Sovereign Bitcoin Adoption Will Be Key Growth Catalyst: Jeff Park
Many crypto market participants are debating potential triggers for a significant move in the Bitcoin price. ProCap Chief Investment Officer Jeff Park identified a key catalyst for Bitcoin (BTC) price growth.
“The trigger for Bitcoin to grow would be sovereign adoption,” he said on the podcast.
On the topic: Bitcoin's recorded losses have reached the level of the FTX crash – where is the bottom?
Jeff Park on the podcast. Source: Anthony Pompliano.
According to the expert, sudden news that a major developed country plans to invest in the world's first cryptocurrency could send prices soaring to $150,000 overnight. Given the current price of digital gold at $84,000, this would represent an increase of approximately 80%.
However, Park emphasized that the event must be genuine—not a marketing ploy, a rumor, or a misinterpretation of officials' words.
Jan3 founder Samson Mow recently stated that Bitcoin adoption by countries may happen sooner than many expect:
“I think we are at the end of the gradual change phase and the beginning of the sudden change phase.”
On the topic: the market needs to lose another 50% to establish a solid foundation.
Bitcoin and quantum computing
Park also noted that in the short term, some “clarity in the solution” to the issue of quantum computing could help the first cryptocurrency.
“I know quantum technology is the ‘horror story’ that people keep talking about,” he explained.
The speaker also added that it is this uncertainty that is partly contributing to the sell-off of the coin by long-term investors.
“If whales are selling, they are doing so for reasons that are just as unlikely as the reasons for buying them in 2012 and 2011,” Park said.
Bitcoin monthly chart. Source: CoinMarketCap.
However, Glassnode believes that recent Bitcoin whale selling is within the usual pattern.
“Long-term holders have been taking profits throughout this cycle, as they have in every previous one,” the analysts noted.
Park disagrees. He says clarity could be “what will at least stop the sales pressure.”
“If you stop the selling pressure, then you realize that the buying pressure is actually adding incremental capital to the price move,” he explained.
On the topic: Bitcoin is no more volatile than traditional financial assets.
Source: cryptonews.net
