Veteran trader and crypto strategist Tone Vays is no longer a Bitcoin bear.
On the latest episode of Trading the Markets, Vays says BTC appears to be heading toward $50,000, listing a number of catalysts that could fuel a long-term bull run.
“I think the biggest factor was that big capitulation in March… The big crash is what I was waiting for this year to finally reset Bitcoin…
Not to mention, the big shutdown is scaring a lot of people. Right now the government is printing money for everyone because they don’t want riots on their hands but after that, the government is going to be broke, and they’re going to be taxing people to death in order for the cities to continue functioning.”
Vays says he believes BTC will soar to $50,000 sometime next year.
Since the big pullback in March, Bitcoin has gained over 140%, bottoming just below $4,000 and then recovering for a now 5-month bull run. Vays says investors now have a huge appetite for risk-on assets whether it’s Bitcoin, gold or the S&P 500 because “anything other than the government paper” looks attractive as the US prints money by the trillions.
Vays says he categorizes Bitcoin as a safe asset, and says a $250 million investment in BTC by the technology solutions provider MicroStrategy was the company’s best use of capital given the current climate.
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