- According to Willy Woo, a race of sovereigns will raise Bitcoin to unprecedented highs.
- Woo argues that in the last cycle MicroStrategy initiated the corporate Bitcoin treasury trend.
Following Willy Woo’s 2024 investor heat map, CNF also emphasized the demand and added that many people are unaware that the Bitcoin market is already experiencing a bull market. The on-chain expert believes that “a race of sovereigns” will also spur greater Bitcoin (BTC) values, according to recent updates.
For enhanced background, the CNF upgrade additionally emphasized However, Woo warned that even while this could mean a little reprieve for Bitcoin, the market is still in danger. In order to get the system ready for a long-term upward trend, he underlined the significance of clearing off future open interest. According to the analyst, this procedure is required to eliminate excessive speculation and stabilize the market. As Woo noted,
The system is not prepared to advance if futures open interest is not cleared.
In a recent interview, Woo claims that MicroStrategy started the corporate Bitcoin treasury trend in the previous cycle, according to Natalie Brunell, a Polish-American podcast presenter and Bitcoin educator. He even continued by forecasting that other sovereign wealth funds will emerge in the current cycle, following in the footsteps of Bhutan and El Salvador.
Even said, he acknowledged that he has no idea if the development will result in any significant Bitcoin unlocks that call for steady progress. Woo claims that Larry Fink, the CEO of BlackRock, expressing support for Bitcoin was a significant turning point in the current cycle.
You’re not going to get fired for recommending Bitcoin. Asset managers [previously]would buy it themselves and not recommend it because it was risky for their career. Now I see CIOs at banks not only talking about Bitcoin as an investment but they’re talking about it as the next world reserve currency.
Based on Coin Market Cap statistics, Bitcoin (BTC) is trading at $101,425.78 at the time of writing, decreased by 3.37% in the past day and up to 2.26% previous week. See BTC price chart below.
