Tag: Bitcoin News

The prediction market platform Kalshi has predicted that the world’s largest cryptocurrency by market capital will surge to approximately $158,000 by 2025. This projection aligns with growing optimism about bitcoin’s (BTC) long-term potential.

Kalshi is a regulated exchange and prediction market where users can trade on the outcome of real-world events. With the recent surge in BTC, Kalshi noted that the odds of the crypto asset rising above $150,000 have climbed from 13% to 58% in the past 14 days.

“The odds of Bitcoin rising above $150,000 in 2025 have jumped from 13% to 58% in just 2 weeks,” the platform stated.

Can BTC Exceed $125,000 Next Year?

The prediction platform also stated an increasing 77% probability that the digital asset will exceed the $125,000 mark next year. Kalshi further added that bitcoin has more room to run.

Following Donald Trump’s victory as president of the United States, bitcoin climbed from a previous record of roughly $69,000 to an all-time high of over $99,600 within 14 days of the U.S. election. However, at the time of publication, the crypto asset is down 1.09% in the last 21 hours, changing hands at over $95,100.

While BTC struggles to recover from the recent pullback, American television personality, author, entertainer, and former hedge fund manager Jim Cramer called the crypto asset a “winner.”

Investors Predicting BTC Price

Several investors and entities have also predicted the price of BTC, fueling hope for the future of the leading cryptocurrency. Analysts from the famous investment research firm Bernstein predicted that BTC would surge to $200k before 2025 runs out. They stated that the leading crypto is firmly established among different individual and institutional investors across countries.

Similarly, Bitwise CIO Matt Hougan noted that the U.S. dollar does not need to collapse for BTC to break the $200,000 mark. He also stated that Bitcoin’s current market cap is about 8% of gold’s. Therefore, if it matures to reach the same capitalization as gold, it would trade around $400,000.

The host of CNBC’s “Mad Money” TV show, Jim Cramer, recently endorsed Bitcoin, calling it a winner. However, the public praise did not have the desired effect, as BTC’s price has dropped from $98,000 to $94,500 since then. 

Notably, Cramer has had a rollercoaster relationship with Bitcoin. He has gone from skepticism to admitting he was wrong about it and even calling it a technological marvel and that the digital asset is here to stay.

Not the First

Interestingly, the crypto community has historically viewed Cramer’s predictions with skepticism. His track record of making predictions that are later proven wrong has led many to consider his views a contrarian indicator. This means that when Cramer makes a prediction, many traders and investors expect the opposite.

Several instances have occurred where opposite market movements have followed Cramer’s predictions. For example, after he expressed confidence in Bitcoin’s resilience, the crypto’s price unexpectedly dropped below critical thresholds. Similarly, his prediction of a downturn for the pioneer crypto was followed by a surprising 150% rally in 2023.

Cramer’s latest praise for Bitcoin garnered humorous reactions within the crypto industry, with some traders jokingly regarding his statement as a potential bearish signal. The crypto market is generally impacted by macroeconomics; hence, it is only a coincidence that it moves in the opposite direction each time the TV host mentions it.

Cramer Not to be Blamed

The Bitcoin rally has stalled not because of Cramer’s statement but because investors are taking profits from its recent post-election surge, which shot the asset to an over 45% increase. Regarding this, Andre Dragosch, head of research for Europe at Bitwise, said that the Bitcoin rally is expected to take a break in the short term as early investors secure profits.

Mark Novogratz, CEO of Galaxy Digital, also attributed the stall to excessive leverage in the system. He noted that the crypto community is “levered to the gills,” making a price correction inevitable. Meanwhile, despite the crypto’s recent moves, institutions like MicroStrategy and Metaplanet remain optimistic about its long-term prospects as they add more to their portfolio.

Halfina Eddy-Evans, a United Kingdom-based resident, has revealed that she mistakenly lost the keys to her ex-boyfriend’s 8,000 BTC worth over $700 million while they were dating.

Her ex-boyfriend, James Howells, noted that he had mined the BTC himself since 2009 and had forgotten about it, storing the key in a flash drive, an offline storage device that his ex-girlfriend disposed of.

Over $700 Million in the Dump

According to a local UK news media, MailOnline, Eddy-Evans claims that Howells asked her to dispose of the flash drive, which she did by taking it to a refuse dump in Wales almost nine to ten years ago.

“Yes, I threw away his rubbish. He asked me to. The computer part had been disposed of in a black sack along with other unwanted belongings, and he begged me to take it away. I had no idea what was in it, but I reluctantly dropped it off at the local tip on the way home from going on the school run,” she said in an interview.

She noted that she was only trying to help him run errands and never knew it would end in disaster. Remorsefully, Eddy-Evans said that she wanted Howells to find the flash drive so he could stop reminding her about it.

Howells in Search for Drive

Howells noted that he began searching for the secret keys to the 8,000 lost BTC held in the flash drive after learning that it was worth more than $700 million.

He has repeatedly asked the local government authorities for permission to search the landfill but has been denied. Thus, he’s willing to sue the Newport City Council as a last resort to obtain permission to search for and retrieve the key. He promised to donate 10% of the BTC to the local area if he recovers it.

“The treasure is getting more and more valuable by the day, and that isn’t going to stop,” he noted.

According to the BBC, the landfill has more than 1.4 million tonnes of waste, but Mr Howells says he won’t need to search it so much as he has narrowed the hard drive’s location down to an area of 100,000 tonnes.

Meanwhile, at the current BTC price of $98,020, the lost tokens are worth more than $784 million.

In a recent interview with CNBC, Fred Thiel, CEO of Marathon Digital Holdings, shared his insights on Bitcoin’s future price trend.

According to Thiel, Bitcoin’s price volatility will decline in the coming years, paving the way for a stable and sustained upward trend driven by increasing institutional demand and adoption rates.

“The volatility of past years where you would hit a peak and then see a 20% or 30% drawdown, I think (they) are gone at least for the near term future. I think what we’re going to see is essentially institutions just waiting to buy up Bitcoin… I think that for the foreseeable future, we’ll continue to see bitcoin price move up, you know, up and down, up and down, but generally, the trend will be upwards,” Fred Thiel predicted in the interview.

Institutional Appetite for Bitcoin on the Rise

Recent months have seen a surge in institutional investment in cryptocurrencies, with Bitcoin being the primary target.

For instance, Thiel’s company Mara Holdings (formerly Marathon Digital) recently completed a $1 billion offering of 0% convertible senior notes due in 2030 to cover operational costs, including expanding its BTC holdings.

Utilizing proceeds from the $1 billion 0% convertible senior notes offering, the company invested $572 million in its quarterly Bitcoin acquisition, securing around 5,771 BTC for $95,554 per bitcoin.

Leading business intelligence firm MicroStrategy is another institution with a strong appetite for Bitcoin. The company’s numerous BTC shopping sprees have secured its position as one of the largest corporate holders of the cryptocurrency.

After its latest purchase of 51,780 worth $4.6 billion at an average cost of $88,627 per BTC, the intelligence company announced its plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to further expand its Bitcoin holdings.

Not Left Behind: Pension Funds Enter the Bitcoin Bandwagon

Fred Thiel also noted in his CNBC appearance that pension funds are also dipping into the Bitcoin market, with some investing in Bitcoin Exchange-Traded Funds (ETFs). A notable example is the Michigan State Pension Fund’s decision to invest $6.6 million in 110,000 shares of the ARK 21Shares Bitcoin ETF.

Thiel cited an improving regulatory landscape, likely fueled by Donald Trump’s pro-bitcoin stance and the impending departure of SEC’s Gary Gensler, as a key driver of growing demand from both retail and institutional investors.

Jim Cramer, a famous American TV presenter on CNBC’s Mad Money show, has expressed a positive stand for Bitcoin amid the bullish crypto market. Notably, Cramer is not alone. The uptrend in Bitcoin’s price has drawn the attention of many famous figures in the U.S. and around the globe.

Coincidentally, Cramer publicized his view on BTC in the same that the leading crypto made waves to surpass the $99,000 mark.

Cramer Endorses Bitcoin

While handling his Mad Money show on Wednesday, the presenter entertained many questions from callers who asked for ideas concerning their stock holdings.

In the process, a caller mentioned that he had only been holding MicroStrategy’s MSTR stock for about a year. He’s made over 1000% of profits within the short period, crediting the company’s founder and his “bitcoin first, bitcoin only” strategy, which keeps shareholders in earnings over the long term.

Cramer said in response, “I prefer to actually own bitcoin. All I can tell you is, own bitcoin, that’s a winner.”

In previous years, Cramer has had a rollercoaster relationship with Bitcoin. He said he had liquidated most of his BTC holdings during the crypto bear market.

Famous Figures Endorse Crypto Amid Uptrend

Max Keiser is another American presenter who has recently expressed support for Bitcoin and crypto. He noted that El Salvador is living America’s dream because it has adopted Bitcoin as its reserve asset. Since the country started buying BTC in 2021, it has acquired almost 6,000 and continues buying daily.

America’s President-elect, Donald Trump, has also taken a pro-crypto stand. Throughout his campaign, he listed many things to ensure that America adopts Bitcoin and crypto completely under his tenure. Since he has secured the position, the U.S. crypto community eagerly anticipates the fulfillment of his promises.

Notably, Trump’s crypto stand inspired Tech billionaire Elon Musk to say he now sees value in bitcoin and American entrepreneur Gary Cardone to support his presidential campaign with 12.8 BTC.

Meanwhile, BTC has been bullish this month as many investors acquire the crypto through U.S.-approved spot Bitcoin exchange-traded funds.

Germany’s largest insurance company, Allianz, has reportedly acquired a 24% stake in MicroStrategy’s recently issued $2.6 billion convertible notes. These notes are part of MicroStrategy’s ongoing capital-raising efforts to expand its Bitcoin holdings.

Allianz executed the transaction through four separate affiliated entities, as revealed by Bloomberg Terminal data cited by pseudonymous analyst Petruschki in a post on X.

“The positions were filed in July and October. The shares are held by the following sub-organizations: Allianz Global Investors Luxembourg 14.34%, Allianz Global Inv Of America LP 6.64%, Nicholas Applegate Cap MGMT Inc 3.74%, and AllianzbGlobal investors GMBH 0.04%,” Petruschki said.

The latest move comes as the business intelligence company announced plans to raise $2.6 billion from senior convertible notes at a 0% interest rate to purchase more BTC. The move further cemented the company’s commitment to the digital asset as a long-term investment strategy.

MicroStrategy Completes $3B Note

According to MicroStrategy, the note sale was increased from the initially planned offering of $1.75 million in aggregate principal amount of notes on November 18, 2024.

According to a press release, MicroStrategy also secured $3 billion in funding through a note offering on November 21. Initial buyers acquired the total allocation of additional notes.

The company’s strategic focus on Bitcoin has attracted attention from institutional investors like Allianz, which views such investments as a hedge against inflation and a way to capitalize on the growing digital asset market.

MicroStrategy’s recently secured capital could propel Bitcoin to surpass its $100,000 milestone, potentially within the month, as projected by Ryan Lee, the lead analyst at Bitget Research.

As BTC nears the $100,000 mark, crypto investors have profited from the market. As of the time of writing, the crypto asset is trading at $97,600, with a market capitalization of over $1.9 trillion.

Mara Holdings Raises $1B For More BTC

MicroStrategy is not the only company that has raised funds to acquire more BTC. Recently, crypto mining and blockchain technology company Mara Holdings completed a $1 billion offering of 0% convertible senior notes due in 2030. The firm also plans to use the proceeds for strategic investments, operational growth, and the acquisition of more BTC.