Prominent bitcoin advocate and CMCC Crest co-founder Willy Woo has sparked a lively discussion about the future of bitcoin and its potential impact on younger generations.
In a recent twitter exchange with Jesse Colombo, chief marketing officer at BullionStar, Woo questioned the characterization of bitcoin as a risk asset and instead described it as a beacon of hope and empowerment for young people.
This debate comes at a time when bitcoin's status as a crisis hedge is being questioned due to a recent drop in its price, while gold and silver experienced gains.
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bitcoin is down almost 4% today, while gold and silver are up very well today.
That's further confirmation that bitcoin is a risk asset (like high-flying, speculative tech stocks) rather than a crisis hedge, which is why I'm not interested.twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$btc twitter.com/search?q=%24GLD&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$GLD pic.twitter.com/MPqncxs6MC
—Jesse Colombo (@TheBubbleBubble) twitter.com/TheBubbleBubble/status/1779956017675096093?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 15, 2024
Challenging conventional notions: bitcoin's potential to empower youth
Woo's response to Colombo's criticism is a testament to his unwavering optimism about the future of bitcoin. He argues that traditional “risk-free” assets primarily benefit older generations and nation-states, while bitcoin offers a transformative force that can empower the younger generation.
Drawing parallels to the early days of the Internet, Woo sees bitcoin” target=”_blank” rel=”noopener nofollow”>bitcoin as a symbol of optimism and catalyst for exponential growth, challenging conventional notions of wealth accumulation and investment.
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The new twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin The ETFs offer price targets of $91,000 at the bear market low and $650,000 at the bull market high once ETF investors have fully deployed in accordance with the asset managers' recommendations*** .
They are very conservative figures. twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin will exceed the gold limit when ETFs have…
— Willy Woo (@woonomic) twitter.com/woonomic/status/1779829797738438754?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 15, 2024
Bullish Projections: Willy Woo's Bullish Stance on bitcoin
Amid the ongoing discussion, Woo's bullish projections received a significant boost with the recent approval ofbitcoin-ether-etfs/1941878″ target=”_blank” rel=”noopener nofollow”> bitcoin Spot ETF In Hong Kong. Their rough estimates result in remarkable projections, with a predicted price of $91,000 during bear market lows and a staggering $650,000 at bull market peaks.
These projections are based on the expected inflow of capital from ETF investors, as anticipated by the asset managers. Woo's view suggests that bitcoin's market capitalization could reach new heights, potentially surpassing that of gold.
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bitcoin market cap at $1.21 trillion on the daily chart: TradingView.com
Woo compares bitcoin's rise to the massive gold bull run that followed ETF adoption. He sees bitcoin as a harbinger of change in traditional investment and wealth protection strategies, with institutional investors increasingly embracing cryptocurrencies and integrating them into the mainstream financial landscape.
As institutional interest in cryptocurrencies continues to grow, bitcoin is poised to usher in a new era of financial prosperity, particularly for younger generations seeking alternative paths to economic empowerment in an ever-changing landscape.
Featured image from Pixabay, TradingView chart
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