Bitcoin may hit $100K by capturing ‘even 2 to 5% of gold’s market cap’ — Hut 8 VP Sue Ennis
In a recent interview with Paul Barron, Hut 8 vice president Sue Ennis shared her thoughts on how the Bitcoin cost will rise above $100,000 in the next year and how the upcoming halving will affect BTC miners.– 5 things to understand in Bitcoin this weekHigher rates are set thanks to the halving and ultimate BTC ETFCrypto investors have actually waited years for the launch of a spot Bitcoin exchange-traded fund (ETF), and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission stays elusive. Concerning a prospective target for the Bitcoin price, Ennis stated: “I absolutely do think we could see in this next cycle $100,000 cost per Bitcoin, and thats based on if BTC were to record even 2 to 5% of golds $13 trillion place in institutional portfolios.
In a current interview with Paul Barron, Hut 8 vice president Sue Ennis shared her thoughts on how the Bitcoin price will increase above $100,000 in the next year and how the upcoming halving will impact BTC miners. Pointing out information from Hashrate Index, Barron observed that spikes in Bitcoin difficulty were followed by drops in BTCs rate. Source: Hashrate IndexBarron questioned if miners were offering Bitcoin as an outcome of the upcoming halving producing a need for more efficient ASICs and whether BTCs pre- and post-halving price action would not be as bullish as financiers anticipated.– 5 things to know in Bitcoin this weekHigher prices are configured thanks to the halving and eventual BTC ETFCrypto investors have actually waited years for the launch of an area Bitcoin exchange-traded fund (ETF), and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission remains evasive. Relating to a potential target for the Bitcoin rate, Ennis said: “I definitely do believe we might see in this next cycle $100,000 cost per Bitcoin, and thats based on if BTC were to catch even 2 to 5% of golds $13 trillion place in institutional portfolios.
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What did Hut 8 VP Sue Ennis say about Bitcoin hitting $100K by capturing gold's market cap?
Sue Ennis, the vice president of Hut 8, expressed her belief that Bitcoin could reach a price of $100,000 if it captures even 2 to 5% of gold's $13 trillion market cap. This perspective highlights the potential for Bitcoin to become a significant player in institutional portfolios, similar to gold. Ennis's insights suggest that the upcoming halving could further influence Bitcoin's price trajectory as miners adapt to changing market conditions.
How will the upcoming halving affect Bitcoin's price according to Sue Ennis?
According to Sue Ennis, the upcoming halving is expected to play a crucial role in Bitcoin's price dynamics. She indicated that this event could lead to higher prices as miners adjust their operations and efficiency. The halving typically reduces the rewards for mining, which can create scarcity and drive demand, potentially pushing Bitcoin towards the $100,000 mark if it captures a portion of gold's market cap.
What factors contribute to Bitcoin potentially reaching $100K as mentioned by Hut 8's Sue Ennis?
Sue Ennis pointed out that Bitcoin's potential to reach $100,000 is closely linked to its ability to capture a small percentage of gold's market cap. With gold valued at around $13 trillion, even a 2 to 5% allocation could significantly elevate Bitcoin's price. Additionally, the anticipated launch of a Bitcoin ETF and the ongoing adjustments in mining practices due to the halving are critical factors that could influence this price target.
What challenges might Bitcoin face in reaching $100K according to the interview with Sue Ennis?
In her interview, Sue Ennis acknowledged that Bitcoin may face challenges in reaching the $100,000 mark, particularly regarding regulatory hurdles surrounding Bitcoin ETFs. The U.S. Securities and Exchange Commission's slow approval process for these investment vehicles could impact market sentiment. Furthermore, fluctuations in mining difficulty and potential selling pressure from miners post-halving could also affect Bitcoin's price trajectory.
What does Sue Ennis believe about the relationship between Bitcoin and gold's market cap?
Sue Ennis believes that Bitcoin has the potential to significantly impact its price by capturing a fraction of gold's substantial market cap. She emphasized that if Bitcoin were to secure even 2 to 5% of gold's $13 trillion valuation, it could propel its price to $100,000. This comparison underscores the growing interest in Bitcoin as a viable alternative asset within institutional investment portfolios.