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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Mining Firm Co-Founder Predicts Start Of ‘Supercycle’, What It Means

Jake Simmons
Jake Simmons
1 year ago
4 mins read
Bitcoin Supercycle

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In a series of statements made on X (formerly Twitter), Marc van der Chijs, co-founder and former director of Hut 8 Mining Corp, shared an optimistic outlook on the future of Bitcoin, suggesting that the cryptocurrency may be on the brink of a ‘supercycle.’ “I think I have never been more bullish about Bitcoin than I am right now,” he remarked, pointing to the cryptocurrency’s recent performance and the absence of widespread hype as a prelude to what he terms a ‘supercycle.’

Understanding the concept of a ‘supercycle’ is crucial to grasping van der Chijs’ perspective. Unlike regular market cycles that see periodic rises and falls, a supercycle in the Bitcoin domain refers to an extended period of bullish growth over several years. This phase is characterized by a substantial increase in adoption, demand, and price, often leading to far-reaching economic implications.

In essence, a supercycle marks a paradigm shift where the asset’s value escalates dramatically, supported by a continuous inflow of investment and a growing consensus about its long-term viability. To come to this conclusion, Van der Chijs’ prediction hinges on several observations and trends within the Bitcoin sector.

Why A Bitcoin Supercycle Could Be Possible

First, he notes a significant shift towards Bitcoin ETFs by funds, including yesterday’s landmark announcement from Blackrock’s Strategic Income Opportunities Fund. This movement signifies a robust institutional interest that could feed a constant stream of investment into Bitcoin, setting the stage for a supercycle.

“This will be a constant flow of new money into the ETFs. […] The flows into the ETF are getting bigger, not smaller,” van der Chijs remarked. With financial advisors poised to recommend Bitcoin ETFs to clients following a regulatory settling period, van der Chijs sees a torrent of new capital on the horizon. This anticipation is not unfounded, considering the groundbreaking success of the Bitcoin ETF launch, which he cites as “the most successful ETF launch ever.”

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Corporate strategies around Bitcoin also play a pivotal role in van der Chijs’ supercycle theory. He points to Microstrategy’s aggressive leverage-based Bitcoin purchases as a harbinger of a trend where companies increasingly view Bitcoin not just as an investment, but as a fundamental aspect of their financial strategy. This shift, according to van der Chijs, could prompt other CEOs to follow suit, further accelerating Bitcoin’s ascendancy.

Moreover, a critical mass of financial advisors is on the brink of recommending Bitcoin ETFs to clients, pending the expiration of regulatory and due diligence waiting periods. This opens the gates for substantial new investments from a segment traditionally cautious about direct cryptocurrency investments. “They can’t sell the ETF during the first 90 working days (internal regulations mostly because of DD), although they are fast tracking it for this ETF,” van der Chijs stated.

FOMO And A Self-Fulfilling Prophecy

The speculation around unidentified large-scale Bitcoin acquisitions adds another layer to the supercycle narrative. Van der Chijs alludes to the intrigue surrounding a wallet that has been steadily accumulating Bitcoin, hinting at the involvement of a billionaire possibly akin to Jeff Bezos. “Since November 2023 a wallet has been adding on average about 100 BTC per day, the wallet now contains over 50,000 BTC,” he states, pointing to the potential for influential figures to catalyze broader market movements.

Another argument is potential purchases by nation-states. Although nation-state involvement in Bitcoin has been minimal, with El Salvador being a notable example, any increase in such activities could trigger a domino effect. The participation of nation-states in the Bitcoin market could significantly elevate Bitcoin’s status as a sovereign asset class.

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Next, the retail sector remains largely on the sidelines in the current cycle, but van der Chijs anticipates a surge in retail interest following new all-time highs and increased media coverage. This could initiate a FOMO cycle, drawing more investment from traditional asset classes into Bitcoin.

Last, van der Chijs mentions the concept of a self-fulfilling prophecy: As Bitcoin continues to rise without significant dips due to constant new money inflow, more people and institutions will entertain the concept of a supercycle. This, in turn, could lead to increased capital allocation to Bitcoin, making the supercycle more likely.

Macroeconomic Implications Of A Supercycle

Van der Chijs’ theory also touches on the potential macroeconomic implications of a Bitcoin supercycle, predicting a significant shift in wealth and power structures. The redistribution of wealth could see Bitcoin at the center of a new economic order, with traditional asset classes potentially losing ground.

In conclusion, Marc van der Chijs outlines a compelling case for a forthcoming Bitcoin supercycle, supported by a confluence of institutional, corporate, speculative, and retail trends. He acknowledged the speculative nature of his prediction, “Right now I think there is a chance of maybe 10% that this will happen and that chance is (very slowly) going up.”

However, the implications could be massive. “[I]t will change the existing world order. It will suck money out of the stock and bond markets, out of gold and other commodities, and even out of real estate (global housing prices could collapse). This will lead to BTC prices that we can’t even imagine today, potentially millions of dollars per BTC.”

At press time, BTC traded at $67,806.

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BTC price, 1-week chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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