MARKETS DAILY: Crypto Update | Bitcoin Is 'Significantly Undervalued Today': Off the Chain Capital CEO
Apr 29, 2024
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Off the Chain Capital CEO Brian Dixon discusses why bitcoin is undervalued, the potential impact of Russia's crypto ban, and the launch of a spot ETF in Hong Kong. The podcast also explores Bitcoin's bullish future, correlation with traditional markets, and the DTCC's stance on Bitcoin ETFs.
Spot Bitcoin ETFs in Hong Kong and Australia are bullish signals for the market, indicating new regulated exposure opportunities.
Bitcoin is deemed significantly undervalued based on various models, foreseeing substantial price growth in the near future.
Deep dives
Hong Kong and Australia ETFs Indicating Bullish Prospects
The launch of spot Bitcoin ETFs in Hong Kong and potential approval in Australia are signaling bullish opportunities for the crypto market. With Hong Kong ETFs expected to attract around $25 billion and Australia gearing up for their own ETF, new markets are opening up for regulated exposure to Bitcoin, indicating positive trends.
Russian Crypto Ban and Market Sentiment
There are concerns over a potential crypto ban in Russia by September 1st, which could lead to short-term sell-offs. However, exemptions for miners suggest a strategic approach, possibly leveraging miners for Bitcoin accumulation. Despite the ban, Russian citizens may find ways to access crypto through workarounds like VPNs, raising questions about the ban's overall impact on the market.
Bitcoin's Undervaluation and Future Price Predictions
Contrary to market uncertainties, various models suggest that Bitcoin is currently undervalued. Predictions point towards significant price growth, potentially reaching between $150,000 to $1 million within the next 12 to 18 months. Factors like supply halving, increasing retail interest, and limited tradable Bitcoin in the market are expected to drive future price surges, supported by the emerging Bitcoin ETF landscape.
The latest price moves and insights with Jennifer Sanasie and Off the Chain Capital CEO Brian Dixon.
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On "Markets Daily," Off the Chain Capital CEO Brian Dixon breaks down the recent price movements in bitcoin and explains why various models indicate that bitcoin is currently undervalued. Plus, insights on the impact of Russia's potential crypto ban and spot ETF products in Hong Kong.
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This episode was hosted by Jennifer Sanasie. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Victor Chen, alongside Senior Booking Producer Melissa Montañez. All original music by Doc Blust and Colin Mealey.