 |
According to Thomas Farrer, CEO of Apollo, a cryptocurrency review portal, several factors could push Bitcoin’s price upwards of eight times its current value, but most of them may not materialize.
“While each of these individually is low probability, there are a lot of low probability potential outcomes that could result in a really strong bull market for bitcoin,” Fahrer told Hall of Flame.
He predicts that even if these events happen just two or three times, Bitcoin could reach $500,000 within the next four-year cycle.
“I’d say it’s probably in the $300,000 to $500,000 range,” he said.
He mentioned several potential events, including the possibility of Bitcoin surpassing gold in market capitalization in the future and Bitcoin backing the U.S. dollar.
“Bitcoin has a market cap of $1.2 trillion, gold has a market cap of $15 trillion. I think Bitcoin could do very, very well in the next few years,” he said, noting that U.S. presidential candidate Robert Kennedy Jr. wants to back the U.S. dollar with bitcoin.
Farrer doesn’t think Kennedy will win the presidency, but he still believes it’s important for the candidate to get the idea out there to the public.
“If that happened in the world, Bitcoin would be astronomically higher than it is now,” he said.
What led to Fahrer being included in X Fame?
Parr said X followers have steadily grown since the account launched in late 2022, with a particularly large increase this year following the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States.
“I think my Twitter account followers have been growing pretty steadily,” he said humbly, as his cat jumped onto his lap during a video call.
Also read
characteristic
The Ethics of Hiring Cheap Filipino Workers: Cryptocurrency in the Philippines Part 2
characteristic
Lawmakers’ fears and doubts drive proposed cryptocurrency regulations in the US
Since the Bitcoin ETF launched in January, Fahrer has been sharing easy-to-understand updates on ETF inflows and outflows.
Her regular posts have been so popular that she has amassed a following of around 60,000.
“I think it’s been very beneficial for my account this year because there’s been a lot of interest in ETFs. I think that’s the big story of this cycle and potentially a big story for cryptocurrencies other than bitcoin,” Fahrer said.
Although he is an avid Bitcoiner, he is not afraid to highlight the tough times.
He still posts about the carnage days, including the days of the massive selloff in the Grayscale Bitcoin Trust.
What kind of content does Fahrer like?
Fahrer has a favorite source for different types of Bitcoin content. If he needs a laugh, he lists his favorites on X Feed. For more technical stuff, he turns to specific on-chain analysts.
He also has someone who can help him with general updates on Bitcoin.
“If you’re looking for funny Bitcoin memes, you look to people like Vivek (Sen),” he says.
“Hodl Capital is a great place to do this type of ETF flow,” he added, noting that he turns to Glassnode senior analyst James Check for technical analysis.
“He does a really great job,” he said.
Also read
characteristic
Risky Business: The Celsius Crisis and the Hated Accredited Investor Law
characteristic
Gen Z and NFTs: Redefining Ownership for Digital Natives
Meanwhile, he said he “really, really likes the content” of mathematician and Bitcoin investor Fred Krueger.
“I think he’s great. I highly recommend anyone check out Fred Krueger content. He’s done an amazing job reporting on Bitcoin ETFs, but he also puts out a lot of content on the power law,” he says.
What kind of content does Fahrer produce?
Fahrer’s content on X is a mix of brief information on Bitcoin ETF inflows and outflows, light Bitcoin memes, and the best content to share with your followers.
“The primary focus is Bitcoin flows. I’m obviously looking at all these ETF flows, but at the same time trying to look at all the different types of actions that are happening in the market from a more holistic perspective,” Fahrer says.
Fahrer also runs a daily newsletter with his brother and Apollo co-founder Julian, which examines major companies buying bitcoin.
“We’re considering tracking the companies we buy in a sort of daily status newsletter,” he added.
What is Farrer’s prediction?
Fahrer believes that when a spot Ether ETF launches, there will be “immediate” positive inflows as the ETF issuance “will give some buyers a good head start.”
“That’s kind of what’s driving their funding,” he added.
However, he points out that the Ether ETF suffers from the “staking problem,” which is the biggest problem that the Bitcoin ETF does not.
“When you buy an Ethereum ETF, you’re not staking ETH; you’re actually giving up a percentage of the yield,” he explains.
Even though most investors realize that they are missing out on some returns if they don’t stake their Ethereum, many people who currently hold Ethereum don’t seem too worried about losing their remaining cash, says Parr.
“I don’t know the exact number, but I would say it’s probably over 50% of Ethereum that doesn’t have a stake in the system right now,” he says.
“That’s why many investors are happy to own Ethereum without staking,” he argues.
Parler plans to show the same interest and affection for the Ethereum ETF as he did for the Bitcoin ETF.
“It will be really interesting to track what happens with the Ethereum ETF,” he added.
Subscribe
The most interesting articles on blockchain, delivered once a week.
Sheeran Lyons
Ciaran Lyons is an Australian cryptocurrency journalist. He is also a stand-up comedian and has worked as a radio and TV presenter on Triple J, SBS and The Project.