{"id":7160,"date":"2025-01-11T15:01:46","date_gmt":"2025-01-11T15:01:46","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7160"},"modified":"2025-01-11T15:01:46","modified_gmt":"2025-01-11T15:01:46","slug":"why-high-net-worth-investors-are-super-bullish-on-bitcoin-right-now","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7160","title":{"rendered":"Why High Net-Worth Investors Are Super Bullish on Bitcoin Right Now"},"content":{"rendered":"
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As bitcoin (BTC<\/a>) wobbles around the $90,000-$95,000 area, down more than 10% from its all-time high touched a bit less than four weeks ago, a contrast is growing between traders \u2014 whose technical analysis tools show the top cryptocurrency may be due for another plunge \u2014 and long-term investors who believe the bull run is nowhere near done.<\/p>\n

That\u2019s according to David Siemer, CEO of Wave Digital Assets, a firm that provides asset management services to funds and high net-worth individuals in the crypto space. The company counts Charles Hoskinson, the CEO of the firm behind Cardano, as one of its clients.<\/p>\n

\u201cIn 14 years of owning bitcoin, I’ve never seen a dichotomy like this,\u201d Siemer told CoinDesk in an interview. \u201cThe traders are all worried and nervous and hedged, fully neutral or worse. And the long-term people are all super bullish.\u201d<\/p>\n

\u201cThere\u2019s a really good chance we\u2019ll go to $200,000 [per bitcoin] this year,\u201d Siemer said. \u201cDo I think we\u2019ll see $1 million dollars per coin in my lifetime? Sure. Not soon, you know, not in the next year. \u2026 The smart, more connected people that I know are also really bullish. More is going to happen in the next six months than most people realize.\u201d<\/p>\n

Top of the list of developments for the year to come is that numerous jurisdictions \u2014 including the U.S., Russia, Singapore, the United Arab Emirates, South Korea, Japan, the Philippines and some European nations \u2014 are looking to take big steps in crypto\u2019s favor, according to Siemer. (Wave runs crypto educational programs for various branches of the U.S. government, like the Internal Revenue Service or U.S. Marshals Service, as well as other executive bodies across the globe; in fact, government practices is the firm\u2019s fastest growing business.)<\/p>\n

These steps, whichever form they take, will likely have positive knock-on effects on some of these countries\u2019 private sectors, Siemer said. \u201c[Japan or Singapore], those are societies where they actually trust and rely on their governments. If their government says it’s okay, it’s actually really okay. It\u2019s different from the U.S. where we think our guys are idiots.\u201d<\/p>\n

What is spurring such sudden interest in the crypto industry? The tremendous success of the U.S. spot bitcoin exchange-traded funds (ETFs), for one, is forcing financial institutions worldwide to think of ways to compete. That means spinning up exotic new products, like multi-token yield funds, to make up for the liquidity that was sucked away by BlackRock\u2019s IBIT.<\/p>\n

\u201cThe ETFs launched in America and they absolutely devastated all the bitcoin ETPs around the world,\u201d Siemer said. \u201cAll of them had these terrible products, charging 1.5%. All of those guys got crushed.\u201d Regulators, for their part, will tend to be supportive, Siemer said. For example, the European Union could end up producing a friendlier version of the Markets in Crypto-Assets Regulation (MiCA).<\/p>\n

The chances of seeing new strategic bitcoin reserves is also high, Siemer said. \u201cEven if the U.S. doesn’t do a reserve, at least several other countries probably will,\u201d he added. Not that he\u2019s bearish on prospects in the U.S. Wave, he said, is currently in talks with seven different states that are considering the matter of creating a reserve, Texas, Ohio and Wyoming among them.<\/p>\n

What about the federal government? Siemer put the odds at slightly better than 50-50, in part thanks to the nearly $19 billion worth<\/a> of bitcoin it already owns.<\/p>\n

\u201cThat’s a decent start on a bitcoin reserve,\u201d Siemer said. \u201cAll they have to do is not sell it. It\u2019s a lot more palatable to the tax base than buying, you know, $10 billion worth of bitcoin.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As bitcoin (BTC) wobbles around the $90,000-$95,000 area, down more than 10% from its all-time high touched a bit less than four weeks ago, a contrast is growing between traders \u2014 whose technical analysis tools show the top cryptocurrency may be due for another plunge \u2014 and long-term investors who believe the bull run is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-7160","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7160"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7160\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}