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“I see a market that has been explosive in Q1, a market that has grossly outperformed all other assets by a strong margin,” he said. “Bitcoin is up around 55% year-to-date, so it’s only natural to see a pullback after such an explosive run. We’re just seeing a market that’s due for a technical correction.”
“I’m quite excited about the prospect of seeing how Bitcoin’s proof of concept behaves in a risk-off climate because we’ve only seen Bitcoin benefit in the greatest period of risk-on since inception,” he said. “We’ve had the greatest period of economic stimulus by way of monetary policy accommodation since the global financial market crisis, and Bitcoin was born out of rejection of all of that. And yet, throughout this whole period since 2009, all we’ve seen is risk-on with U.S.
“We know that's embedded within Bitcoin economics, so we don't expect or anticipate there to be too much volatility around the having event,” he said. “Of course, naturally, because of the properties and the mechanics of the having event, which are inherently a part of Bitcoin's economics, they do support the idea that Bitcoin will continue to drive higher” in the months after the halving.
“When it comes to Bitcoin, the question is, ‘Is there a consensus around it and do people believe in it?’” he said. “The more people that believe in it and the more consensus there is around the asset, the more it plays into Bitcoin and what Bitcoin is, which is an asset that is designed and built to go higher if there continues to be consensus and adoption. The approval of the spot ETFs in the U.S. is therefore a big catalyst ushering in the next wave of widespread adoption.
He added that the approval of an ETH ETF would “further validate the asset class,” but said that Bitcoin doesn’t need an Ether ETF to succeed as it “stands alone.” “Much in the same way that you see demand for gold rise during times like these, we believe there will be a similar demand for Bitcoin,” he said.
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