Biden's SEC Pick Gets Crypto

New SEC Chair has crypto background, bull market looks healthy, and $100-300K bitcoin price predictions!

Biden Nominates SEC Chairman

President-elect Joe Biden has nominated Gary Gensler to be the next Chairman of the Securities and Exchange Commission (SEC).

The pick is notable for bitcoin users as Gensler has taught classes on blockchain and cryptocurrency at MIT—he gets crypto.

As the crypto space continues to seek mainstream adoption, having knowledgable individuals in positions of power ought to provide more informed regulation.

Whether or not you live in the United States, this is impactful. Some of the largest cryptocurrency exchanges and businesses are either US-based or have a significant US presence.

$115K BTC Prediction

Blockchain and crypto hedge fund, Pantera Capital, is getting into the price prediction game again. They forecast a $115,212 bitcoin by Aug. 1.

The firm sees the current bull market as mature compared to 2017.

Institutional investors are consolidating positions into BTC and ETH as opposed to ICO tokens and altcoins that distracted from the “big two” during the last bull run.

All that said, bull markets have historically seen outflows from both bitcoin and ethereum into altcoins and promising startups. While it may not compare to outflows from 2017, keep an eye on where money from profit taking goes.

2020-2021 Bull Market

The bull market looks healthy in the early days of the new year. Several analysts and prominent voices in crypto are renewing calls for $100,000 and beyond.

On-chain analyst Willy Woo is calling for $200,000.

Woo is upping his previous price target for bitcoin. During Laura Shin’s Unchained podcast, Woo said that bitcoin could move past $100,000 and up toward $200,000—300,000 by December of this year.

Shin and Woo are two of MY FAVORITE people in crypto. I highly recommend listening to their conversation about what bitcoin will do in 2021.

Recently, we also saw Max Keiser state that a $220,000 bitcoin is in play. His primary reason for the price prediction—central banks are over-leveraged.

Ethereum Surges!

One quick note on ethereum.

The world’s second largest cryptocurrency by market cap is testing all time highs. ETH spiked over the weekend and sits in the low $1,400s as of writing.

I’ll be watching ETH this week.

The Bullish Case for Bitcoin

$37,145.29—the price of bitcoin today.

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