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PlanB: $700,000,000 Investment in Bitcoin Industry Shows New Phase of BTC’s Financial Takeover Underway

by Daily Hodl Staff
September 8, 2020
in Bitcoin

Recent Bitcoin developments have convinced popular analyst PlanB that Bitcoin is entering a new phase of adoption.

The anonymous trader and creator of the stock-to-flow Bitcoin model points to a Reuters report that Kazakhstan has been in talks to attract more than $700 million worth of investments into the cryptocurrency sector.

The oil-reliant central Asian country offers BTC miners cheap electricity rates and reportedly accounts for more than 6% of the total Bitcoin hashrate across the globe, according to a report published in the Cambridge Centre for Alternative Finance.

PlanB also points to last month’s news that MicroStrategy, the largest publicly-traded business intelligence company, had used $250 million of its balance sheet capital to buy Bitcoin.

Says the analyst,

“This is a game changer: Nasdaq-listed company with $250M Bitcoin (25% of assets, 15% of market cap) is basically a Bitcoin ETF! Shareholders have 15% BTC exposure and 85% tech. No capital charges (like banks & pension funds), no SEC approval needed (like ETF).”

PlanB recently told cryptocurrency podcaster Peter McCormack that he actually made a conservative bet when he predicted that BTC will hit $288,000. Instead, he says it could meteorically rise to $864,000 in four years.

“I’m on $288,000 as an average value. $100,000 would be very nice, too. But if you just follow the math, if you just follow the data, and I don’t mean the time-series model. So we’re not looking at Bitcoin only. We’re looking at gold, silver, diamonds, real estate, all that stuff. It’s $288,000. That’s an average value.

It could overshoot, like three times, like it did the last phases. I don’t want to mention the number. I try to be conservative all the time. But let’s say a 2x or a 3x from that $288,000, and then it crashes again, of course.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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