Bitcoin could hit $2.3 million if BTC captures over 19% of global assets, ARK Invest suggests
Share this article
According to a new report by ARK Invest, if Bitcoin captures a 19.4% share of global investable assets, its price could reach an astounding $2.3 million per coin. While an allocation of this size may seem ambitious, even smaller allocations of just 1-5% of portfolios could boost Bitcoin’s price to between $120,000-$550,000.
Conversely, a proposed US consumer protection rule around digital payments faces pushback for possibly hindering crypto’s peer-to-peer capacities. Though intended to shield consumers, broad applications could introduce risks for users relying on non-custodial wallets. Lawmakers trying to provide crypto with more consideration are requesting more time and clarity from regulators to properly assess the impact of the rule, given how complex its frameworks appear to be.
The Biden administration is launching an emergency survey requesting mining companies to provide granular data about their energy use and operations. The required data ranges from installed hardware specifications to electric utility providers. While claiming to focus on analyzing industry emission trajectories, the initiative pressures miners towards transparency through mandatory participation, rather than voluntary disclosures.
Today’s Newsletter
- Bitcoin could hit $2.3 million if BTC captures over 19% of global assets, ARK Invest suggests
- 11 US lawmakers push back on proposed CFPB rule, citing potential impact on crypto
- Biden administration unveils ‘emergency’ Bitcoin mining survey
a
Markets
|
Data powered by CoinGecko.
|
a
Top Stories
BITCOIN
Bitcoin could hit $2.3 million if BTC captures over 19% of global assets, ARK Invest suggests
Driving Bitcoin’s growth is its proven track record of tremendous returns compared to other assets. With a compound annual growth rate of 44% since inception, Bitcoin has consistently rewarded long-term investors. And with major catalysts on the horizon in 2024 like Bitcoin ETFs, institutional adoption, regulatory clarity and the next halving event, Bitcoin is poised for even wider mainstream investment.
Bitcoin emerged on the heels of the 2008 financial crisis as a decentralized alternative to fiat currencies. What began as an obscure online experiment has rapidly gained legitimacy to become a bona fide macro asset and store of value. Increased adoption of this once fringe monetary system by the traditional finance sector underscores the growing embrace of Bitcoin’s revolutionary approach to money. [cryptobriefing]
REGULATION
11 US lawmakers push back on proposed CFPB rule, citing potential impact on crypto
Members of the US Congress want additional time to discuss a proposed new rule on digital payments. Lawmakers think some parts of the rule that try to protect consumers might end up causing new problems. Making certain wallets follow the rules could introduce new risks, lawmakers argue.
They are worried it may stop people from making peer-to-peer payments directly to each other using non-custodial wallets. They also note that such broad definitions require tailored legislative frameworks which may still be pending.
The positioning here is clear: US lawmakers want regulators to consider more details on how proposed regulations match the technology it oversees. [cointelegraph]
BITCOIN
Biden administration unveils ‘emergency’ Bitcoin mining survey
The Biden Administration wants more details on how much energy Bitcoin mining takes up across the US. With this, it is urging Bitcoin mining companies to fill out an emergency survey giving data about their operations. Miners have to share details on locations, ASIC specifics, electricity usage, and more.
The US Energy Information Administration (EIA), the agency responsible for this survey, wants to identify the highest growth areas, as well as what energy sources are powering the expansion of mining networks. The EIA says the goal is to better track how much power crypto mining uses as it scales nationwide, given Bitcoin’s surge over the past year. [cryptobriefing]
a
Other News
Next Week’s Token Unlocks
- GAL is set to unlock $9.2M, a 5.7% increase in supply, positioned at a market cap of $159M.
- HFT’s unlock will be $4.25M, leading to a 4% increase in supply, with the project’s market cap at $104M.
Data powered by Token.unlocks.
Diego & Vince
Share this article
