Bitcoin
BTC$64 567.36

-0.38%

Ethereum
ETH$3 417.53

-0.97%

Tether
USDT$1.000110

-0.03%

Binance Coin
BNB$572.36

-0.70%

Solana
SOL$156.80

-2.13%

XRP
XRP$0.628046

7.62%

Bitcoin’s next evolutionary step


August 2023

The chaos we call today’s global economy is prompting rumors of major power shifts and even a new world order. From de-dollarization to fears of the biggest recession in 100 years, there’s plenty of doom and gloom going around, but there’s also a long-awaited shift that suggests Bitcoin is moving closer to becoming a unified mainstream currency.

Bitcoin’s evolution has been an interesting one. It started off as a nerdy novelty then it got labelled “the future of world currencies”. Not long after, it was branded a scam, and today some think of it as a pump & dump tool for wealthy investors. Maybe all of those descriptions are true, but Bitcoin also represents “financial freedom.” The freedom to move money anywhere in the world without delays or justification.

The wealthy are seeing a new purpose for Bitcoin, and it could rocket BTC prices to the moon if BlackRock has anything to do with it… and it does.

The decline of Bitcoin on exchanges

The unfounded idea that Bitcoin is at its end came after supplies of Bitcoin on exchanges were noted to be in decline. But despite hitting a five-year low on exchanges, Bitcoin price remains stable in a $28-29K (USD) range. This divergence between falling exchange holdings and stable BTC prices indicates that crypto investors are not selling but instead moving their Bitcoin out of the vulnerable exchanges into self-custody solutions such as private wallets and offline storage devices.

People still clearly trust Bitcoin, but they perhaps don’t trust the exchanges anymore… and who can blame them. 2022 was the biggest year for exchange hacks, with client losses as high as $4 billion. 2023 has shown security improvements, but there have been $320 million in crypto losses due to exchange hacking already.

Simply, an exchange is not a good place to park untraceable wealth. Unless you are trading one coin to another, riding the daily market shifts, there’s not one good reason to keep your crypto on an exchange platform, and people are finally getting wise to this. So what to do with your wealth… where to put it? Gone are the days when a bank was the obvious choice.

Bitcoin vs banks

2023 saw a round of bank crashes that shocked the world. From tech-related US banks to established European banks, it seems fewer and fewer institutions are safe these days. If fact, in the US alone, the list of failed banks is too long to list in this article. Could Bitcoin replace banks? Bitcoin offers proven and unbreakable security, low costs, and anonymous and rapid transactions. US senator Cynthia Loomis believes Bitcoin is going to withstand the test of time and become a valid option to compete with the centralized currencies that are emerging from China, Europe, and the US.

“This can help the unbanked, the underbanked, and the underserved who lost money when SVB went down, when Credit Suisse encountered those problems, and the losses that we're now hearing about at First Republic.”

Senator Loomis makes a good point. If that lost money had been instead invested and converted into Bitcoin and stored on the blockchain, those unfortunate investors would still have their money. With a bank, whatever you deposit barely makes interest, incurs fees, and can vanish overnight. There are rich people looking for safe places to park their money right now, and banks are not as safe as we once believed. Bitcoin is one solution that might even offer huge returns if everyone jumps on the BTC train at the same time. But that won’t happen… unless a massive and trusted organization leads the way.

BlackRock buys Bitcoin

BlackRock seems to be agreeable with Bitcoin mass adoption, which is a big deal. If BlackRock doesn’t like something, that something usually disappears. BlackRock manages $9.5 trillion in assets: that’s more than the GDP of German, France, and the UK combined. When BlackRock speaks, rich and powerful people listen, and right now, BlackRock is suggesting that investors put 84.9% of their wealth into Bitcoin investments. 

Several financial advisors says spot Bitcoin ETFs could overtake the 230 billion dollar precious metals ETF Market soon, which would be a strong sign that crypto is going mainstream. Some even believe it may eventually rise above fiat currencies since the technology is superior, although that might be many years into the future before we see that science fiction prediction fully manifested.

Conclusion

Crypto is famous for its volatility. It’s also famous for reactionary hype rallies followed by devastating crashes. That might all change if big investors buy and hold, treating Bitcoin as a haven asset for parking wealth. Traders already long on BTC would definitely reap the reward of the rallies that would follow, but such a bullish action will never be repeated, and Bitcoin will finally find its true equilibrium. At what range is anyone’s guess, but mass adoption would obviously cause a significant rise.

Mass adoption is not some silly dream. Bitcoin’s blockchain is safer than current banking practices and faster than fiat when it comes to transfers. One roadblock is that Bitcoin and altcoins are immune to government control or manipulation, which is why Central Bank Digital Currencies (CBDC) are already rolling out with urgency. Fears of governmental totalitarian oversight are already circling, which would only send more people to Bitcoin.

If the world is about to embrace Bitcoin and perhaps other crypto solutions, prices would rise, the sky is the limit, and Exness traders targeting BTC may well remember this volatile and possibly historic time with fondness. Keep a close eye on CBDC news, BlackRock announcements, and BTC prices with the Exness Trade app. Make a habit of being alert to changes that might indicate an awakening, and make sure your Exness account is set up and ready to trade without delay.

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 43 $64 567.36 -0.38% 12.55% $1 273 722 979 629 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 417.53 -0.97% 10.31% $410 859 870 677 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000110 -0.03% 0.02% $113 236 960 423 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78% 43 $572.36 -0.70% 9.35% $84 470 480 429 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 81.6% 36 $156.80 -2.13% 11.26% $72 781 603 483 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 78% 43 $0.628046 7.62% 43.35% $35 048 347 743 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000063 0.01% 0.01% $33 802 025 670 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 86.4% 13 $7.16 -2.83% -1.25% $17 979 891 294 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 55 $0.123284 -1.89% 14.54% $17 895 498 284 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 77.6% 36 $0.442834 0.57% 15.09% $15 892 288 247 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 77.6% 44 $0.134153 0.33% 2.31% $11 685 315 797 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 37 $0.000019 -3.26% 15.07% $11 069 963 486 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 41 $27.86 -1.26% 7.00% $10 997 136 424 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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