Bitcoin Drawdown Sparks Speculation: Could BTC Reach $1M?

• Bitcoin is seeing a drawdown, sparking speculation the mini-bull run has come to an end.
• An analyst known as PlanB on Twitter put forth a bullish case for bitcoin, forecasting price above $32,000 in 2024 and between $100,000 and $1 million by 2025.
• Other notable personalities in the space have also given equally bullish forecasts.

Bitcoin Drawdown Sparks Speculation

Bitcoin is already seeing a drawdown which has sparked speculation that the mini-bull run has come to an end. However, over the long term, there is still a bullish case for the digital asset but how high the price will go remains anyone’s best guess.

PlanB’s Bullish Forecast

An analyst has taken to Twitter to share their own forecast, which paints one of the most bullish cases for bitcoin over time. In a YouTube video, the pseudonymous analyst known as PlanB on Twitter laid out a chart that showed an expected growth pattern for bitcoin through its beginning stages to suggest this pattern in action over the years. The chart follows through with an old and new stock-to-flow model (S2F model) and BTC price tied together to show progression in each one respectively. Following this pattern, PlanB said the price of bitcoin will likely be above $32,000 in 2024, which is when there will be another BTC halving event. On a much longer basis, this same model puts Bitcoin’s price between $100k – $1 million by 2025.

Other Notable Predictions

PlanB isn’t alone in making these predictions – ARK Invest’s Cathie Wood also gave this exact prediction for Bitcoin but on a much longer timeframe (by 2030). Skybridge Capital’s CEO Anthony Scaramucci believes that Bitcoin’s price will cross $300k while Jan3’s Samson Mow believes it will reach $1 million within 5 years!

Can BTC Really Reach $1 Million?

The question remains: Can BTC really reach those heights? Despite all these predictions from various industry leaders and analysts alike it must be noted that no one can accurately predict where Bitcoin prices are headed – only time can tell if these bold claims actually turn out to be true or not!

Conclusion

At present time it appears that many are optimistic about Bitcoin’s future prospects despite its current drawdown—only time will tell if these predictions become reality or not!

Sam Coins Make an Unexpected Comeback Despite FTX Shutdown

• So-called Sam Coins, such as FTT, Solana, Oxygen and Maps, have seen a surprising recovery this month despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings and its former big boss – Sam Bankman Fried – is being tried for a variety of criminal charges.
• Following Bankman-Fried’s arrest, there were worries about the survival of Sam Coins, but their prices have since made an impressive ascent.
• FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet, and is up 160% this month after shedding almost all of its value in 2022.

The crypto market has been showing signs of vigor in recent weeks, with many so-called Sam Coins staging a surprising recovery despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings and its former big boss – Sam Bankman Fried – is being tried for a variety of criminal charges, including allegedly scamming FTX clients and investors.

FTX’s native token, FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet, which exacerbated November’s major sell-off as investors evaluated fresh information of the connection between Bankman-Fried’s trading arm and FTX. Following Bankman-Fried’s arrest, there were worries about the survival of Sam Coins, such as FTT, Solana, Oxygen and Maps, but their prices have since made an impressive ascent.

According to Coingecko data, FTT is up 160% this month after shedding almost all of its value in 2022. The coin is now trading at $1.93, which is a far cry from its recent high of $51.68 from late March 2022. This increase in value may have been influenced by rumors that the platform’s operators were assessing the possibility of re-launching the beleaguered FTX.

According to a recent New York Times report, Bankman-Fried was in negotiations with the New York Stock Exchange to revive FTX as an alternative trading system, or ATS. The report claimed that the NYSE was willing to provide the necessary infrastructure, liquidity, and regulatory oversight to revive FTX, but the talks were put on hold due to Bankman-Fried’s arrest.

The revived FTX would be focused on derivatives trading, rather than spot trading, and would be designed to encourage institutional investors to use the platform. Bankman-Fried’s Sam Coins are likely to benefit from the increased liquidity and market activity that the revived FTX is likely to bring.

It remains to be seen whether Bankman-Fried’s Sam Coins will continue to be a success story in the long run. However, it is clear that the crypto market is in a state of flux, with the revival of FTX and the subsequent rise in the value of Sam Coins potentially providing a boost to the wider crypto market.

eTukTuk: Making Sustainable Transportation Affordable in Developing Countries

• The eTukTuk project was unveiled at the World Economic Forum in Davos and will begin operations in Sri Lanka with the support of the local government.
• The project is intended to address the lack of charging infrastructure and the high cost of e-vehicles in developing countries.
• The network of charging stations and e-vehicles is intended to support the shift away from fossil fuels, addressing global issues such as air pollution, CO2-related health problems, and financial inequality.

The World Economic Forum in Davos recently saw the unveiling of the world’s first automotive project on the Cardano blockchain – the eTukTuk project. The project is set to begin operations in Sri Lanka and is being supported by the local government. The goal of the project is to address the lack of charging infrastructure and the high cost of e-vehicles in developing countries.

eTukTuk aims to create a peer-to-peer (P2P) economy using the Cardano blockchain, which will be used to build a dynamic, multi-faceted revenue model. This will, in turn, be used to incentivize the expansion of the highly scalable eTukTuk network of charging stations and eTukTuk-owned e-vehicles. This model is intended to support the shift away from fossil fuels in regions where e-vehicle infrastructure is lacking, while also addressing global issues such as air pollution, CO2-related health problems, and financial inequality.

Tuk-tuks are a symbol of affordable mobility in developing Asian and African countries, but they are also responsible for greater CO2 emissions than cars, contributing significantly to global carbon emissions. The eTukTuk project is looking to tackle this issue by offering a more sustainable method of transport. The project is also looking to offer a more affordable option to those in developing countries who may not be able to afford traditional methods of transportation.

The eTukTuk project is being spearheaded by the Cardano Foundation, with CEO Frederick Gregaard and Global Head of Marketing David Taylor in attendance at the World Economic Forum. The project is also being supported by the Sri Lankan government and other investors, who are looking to move away from traditional methods of transportation and towards a more sustainable approach.

The eTukTuk project is a major step towards greener and more affordable transportation. Not only does it look to address global issues such as air pollution, CO2-related health problems, and financial inequality, but it also offers a more sustainable and cost-effective method of transportation for those in developing countries. The project is set to begin operations in Sri Lanka and is being supported by the local government, as well as other investors. The Cardano Foundation is leading the way in this project, and with the support of the local government, they are hoping to bring about a major change in the way we view transportation.

SBF Blames CZ for FTX Failure, Denies Stealing Funds

• FTX founder Sam Bankman-Fried (SBF) recently created a Substack newsletter and charged people $80 a year to subscribe
• In his first post on the newsletter, SBF blamed the failure of the cryptocurrency exchange’s subsidiary company Alameda Research on Changpeng Zhao (CZ), the CEO of Binance
• SBF claims he did not “steal funds” and that FTX was affected by the Alameda virus

The cryptocurrency industry has been rocked by yet another scandal, this time involving the founder of the crypto exchange FTX, Sam Bankman-Fried (SBF). SBF recently revealed that he had created a Substack newsletter that people could subscribe to for a yearly fee of $80. In his inaugural post, SBF told a story of how the failure of the cryptocurrency exchange’s subsidiary Alameda Research was largely caused by Changpeng Zhao (CZ), the CEO of Binance.

According to SBF, CZ conducted a successful months-long PR campaign against FTX, culminating in a crucial week or so in November that led to the exchange’s bankruptcy. SBF also claims that FTX was affected by the Alameda virus, a virus that was created by CZ and his team. SBF did not go into detail about the virus, but he did say that it was responsible for the insolvency of the exchange.

In addition to blaming CZ for the failure of Alameda, SBF also firmly stated that he did not “steal funds” or “stash billions away.” SBF was detained by federal authorities in December, but he was released on a record-breaking $250 million bond. He is currently under the custody of his parents at their Palo Alto home in California.

The dispute between SBF and CZ has been ongoing for some time, and it has led to some serious consequences. At one point, a rescue proposal was discussed, but it was ultimately scrapped. This event has raised many questions about the safety of cryptocurrency exchanges and the people that control them. Many in the industry are now questioning the trustworthiness of CZ and the Binance team.

It remains to be seen what the future holds for SBF and FTX. For now, SBF is attempting to clear his name and prove to the world that he did not engage in any illegal activities. He has taken the step of creating a Substack newsletter and charging people for it in order to provide himself with some form of income. Whether or not this will be successful remains to be seen, but it is clear that SBF is determined to prove his innocence.

Hong Kong Limits Retail Investors to ‘Highly Liquid’ Crypto Assets for Consumer Protection

• Hong Kong is making moves to prioritize consumer protection in the crypto market by limiting retail investors to trade only “Highly Liquid” Crypto Assets.
• The Securities and Futures Commission (SFC) will issue a consultation paper later this quarter with more details on products and conditions for retail investors to trade in virtual assets.
• The SFC will also release guidelines for the licensing requirements for virtual asset exchanges.

Hong Kong is making significant moves to bring regulations to the crypto market, with a focus on consumer protection. At the Asia Financial Forum on Wednesday, Securities and Futures Commission (SFC) CEO Julia Leung Fung-yee revealed a plan to limit retail investors to only trading “Highly Liquid” Crypto Assets. This move is being made to ensure the safety of consumers in the market.

Leung further emphasized the limitation of allowing retail investors to only trade certain assets. “Some virtual assets platforms have over 2,000 products, but we do not plan to allow retail investors to trade in all of them. We will set the criteria that would allow retail investors to [only] trade in major virtual assets,” said Leung.

To provide more details on the products and conditions for retail investors to trade in virtual assets, the SFC will be issuing a consultation paper later this quarter. Alongside that, the SFC will also be releasing guidelines for the licensing requirements for virtual asset exchanges.

The crypto market can be both extremely profitable and risky, and Hong Kong is taking the necessary steps to ensure consumer protection. With retail investors only allowed to trade “Highly Liquid” Crypto Assets, the risks of investing in the crypto market are minimized, while still allowing investors to take advantage of the potential profits.