Sovereign Bitcoin adoption would be the ultimate upside catalyst: Jeff Park

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While galore crypto marketplace participants are debating what it mightiness instrumentality to trigger a important Bitcoin regular candle, ProCap main concern serviceman Jeff Park has narrowed it down to 1 cardinal catalyst.

“A achromatic swan lawsuit for Bitcoin upside would beryllium sovereign adoption,” Park said during a podcast interrogation published to YouTube connected Thursday.

“If determination was, for immoderate reason, each of a sudden, quality that a large developed market, OECD country, was going to bargain Bitcoin connected the equilibrium sheet, and really bash it,” Park explained.

Jeff Park says, “It would person to beryllium real”

Park said specified an announcement could perchance propulsion Bitcoin (BTC) to astir $150,000 overnight, which would correspond a 76% spike from its work terms of $85,089, according to CoinMarketCap.

However, Park emphasized that it indispensable beryllium genuine, not a selling stunt, a rumor, oregon a misreading of what authorities officials person said.

“It would person to beryllium real,” helium said. “It couldn’t beryllium this fake mentation we lived with for astir a year,” helium said.

Jan3 laminitis Samson Mow precocious said nation-state adoption whitethorn hap sooner than radical expect. “I deliberation we’re connected the process extremity of gradually, and we’re astatine the opening phases of suddenly,” Mow said.

Park besides said immoderate “clarity connected resolution” connected quantum computing whitethorn assistance Bitcoin’s terms enactment successful the abbreviated term.

Quantum is simply a “weird boogie man” to Bitcoiners

“I cognize quantum is this weird boogie antheral that radical support talking about,” helium said, suggesting the uncertainty whitethorn beryllium a origin successful wherefore Bitcoin semipermanent holders person been selling disconnected successful caller times.

“If the whales are selling, they are selling for reasons that are astir apt conscionable arsenic apt to beryllium improbable for the reasons having bought successful 2012 and 2011,” helium said.

“You person to conscionable ascribe these process events arsenic catalysts for however their behaviour changes,” helium said.

However, Glassnode said the caller selling by the Bitcoin whales is thing retired of the ordinary.

Quantum clarity could halt merchantability pressure, says Park

“Long-term holders person been realizing profits passim this cycle, conscionable arsenic they did successful each erstwhile one,” Glassnode said connected Nov. 14.

Park said immoderate clarity could beryllium “the benignant of happening that stops astatine slightest the selling pressure.”

“If you halt the selling unit astatine least, past you cognize the buying unit is really adding incremental much superior for terms action,” helium said.

Concern astir quantum computing and Bitcoin has been rising recently.

Gianluca Di Bella, a smart-contract researcher specializing successful zero-knowledge proofs, said the information posed by quantum computing isn’t a distant concern; it’s a existent one.

Meanwhile, Bitcoin OG Willy Woo recently suggested one “intermediary measure,” involving the transportation of one’s Bitcoin to a SegWit-compatible address, and holding the Bitcoin determination until a quantum-safe protocol is developed.

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