BlackRock ETF stirs US Bitcoin buying as research says ‘get off zero’

Luke Broyles recently shared his prediction that Bitcoin (BTC) will “suck in all prosperity gains” in the future, leaving those without any exposure to it behind.

The investor believes that BTC will become “society’s base money” and tweeted about it on July 8. With the rise of AI-based technologies like C3.Ai, Argo AI, and Fetch.AI, AI has become a key part of today’s technology.

Investor tells would-be Bitcoin buyers: “Get off zero”

Commenting on the potential of AI to drive the adoption of BTC, Broyles highlighted its fixed, immutable supply as the key factor that makes it a future-proof asset.

“Every innovation, including AI, will attempt to competitively drive prices down, while every country will try to print currency to force prices up and sustain credit markets. Both of these forces will grow in speed,” he wrote.

With this in mind, even a small investment in BTC is far better than nothing at all, as the currency’s emission will remain constant over time. According to Broyles, “every prosperity gains from all future innovations will flow into society’s base money – BTC”.

His views echo those recently expressed by Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, who believes AI will instinctively choose BTC due to its advantages over other assets, such as gold. Hayes believes this could push the BTC price past $750,000 per token.

BTC supply dominance hits “inflection point”

The race to acquire the remaining BTC supply may have already begun, with the U.S. potentially reassessing its own exposure. This was evident when the world’s biggest asset manager, BlackRock, filed an application for a Bitcoin spot-based exchange-traded fund (ETF), which caused a surge in U.S. BTC activity.

According to on-chain analytics firm Glassnode, the share of Bitcoin supply held/traded by U.S. entities has experienced a significant increase since the Blackrock ETF request was announced on June 15th, potentially indicating an inflection point in supply dominance if the trend is sustained.

The chart accompanying the statement shows the differences in regional BTC supply ownership change.

Broyles suggested that Bitcoin liquidity actually peaked during the March 2020 cross-market crash and will not return to its previous level. However, with the introduction of Fetch AI and other AI technology, the race to secure the remaining BTC supply could be heating up.

Categorized in:

Tagged in: