs being approved,” Ottaviani said in the X post.

Other $1 Million Predictions For BTC

Ottaviani is only the most recent in a long line of market participants and crypto enthusiasts who have predicted that the price of Bitcoin would reach $1 million. Some notable personalities who believe it will reach this level include ARK Invest CEO Cathie Wood, Coinbase CTO Balaji Srinivasan, and finance author Robert Kiyosaki.

Cathie Wood who has been a very vocal proponent of Bitcoin said last year that she expects the price of BTC to hit $1 million by 2030. Due to this belief, Wood’s investment firm ARK Invest has been heavily investing across the crypto space, buying hundreds of thousands of shares in the Grayscale Bitcoin Trust, as well as Coinbase stock.

Next on the list is Coinbase CTO Balaji Srinivasan who made a bet in June 2023 that the BTC price would reach $1 million. Srinivasan pointed to “hyperbitcoinization” as the reason behind this. However, Srinivasan’s forecast was on a much shorter timeframe (90 days) and didn’t play out as predicted.

Last but not least is finance author Robert Kiyosaki. Kiyosaki has been sounding the alarm of a potential collapse of the US dollar and has presented the likes of Gold, Silver, and Bitcoin as good alternatives to hedge against this potential collapse. In August, Kiyosaki said in an interview that if the economy were to collapse, Bitcoin could reach $1 million, while Gold and Silver could rise to $75,000 and $60,000, respectively.