According to the analyst, Bitcoin has a better chance of being valuable and stable as it has a fixed and constant supply compared to other forms of money.
Luke Broyles, a Bitcoin analyst, has made a series of bold statements about the future of Bitcoin. In some recent tweets, he mentioned how the implementation of AI will promote the use of Bitcoin. The recent introduction of a Bitcoin payment solution for AI by Lightning Labs has also strengthened Luke’s claim. The solution aims to address the issue of restrictive and costly payments for AI by providing them with their own built-in method of paying over the Internet facilitated by Bitcoin.
The analyst believes that Bitcoin has a strong chance against political and government currencies. He thinks that people will increasingly use it as their primary form of payment, as it will absorb the wealth and prosperity of other sources, leaving behind those who have no prior exposure to it. This prediction is based on the idea that Bitcoin has a better chance of being valuable and stable due to its unique feature of having a fixed and constant supply compared to other forms of money.
According to his analysis, in order to compete with changing prices, innovations like AI will attempt to drive prices down. However, governments will continue to print more money to raise prices and keep credit markets open. In this scenario, the supply of Bitcoin will remain unchanged, making it a desirable asset. Consequently, those who have exposure to Bitcoin will benefit from it, as future prosperity will flow from it.
Significant BTC Price Increase after BlackRock’s Spot Bitcoin ETF Announcement
The Bitcoin analyst has also expressed surprise at BlackRock CEO Larry Fink’s positive statements about BTC. This is significant because Larry has been against Bitcoin in the past. Taking all these factors into account, Luke believes that:
“The ACTUAL big deal is that all prosperity gains from all future innovations will flow into society’s base money – #BTC.”
Recently, BlackRock applied to issue a spot Bitcoin Trust ETF, and since then, Bitcoin has continued to rise, moving from $24,000 to over $30,000 between June 15 and now. Following BlackRock’s announcement, there has been an increase in Bitcoin activities in the United States, indicating that the US is reevaluating its stance on Bitcoin exposure. It appears that there is a race to secure more Bitcoin supply. On July 8, Glassnode, a platform for blockchain and crypto data intelligence, also confirmed this in a tweet.
Many companies have applied for a spot Bitcoin ETF without receiving any positive replies yet from the SEC. These companies include Fidelity, Ark Invest, and Invesco. BlackRock’s first application was also rejected, with the SEC demanding a surveillance partner to spot issues like fraud.
Reports indicate that BlackRock naming Coinbase as the surveillance partner makes the application seem too good to reject. The significant aspect of BlackRock’s application is also the company’s track record of successfully obtaining ETF approvals. It has applied for 576 ETFs and had only one rejection.
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