Bitcoin is making waves in the crypto market these days. The other day, the king coin triggered enormous enthusiasm among investors when it was able to break $19k.
Analysts believe that these days we will definitely see the king coin surpassing its ATH of about $20k.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,141.04.
A supply shock will fuel BTC’s rise to $1 million
The crypto space is filled with various optimistic predictions about the price of BTC these days.
It’s been just revealed that Wall Street veteran Max Keiser says he believes a supply shock will fuel Bitcoin’s rise to $1 million.
— Max Keiser (@maxkeiser) November 21, 2020
In a new interview with Express, he said that he’s convinced institutions will find ways to purchase Bitcoin directly from miners – this will have them effectively box retail investors out.
“The demand for Bitcoin is growing almost exponentially while supply is mathematically locked at 900 a day and in fact, in 2024, the supply gets cut in half again to 450 a day,” he said.
He continued and said: “This is why I think institutions that are buying bitcoin will do so directly from miners and the public won’t have a chance to buy any. The public will be shut out as the price rockets to $1 million per coin… Meanwhile, Generation Z, who bought lots of Bitcoin when it was under $100, will be the new global power elite. The world order is about to flip.”
CEO of PayPal, “We’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants.” pic.twitter.com/Ol1kfZwK3S
— Blockfolio (@blockfolio) November 23, 2020
Keiser also said that high profile investors such as Paul Tudor Jones, Stanley Druckenmiller and Bill Miller are now bullish on BTC.
He also brought up PayPal’s moves that came in support of BTC – as you know, PayPal is buying more than the daily supply of BTC.