This catalyst could Vai as a wake-up call and send Bitcoin to $150,000 overnight, although according to Jeff Park, this price “must be the real value.”
While many crypto market participants are debating what could trigger the crucial daily Bitcoin candle, ProCap chief investment officer Jeff Park has narrowed it down to one key catalyst.
“The black swan event for Bitcoin’s bull run will be sovereign adoption,” Park said in a podcast interview posted on YouTube on Thursday.
“If for some reason, suddenly there is news that a major developed market, an OECD country, is going to buy Bitcoin on its balance sheet and actually does so,” Park explained.
“It has to be true,” says Jeff Park.
Park said such an announcement would likely push Bitcoin to around $150,000 overnight, a 76% increase from its announcement price of $85,089, according to BingX .
However, Mr. Park emphasized that the information must be true, not marketing gimmicks, rumors or misinterpretations of what government officials have said.
“It has to be real,” he said. “It can't be the fake version we've been living with for about a year,” he said.
Jan3 founder Samson Mow recently said that national adoption could happen sooner than people expect. “I think we’re at the end of the gradual process and at the beginning of the abrupt process,” Mow said.
Park also said some “resolution clarity” in quantum computing could help Bitcoin’s price action in the short term.
Quantum is a “weirdo” for Bitcoin users
“I know quantum is this weird thing that people talk about,” he said, suggesting that uncertainty may be a factor in the recent sell-off by long-time Bitcoin holders.
“If whales are selling, they are selling for reasons that are probably as unlikely as the reasons they bought in 2012 and 2011,” he said.
“You just think of these tail events as catalysts for their behavioral changes,” he said.
However, Glassnode said the recent selling by Bitcoin whales is nothing unusual.
Park says quantum clarity could stem selling pressure
“Long-term holders have profited throughout this cycle, just as they have in every previous cycle,” Glassnode said on November 14.
Some clarity could be “the kind of thing that could at least stem the selling pressure,” Park said.
“If you at least stop the selling pressure, then you know that the buying pressure is actually adding Capital to the price action,” he said.
Interest in quantum computers and Bitcoin has been on the rise recently.
Gianluca Di Bella, a smart contracts researcher specializing in zero-knowledge proofs, says the danger posed by quantum computing is not a distant concern; it is a present concern.
Meanwhile, Bitcoin OG Willy Woo recently proposed a “middle way,” which involves moving one’s Bitcoin to a SegWit-compatible address and holding the Bitcoin there until a quantum-safe protocol is developed.
Source: Cointelegraph
