CryptoCurrency
Billionaires Are Buying This Cryptocurrency That Could Soar 200% Over the Next 12 Months, According to an Investment Firm
After trading down or sideways for much of the past seven months, Bitcoin (CRYPTO: BTC) may finally be ready for a major breakout. The investment firm Bernstein has just released a report detailing all the reasons it thinks Bitcoin could hit a new all-time high of $200,000 by the end of 2025.
Based on Bitcoin’s current price of about $68,000, that would represent nearly a 200% gain. As a result, billionaire investors appear to be rushing to buy the cryptocurrency right now. The most notable of these include hedge fund managers and tech entrepreneurs, and all seem to believe that Bitcoin is poised for a major rally after the 2024 presidential election. So, could they be right?
Michael Saylor, executive chairman of MicroStrategy (NASDAQ: MSTR), is arguably the most prominent of the billionaire bulls. At a Bitcoin conference in Nashville, Tennessee, this past summer, he predicted that the digital coin could hit a price of $13 million by the year 2045. And he continues to buy aggressively for MicroStrategy, to the point where the company now holds more than 1% of all Bitcoin in the world.
Other tech billionaires are also jumping into Bitcoin, including Mark Cuban and Jack Dorsey, head of Block. So are top Silicon Valley venture capitalists, some of whom are now getting involved in the 2024 presidential election. As a sign of their bullish outlook for crypto, Dorsey recently predicted that the crypto could hit a price of $1 million by 2030.
Lastly, there are the billionaire hedge fund managers who are loading up on the new spot Bitcoin exchange-traded funds (ETFs). Based on 13F data from the Securities and Exchange Commission, it’s possible to piece together which funds are buying it, as well as how much they own.
One of the biggest names to watch is Millennium Management, led by the billionaire Israel Englander, who loaded up on $2 billion worth of Bitcoin ETFs at the start of the year. All told, there are now more than 600 investment firms that have significant holdings of the Bitcoin ETFs.
Based on the above, it might be easy to conclude that these billionaires are primarily buying Bitcoin because they expect its price to increase significantly over the short run. In the crypto industry, this is known as “Number Go Up.” You buy Bitcoin because you hope that its price will go up, and you don’t worry about why.
But that is likely painting too simplistic a picture of billionaire buying activity. As part of its $200,000 price prediction for Bitcoin, Bernstein laid out a number of compelling reasons to buy it.
Bitcoin price rallies within $200 of a new all-time high as several fundamentals point to the crypto bull marking picking up pace.
A former IRS special agent and Binance’s head of financial crime compliance, Tigran Gambaryan had been in Nigerian custody with reports of deteriorating health since February.
UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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Having contributed roughly $12 million to PACs supporting Kamala Harris, Chris Larsen said he hoped to see “bipartisan support and weight” for crypto in government starting in 2025.
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