Despite many cryptocurrency market participants discussing what might be needed to trigger a significant breakout in Bitcoin's daily chart, ProCap's Chief Investment Officer Jeff Park has narrowed it down to one key catalyst.
In a podcast interview released on YouTube on Thursday, Park stated, "A black swan event for Bitcoin's upside would be the adoption by sovereign nations."
"If for some reason, there were suddenly news that a major developed market, an OECD country, would buy Bitcoin on its balance sheet and actually do it," Park explained.
Park indicated that such an announcement could push Bitcoin (BTC) to around $150,000 overnight, which would represent a 76% increase from its price of $85,089 at the time of writing, according to CoinMarketCap.
However, Park emphasized that this must be genuine and not a marketing gimmick, rumor, or misinterpretation of government officials' statements.
"It has to be real," he said. "It can't be the kind of false version we've lived with for about a year," he added.
Samson Mow, founder of Jan3, recently stated that national-level adoption could happen faster than people expect. "I think we are at the tail end of 'gradual' and at the beginning of 'sudden,'" Mow said.
Park also mentioned that some "clarity around quantum computing solutions" could help Bitcoin's price action in the short term.
"I know quantum is this weird monster that people keep talking about," he said, suggesting that this uncertainty might be a factor in why long-term Bitcoin holders have been selling recently.
"If whales are selling, the reasons for their selling might be just as unlikely as the reasons they bought in 2012 and 2011," he said.
"You have to attribute these tail events to the catalysts for their behavioral changes," he added.
However, Glassnode stated that the recent selling by Bitcoin whales is not unusual.
On November 14, Glassnode noted, "Long-term holders have been realizing profits throughout the cycle, just as they have in every previous cycle."
Park stated that some clarity could be "the kind of thing that at least stops the selling pressure."
"If you at least stop the selling pressure, then you know that buying pressure is actually adding more incremental capital to the price action," he said.
Recently, concerns about quantum computing and Bitcoin have been rising.
Gianluca Di Bella, a researcher specializing in zero-knowledge proofs, stated that the dangers posed by quantum computing are not a distant concern; they are a current worry.
Meanwhile, Bitcoin veteran Willy Woo recently proposed a "middle measure" involving transferring Bitcoin to SegWit-compatible addresses and keeping it there until quantum-resistant protocols are developed.
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Original article: “Jeff Park: Sovereign Adoption of Bitcoin (BTC) Will Be the Ultimate Upside Catalyst”
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