This Is How High Crypto Could Go
Bitcoin’s price has fallen from $73K to $68K…
…the top is in! It’s over! Sell everything!
Not according to analysts at Bernstein…they say the bull market is going to melt your face off.
So, enjoy these dips whilst they last.
This is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on The crypto market possibly tripling, a Dencun upgrade update, MicroStrategy buying more BTC, El Salvador’s Bitcoin vault & Jack Dorsey’s Bitcoin wallet shipping.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on whether or not ETH NFTs are okay.
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The Crypto Market Could 3X By 2025
Bernstein predicted Bitcoin would reach $70,000 in 2024. Check.
Now analysts at Bernstein predict Bitcoin will reach $150K by mid-2025 and the entire crypto market cap could grow to $7.5 trillion by the end of 2025. That’s around 3X from the $2.5 trillion we’re at today.
This “monster of a crypto cycle” will be driven by Bitcoin, Ethereum and the top Layer-1 blockchains like Solana and Avalanche, which is no surprise.
By 2025, Bernstein predicts:
- Bitcoin: $3 trillion market cap
- Ethereum’s ecosystem: $1.8 trillion market cap
- Top Layer-1s: $1.4 trillion market cap
The growth in Bitcoin will be largely due to the ETF demand.
Earlier in the week, spot Bitcoin ETFs hit record daily inflows of $1 billion on March 12.
The ETF inflows have certainly given global crypto funds a boost. In just three months of trading so far in 2024, global crypto funds have already broken records from 2021 with over $12 billion in inflows.
Investment firm, JMP Securities forecasts $220 billion of spot Bitcoin ETF inflows over the next three years. Bernstein analysts also believe that Bitcoin mining stocks are the best stock market proxy for gaining exposure to BTC.
But aside from Bitcoin miners, Robinhood could be making a comeback. The stock is already up 46% so far in 2024, but Bernstein has a price target for the crypto trading app of $30. That’s almost another 80% of gains.
A Bitcoin bull market isn’t complete without a mega bull price prediction.
Your weekly dose of hopium comes from Jan3 CEO, Samson Mow. He predicts Bitcoin will hit $1 million per coin in 2024 or 2025.
The ETF demand and the halving supply shock will see Bitcoin equal gold’s market cap, estimated to be around $450K-$500K per coin.
From there, Bitcoin will become “the new gold.” Then, another $500K per BTC is just a double from there!
Ethereum Layer-2 Fees Dropping After Dencun Upgrade
The Ethereum ecosystem is already feeling the benefits of the Dencun upgrade just one day later. Hours after launching, transaction fees on Ethereum Layer-2s started dropping.
The Dencun upgrade aims to reduce Layer-2 fees by up to 99%. Base and Starknet were one of the first Layer-2 networks to update their systems to allow the changes from the upgrade to filter through.
Transaction fees on Base fell almost instantly from $0.5 to $0.0012 and on Starknet fees fell from $6.8 to $0.04.
The way that Ethereum is reducing Layer-2 fees is with data blobs. Off-chain blobs will allow more data to be included in Ethereum transactions without delaying block processing times.
Arbitrum and Optimism have since rolled out support for the Dencun upgrade but it’s going to take time for the entire ecosystem to onboard. So gas fees will likely stay volatile for a while.
MicroStrategy Wants Another $525M In BTC
Michael Saylor can’t stop, won’t stop…he’s addicted to buying Bitcoin!
Just 3 days after announcing MicroStrategy has bought 12,000 Bitcoins with the $800 million it raised the week before, Saylor is back for more. Now, MicroStrategy is raising a further $525 million in convertible bonds to buy more Bitcoin.
That’ll bring the total raised to over $1.3 billion in two weeks.
MicroStrategy currently owns 205,000 BTC. 210,000 Bitcoins is the goal. $525 million could buy around 7,500 at current prices. That would finally make Michael Saylor’s wish come true of owning at least 1% of Bitcoin’s total supply. This is insane!
El Salvador’s Bitcoin Vault
El Salvador President Nayib Bukele took to X to announce he’s moved some of the country’s Bitcoin.
But not to an exchange to sell. Instead, he sent 5,689.68 BTC to a cold wallet and published the wallet address online. He’s calling it El Salvador’s “first Bitcoin piggy bank.”
Is it a single-sig or multi-sig wallet? We don’t know at this point. But what we do know from Bukele is that the cold wallet is in a physical vault somewhere within the country’s borders.
Now this does raise a couple of questions…If El Salvador’s Bitcoin stack is only now being transferred to a cold wallet, then where was it being stored before? And where is the rest currently being stored?
But what it does do is show other countries how far behind the times they are. Bukele and El Salvador are leading the way. It’s a smart strategy from Bukele to share the wallet address publicly…the donations have already started rolling in!
That’s one way for a government to generate extra income.
Jack Dorsey’s Bitcoin Wallet Starts Shipping
Block has now started shipping its new self-custody Bitcoin wallet after taking pre-orders for the past 4 months.
Bitkey was launched on pre-order in 95 countries back in December 2023 for $150. Bitkey is a 2-of-3 multi-signature wallet, meaning there are 3 keys securing your Bitcoin, and to sign a transaction you just need two of them.
One key is located on your phone, one in the wallet itself and one is stored on Bitkey’s servers.
If you lose your phone and your wallet, you can recover funds using its recovery tool called Trusted Contacts.
The recovery tool relies on other people you know to verify the recovery request. Bitkey has integrated with Block’s Cash app and Coinbase for users to buy and sell Bitcoin through the wallet’s app.
Block’s stock price jumped up almost 7% on the news.
What do you think of Block’s Bitcoin app? Reply to this email and let me know.
Existing Projects / Tokens
- Arbitrum [ARB], Optimism [OP], Polygon [MATIC] might all perform very well, given these protocols are thought to benefit the most from Ethereum’s Dencun Upgrade, which was initiated on March 13th. It’s expected that all three protocols will witness a substantial reduction in transaction fees from Dencun.
- Bittensor [TAO] is rumored to be listed on Coinbase soon. Bittensor is an open-source protocol that’s used to power decentralized, blockchain based, machine learning models.
- Injective [INJ] recently released inEVM, which is a roll-up technology that allows the protocol to achieve compatibility with Ethereum, Cosmos, and Solana.
- METIS was just listed on Binance. This comes after news that the protocol is having a decentralized sequencer launch, a “MarchDrop” incentive program, is benefiting from Ethereum’s Dencun Upgrade, and is incorporating EigenDA for data availability.
- Solana [SOL] is getting scooped up by Pantera. The rumor is Pantera has raised funds to purchase a big SOL bag from the FTX bankruptcy estate. Follow the big boys.
- Starknet [STRK] just launched a gaming committee. The committee is chaired by various gaming experts who will be tasked with building the Ethereum L2s gaming ecosystem. Starknet is funding the committee with $50M worth of STRK.
Upcoming Projects / Tokens
- Blackwing [BXP] is a new modular blockchain built for margin trading. Developers say that the blockchain will allow for the trading of any native asset without the risk of liquidation. And last week, it was announced that the project received a $4.5M seed round investment from multiple prominent players. You can sign up for Blackwing’s future native token airdrop now.
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Lightlink Testnet & Galxe Campaign
LightLink is a high-performance, secure, and scalable network, built on Ethereum. The network leverages the power of layer 2 scaling solutions to provide fast and low-cost transactions. Built to onboard new users, LightLink supports both Enterprise mode and standard transacting, unlocking the power of gasless execution with the option to pay fees in ETH or its native token, LL.
To participate in the Lightlink testnet all you have to do is use the Lightlink Bridge and transfer testnet ETH or BNB from Goerli or the BNB Testnet. You can use the Goerli Facet on Quicknode to get testnet ETH on Goerli. In case you didn’t complete last week’s NuLink testnet, you can use the BNB Chain Faucet to get testnet BNB.
Otherwise, you can just use some of your testnet BNB from NuLink to bridge funds onto Lightlink. Once you have testnet tokens on either network, use the bridge to transfer them from the Goerli or BNB Testnet to the Lightlink Pegasus Testnet.
Next, you’ll want to head over to the Lightlink Community Airdrop Phase 2 event where you can complete the Welcome to Lightlink, Space ID, Amped Finance, Lightlink Side Quest, Lightlink Family, and Proof of Humanity missions. These different missions will walk you through the Lightlink ecosystem and help ensure you receive any potential rewards in a future LL token Airdrop.
Are ETH NFTs OK?
Many Ethereum NFT collections have been registering declines in price recently, for a number of reasons.
Key factors include competition from Bitcoin Ordinals, growing attention on meme coins, Solana experiencing growth, and a hangover from the mistakes of the last NFT cycle.
However, there are reasons to be optimistic about the future of ETH NFTs, partly due to the cyclical nature of crypto, along with some big individual NFT sales, teams continuing to build, and plenty of artistic activity.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Are ETH NFTs OK?”
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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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