MARKETS DAILY: Crypto Update | Increasing Adoption: Institutional Investors and Bitcoin

Apr 24, 2024

Mark Connors, Head of 3iQ, discusses the impact of the macroeconomic environment on Bitcoin post-halving, highlighting its potential as a store of value. Topics include Bitcoin's price outlook, adoption by institutional investors, and the importance of custodian security in spot Bitcoin ETFs.

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INSIGHT

Post-Halving Market Calm

The crypto market is currently calm post-halving, with Bitcoin holding steady.
This is a normal post-halving reaction, similar to previous cycles.

INSIGHT

Demand-Driven Halving Cycle

This halving cycle differs due to demand-driven motion, not just supply reduction.
Macroeconomic environment and past halvings were instructive, with a price target of $55,000-$85,000.

INSIGHT

Fiscal Dominance and Bitcoin

Fiscal dominance, the practice of printing money to solve problems, impacts Bitcoin's price.
Printing money increases the value of finite assets like Bitcoin, acting as a store of value.

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On "Markets Daily," — Mark Connors, Head of 3iQ discusses the current state of the crypto market after the halving and the impact of the macroeconomic environment on Bitcoin. He explains that the market is following a similar pattern to previous halvings and that the macroeconomic environment supports Bitcoin as a store of value.

Takeaways |

The crypto market is currently calm after the halving, with Bitcoin and Ether trading in tight ranges.
The macroeconomic environment, including fiscal spending and printing of money, supports Bitcoin as a store of value.
Bitcoin's price outlook is positive, with price targets ranging from $110,000 to $180,000 by the end of the year.
Understanding the security of custodians is important when investing in spot Bitcoin ETFs.
The adoption of Bitcoin by institutional investors, particularly registered investment advisors in the Midwest, is increasing.

Chapters |

00:00 Introduction and Overview of the Crypto Market

05:24 The Weakness or Strength of the Dollar and its Impact on Bitcoin

11:07 Centralization and Custodian Security in Spot Bitcoin ETFs

15:35 Conclusion and Closing Remarks

LINKS |

CoinDesk 20

3iQ

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This episode was hosted by Helene Braun. “Markets Daily” is produced and edited by senior producer Michele Musso, and executive producer Jared Schwartz alongside Senior Booker, Melissa Montañez—all original music by Doc Blust and Colin Mealey.

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