Bitcoin to 100 Million?
Recently a very well respected member of the Bitcoin trading community passed away. His name was Tyler Jenks. Jenks was known to many as the Bitcoin analyst who was predicting Bitcoin would go to $1000 USD in what is called a Hyperwave. The Bitcoin chart did follow a Hyperwave but the final leg of the Hyperwave changed dramatically and we have ended up above 10K. I’m still a bit confused by the price action of the last few months. More on that in this weeks video with Venzen. Subscribe to our YouTube channel, we have great content coming up. This video was filmed back in April but is still relevant maybe even more relevant as we edge closer to a global financial crisis.
When I first wrote about Hyperwave I wrote that I did not see us going to 1000, because the corrupt world of exchanges would not allow that, and I still suspect something fishy went down with the price action of the last few months. I hope I’m wrong and Bitcoin takes off to the moon but I’m still not convinced.
The Hyperwave is scary and real
I followed Jenks closely and admired much of his thinking and analysis. Fortunately, the Hyperwave did not complete and take us to $1000. This article and video are more about another amazing scenario and that is his call that Bitcoin could be worth 100 million USD.
Five ways to solve the problem
Jenks stated we are in the biggest Hyperwave of all and that is the credit bubble we have created that began in 1944. In short, Jenks thought that we are on the precipice of a global economic meltdown. We have 220 Trillion in Global debt and all of the world’s currencies combined only come to 80 Trillion. In other words, even if total M1 or all the currency out there is applied to the debt we would not come close to covering it. He said we have five ways to solve the problem. Bitcoin, being one of them. I won’t go into detail on all five but here are the solutions he said can save us all.
- Bitcoin. In this scenario, Bitcoin would become the asset to service our current debt. To cover the current debt Bitcoin would go to 100 000 000. Bitcoin supply multiplied by current debt gives us this figure. More on this in the conclusion.
- A return to the gold standard. This is likely to be an option but even the total value of gold is nowhere near the total value of debt. Might be time to buy some gold people.
- Grow out of it economically, extremely unlikely.
- Debt defaults or debt forgiveness. A very ugly solution. A black swan event.
- A combination of a gold and currency standard. China is looking closely at this as they have a huge debt problem, much bigger than that of the USA.
As you will see in the video Venzen and I are both Bitcoiners but we don’t agree on everything. I hope you will enjoy the content we make together because I think it is important to always debate and listen to different opinions. Unfortunately, much of what happens in Bitcoin media is tribal and in many instances just nasty. I love what Bitcoin is but I also have concerns about its future and much of this centres around the block size, mining rewards and how regulation will play its role. With these concerns in mind, I will be looking closely at what Bitcoin BSV is all about. I see the BTC and BSV blockchains as where the future is. Can they co-exist? How are they different? Who are the key people involved in each and how can I best explain to newbies what is going on in Bitcoin.
Venzen is very much about a Bitcoin that is not integrated into our financial structure. For the Jenks 100 million dollar Bitcoin or a Bitcoin worth 1 million-plus, I don’t see how that could happen without central banks buying into the world of Bitcoin. I personally think that regulation is inevitable and there is a chance that the current price action is institutional purchases. We have a fascinating year ahead. I think BSV is positioning itself as the regulation friendly Bitcoin and how this will play out and affect BTC will be fascinating. I flew to Canada at my own expense in June to meet the BSV people and I will be posting videos, including an interview with Craig Wright this week so please subscribe to help support my efforts to educate new people to this space. This is a passion project that is totally self-funded so any support via donations would be greatly appreciated. Please email me at firstname.lastname@example.org if you would like to help.