As Bitcoin (BTC) has fallen more than 10% from its all-time high less than four weeks ago and has fluctuated between $90,000 and $95,000, tensions among traders have grown. Their technical analysis tools show that the top cryptocurrencies could be: More sharp declines are expected, and some long-term investors believe the bull market is far from over.
This is according to David Siemer, CEO of Wave Digital Assets, a company that provides asset management services to funds and high net worth individuals in the cryptocurrency space. The company counts Charles Hoskinson, CEO of the company behind Cardano, as one of its customers.
“In the 14 years I’ve owned Bitcoin, I’ve never seen a dichotomy like this,” Seamer told CoinDesk in an interview. “Traders are all worried, nervous, hedging, completely neutral or worse. And the long-term people are all very bullish.”
“It is very likely that we will reach $200,000 (per Bitcoin) this year,” Seamer said. “Do you think we'll get to $1 million per coin in my lifetime? Absolutely. Not right away, not next year. … Some smart, well-connected people I know also… I'm very bullish. There's a lot more going on in the next six months than most people think.”
Topping the trend list for next year is a number of jurisdictions looking to take big steps in favor of cryptocurrencies, including the United States, Russia, Singapore, United Arab Emirates, South Korea, Japan, the Philippines, and some European countries. is. , according to Seamer. (Wave operates crypto education programs for various branches of the U.S. government, such as the Internal Revenue Service and the U.S. Marshals Service, as well as other enforcement agencies around the world. In fact, government work is the company's fastest growing )
These measures, in whatever form they take, are likely to have positive spillover effects on the private sector in some of these countries, Seamer said. “(Japan and Singapore) those are societies that actually trust and depend on the government. If the government says it's okay, it's actually okay. It's not like America where our players are thought to be stupid. That’s it.”
What is causing the sudden interest in the crypto industry? For example, the huge success of the US Spot Bitcoin exchange-traded fund (ETF) has forced financial institutions around the world to think about how to compete. has been done. That means launching unusual new products like multi-token yield funds to make up for the liquidity sucked away by BlackRock's IBIT.
“The ETF was launched in America and completely destroyed all Bitcoin ETPs in the world,” Seamer said. “They all had products that were awful, with 1.5% charging. All those guys were crushed.” Regulators are also becoming cooperative, Seamer said. For example, the European Union may end up creating a friendlier version of the Cryptoassets Market Regulation (MiCA).
Seamer said it is also likely that new strategic Bitcoin reserves will be found. “Even if the United States doesn't do a reserve, at least some other countries probably will,” he added. He said he was not bearish about the prospects for a U.S. wave and was currently in talks with seven different states, including Texas, Ohio and Wyoming, to consider the issue of creating a reserve state. Ta.
What about the federal government? Seemer says the odds are slightly better than 50-50, in part because the company already owns nearly $19 billion worth of Bitcoin.
“It’s a decent start for Bitcoin reserves,” Seamer said. “All they have to do is not sell it. It’s much better for the tax base than buying $10 billion worth of Bitcoin.”
