Jeff Park has identified a strong catalyst for Bitcoin's price growth.
Jeff Park, co-owner and investment director of ProCap BTC, stated that news of a major government beginning to purchase the first cryptocurrency could be a strong catalyst for Bitcoin's growth.
Such news could send Bitcoin's price soaring to $150,000 in a matter of days, the businessman believes. Given the world's leading cryptocurrency's current price of $86,000, this represents a nearly 80% increase.
ProCap BTC's investment director clarified that the announcement of intent must be genuine—not a marketing ploy, rumor, or misinterpretation of government officials' statements. According to the entrepreneur, the likelihood of governments purchasing Bitcoin is higher than ever.
“I think we're at the end of the gradual phase and the beginning of the sudden phase,” Park said.
He added that “clarity in the solution” to the quantum computing issue could also help the first cryptocurrency. Uncertainty surrounding the threat of Bitcoin being hacked by quantum computers is fueling cryptocurrency sell-offs by long-term investors, the businessman explained. Clarity regarding this threat could be “what will at least stop the selling pressure,” the co-owner of ProCap BTC hopes.
The crypto market is currently at a point where even minor technological or legislative changes can alter price dynamics. In the long term, a gradual recovery of investor interest is possible, which will increase the likelihood of more stable growth in Bitcoin, without a deep correction, Park suggested.
Earlier, American financier and investor Ray Dalio, founder of the Bridgewater Associates fund, stated that Bitcoin's main problem is that it will not become a reserve asset for large countries.
Source: cryptonews.net
