Previously Released 2Q 2023 Article
Hayes suggested AI will naturally select BTC as its financial backbone because of its distinctive characteristics, leading to a potential price surge past $750,000 per BTC.
In a recent Twitter thread, investor Luke Broyles predicts Bitcoin (BTC) could engulf future prosperity gains, leaving non-investors behind.
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He foresees BTC becoming society’s base money due to its key attribute— a fixed, immutable supply, a feature that makes it a future-proof asset.
Broyles argues that while technological innovations, including artificial intelligence (AI), will drive prices down, and nations will continue to print currency to maintain credit markets and raise prices, BTC’s emission will remain unchanging.
Consequently, even minimal exposure to Bitcoin would be vastly different from having none.
“We have less in common with the future than the past… Bitcoin is already trading for hundreds of millions of political currency units in several nations.
But the actual big deal is that all future innovations’ prosperity gains will pour into society’s base money – BTC,” Broyles explained.
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He insists it is vital for individuals to invest, or “get off zero”. Comparing Bitcoin to “digital gold”, he said, is like calling a locomotive an “iron horse”.
This view echoes the opinion of Arthur Hayes, ex-CEO of BitMEX, a crypto derivatives exchange.
Hayes suggested AI will naturally select BTC as its financial backbone because of its distinctive characteristics, leading to a potential price surge past $750,000 per BTC.
The competition for the remaining Bitcoin supply has likely already begun.
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According to Broyles, Bitcoin’s liquidity reached its apex during the 2020 cross-market crash and won’t ever revert.
The announcement of a Bitcoin spot-based exchange-traded fund (ETF) filing by BlackRock, the world’s biggest asset manager, boosted US Bitcoin activity. Glassnode, an on-chain analytics firm, observed that the US appears to be reconsidering its own Bitcoin exposure.
“Following the Blackrock Bitcoin ETF request announcement on June 15th, the share of Bitcoin supply held/traded by US entities has seen a significant increase, indicating a potential inflection point in supply dominance if the trend continues,” Glassnode stated on July 8.
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