{"id":13009,"date":"2023-08-29T03:40:51","date_gmt":"2023-08-29T03:40:51","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13009"},"modified":"2023-08-29T03:40:51","modified_gmt":"2023-08-29T03:40:51","slug":"bitcoin-may-hit-100k-by-capturing-even-2-to-5-of-golds-market-cap-hut-8-vp-sue-ennis","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13009","title":{"rendered":"Bitcoin may hit $100K by capturing \u2018even 2 to 5% of gold\u2019s market cap\u2019 \u2014 Hut 8 VP Sue Ennis"},"content":{"rendered":"<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/cryptoheretostay.com\/wp-content\/uploads\/2023\/08\/4665b67f-5066-446d-b0ad-2486e7b529c3.jpg\" \/><\/p>\n<p>The next Bitcoin halving event is less than nine months away, and the consensus opinion among analysts and investors is that the halving will send Bitcoin\u2019s\u00a0price to a new all-time high or even above $100,000.\u00a0<\/p>\n<p>Despite this belief, the absence of fresh inflow to the crypto market, the current macroeconomic headwinds and Bitcoin\u2019s (BTC)\u00a0recent price action below $30,000 do not inspire much confidence in this theory in the short term. <\/p>\n<p>In a recent interview with Paul Barron, Hut 8 vice president Sue Ennis shared her thoughts on how the Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Hut 8 currently has a balance of 9,152 BTC in reserve, of which 8,305 is unencumbered. The company\u2019s installed ASIC hash rate capacity sits at 2.6 exahashes per second, and Hut 8 mined 44.6 BTC in July.<\/p>\n<p>In the interview, Barron inquired whether rising Bitcoin difficulty for miners could induce a fresh wave of sell pressure against BTC. Citing data from Hashrate Index, Barron observed that spikes in Bitcoin difficulty were followed by drops in BTC\u2019s price. <\/p>\n<p><em>Bitcoin price, difficulty and difficulty adjustment. Source: Hashrate Index<\/em><\/p>\n<p>Barron questioned if miners were selling Bitcoin as a result of the upcoming halving creating a need for more efficient ASICs and whether BTC\u2019s pre- and post-halving price action would not be as bullish as investors expected. <\/p>\n<p>According to Ennis: <\/p>\n<p>\u201cThere\u2019s a lot of really unprecedented dynamics that are happening now in the mining space. [&#8230;] What\u2019s interesting is hash rate continues to come online despite Bitcoin price trading in a certain band. [&#8230;] We\u2019re still seeing hash rate increase.\u201d<\/p>\n<p>Ennis elaborated with: <\/p>\n<p>\u201cWhat\u2019s changed now is that we\u2019re seeing Bitcoin price come down a little, but hash rate continues to go up. [&#8230;] I think what\u2019s really exciting and different is we\u2019re seeing a tremendous amount of new entrants into the global Bitcoin network.\u201d <\/p>\n<p>Ennis referenced six gigawatts of nuclear and renewable energy being generated in the Middle East, and with the region&#8217;s governments exploring Bitcoin mining as an option, more hash rate is coming online in a way that is somewhat price agnostic. This is drastically different from how publicly traded United States-based and more forward-facing miners operate. <\/p>\n<p>In order to stay afloat after the halving, Ennis suggested that miners need to be in a position to avoid being \u201csingle-threaded,\u201d i.e., they need more than one way of earning revenue beyond just mining Bitcoin. <\/p>\n<p>Revenue diversification would include exploring various artificial intelligence (AI) applications, dedicating some warehouse rack space to GPUs for companies specializing in AI training and possibly offering industrial-level ASIC repair services \u2014 or even participating in demand-response initiatives with large energy producers and distributors. <\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> September \u2018crash\u2019 to $22K? \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<h2>Higher prices are programmed thanks to the halving and eventual BTC ETF<\/h2>\n<p>Crypto investors have waited years for the launch of a spot Bitcoin exchange-traded fund (ETF), and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission remains elusive. <\/p>\n<p>Despite the history of delays and denials, Ennis said that a \u201cspot ETF coming to market, that\u2019s incredibly bullish for the asset class,\u201d but she also cautioned that an approval could create sell pressure on miner equities given that mining stocks have often been used as a proxy investment to Bitcoin. <\/p>\n<p>Regarding the percentage chance of a spot Bitcoin ETF approval by the end of 2023, Ennis said: <\/p>\n<p>\u201cDefinitely better than 50. The real reason for my opinion on that is that BlackRock threw its hat in the ring, BlackRock being powerful and the largest asset manager in the world. For them to throw their hat in the ring and say this is what we want and the amount of clout they\u2019ve had in markets in past initiatives has been tremendous. So I think for them to make this call, that is a real bullish signal.\u201d <\/p>\n<p>Regarding a potential target for the Bitcoin price, Ennis said: <\/p>\n<p>\u201cI definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that\u2019s based on if BTC were to capture even 2 to 5% of gold\u2019s $13 trillion place in institutional portfolios. If Bitcoin were able to capture even 2 to 3% of gold\u2019s market cap, that would be incredibly accretive to the price and push it north of $100,000.\u201d <\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-may-hit-100k-by-capturing-even-2-5-of-gold-s-market-cap-hut8-vp-sue-ennis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The next Bitcoin halving event is less than nine months away, and the consensus opinion among analysts and investors is that the halving will send Bitcoin\u2019s\u00a0price to a new all-time high or even above $100,000.\u00a0 Despite this belief, the absence of fresh inflow to the crypto market, the current macroeconomic headwinds and Bitcoin\u2019s (BTC)\u00a0recent price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13009","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13009"}],"version-history":[{"count":0,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13009\/revisions"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}