Last chance to buy? – Key figure predicts further high-flying for Bitcoin

According to Stack Funds, Bitcoin’s MCTC rate indicates a further upward trend for Bitcoin.

Crypto investors „don’t have much time“ before Bitcoin (BTC) continues to rise and even surpass the $20,000 mark, according to a new investment report.

The „Weekly Report“ of the Asian crypto investment fund Stack Funds accordingly pointed out on 10th December that one key figure in particular pointed to a further surge by Bitcoin Code platform in the market-leading crypto currency.

MCTC rate at old strength

According to the report, the so-called „Market Cap To Thermo Cap Ratio“ (MCTC) is currently expected to be similarly strong as in the record run of 2017, when Bitcoin had climbed from under USD 1,000 to USD 10,866.

The MCTC rate considers Bitcoin’s market capitalisation („market cap“) and sets it in relation to the total turnover of Bitcoin Mining since the introduction of the crypto currency („thermal cap“).

This week, the MCTC rate is 17, a value that was also on the table in mid-2017 in the run-up to the record run. Twice in the history of Bitcoin, a subsequent upward trend began after a MCTC level of 17.

„The MCTC rate is currently at 17, which was last seen during the 2019 uptrend. In addition, this value is reminiscent of the record run in 2017, when the MCTC fluctuated around a value of 20, whereupon it went steeply upwards“, as the investment report notes in this context.

From this, Stack concludes that Bitcoin will soon see a significant recovery, which is good news for investors, but may leave interested buyers with little opportunity to invest in the crypto currency.
MCTC rate of Bitcoin. Source: Stack Funds

Accordingly, they write: „As the MCTC rate is currently still at the lower end of its range, we expect that there will still be buying opportunities, but there may not be much time before the $20,000 mark is broken and the window closes“.

What is the next step?

In the last 24 hours, Bitcoin has recovered after an interim period of weakness pushed the previous sideways movement back below $18,000.

At the time of going to press, the Bitcoin exchange rate is hovering around the $18,300 mark, with traders hoping that a new support can be established.

However, as Cointelegraph reported, there is no sign of clear support above $16,200 so far, making the psychologically important $20,000 mark all the more important for further development.

Cointelegraph Markets Analyst Michaël van de Poppe sees the $19,400 mark as a crucial hurdle that needs to be jumped in order to reverse the recent downturn into an upward trend.

„If we want to return to the upward trend and attack the record high, we must first climb above this range,“ the expert said on Thursday.

Bitcoin har stagnert de siste dagene etter å ha toppet seg på $ 19 950 i begynnelsen av desember. Den handler for tiden for $ 18.200, fast i et konsolideringsområde mellom $ 18.000 og $ 19.500.

Noen har begynt å frykte en korreksjon på grunn av tekniske og kjedetrender. Som rapportert av CryptoSlate tidligere har adresser tilknyttet hvaler begynt å øke sine innskudd til børser. Andre analytikere har også bemerket at visse gruvebassenger har begynt å selge av beholdningen.

Men grunnleggende Bitcoin er tilsynelatende sterkere enn noen gang, ettersom verdens regjeringer og sentralbanker fortsetter å velge pengetrykk for å redde den synkende økonomien.

Bitcoin bull case fortsatt sterk blant enestående monetær stimulans

Cameron Winklevoss, medstifter av Gemini, påpekte nylig at Bitcoin bull-saken blir validert ettersom Den europeiske sentralbanken presser på for ytterligere stimulans.

På grunn av en enda en gang forverret pandemi og en langsommere enn håpet vaksineutrulling, tar verdens sentralbanker unnvikende tiltak for å prøve å forhindre pandemien i å påvirke økonomien ytterligere.

Som Winklevoss bemerker, forfølger ECB i seg selv for øyeblikket en økning i sitt „obligasjonsoppkjøpsprogram med tilsvarende 2,2 billioner dollar.“ $ 2,2 billioner er omtrent 10 prosent av EUs samlede BNP fra i fjor.

Videre legger dette til mer enn 1 billion dollar stimulans den allerede implementerte tidligere i år. Dette er langt fra et trekk isolert til EU.

Australia, hvis økonomi var kjent gjennom mange lavkonjunkturer på grunn av internasjonale investeringer, har også flyttet inn i et negativt renteområde fordi det ser ut til å redde økonomien.

I USA rapporteres det om en forestående finanspolitisk stimulusregning på omtrent 1 billion dollar, som kan omfatte en annen utbredt fordeling av sjekker til et flertall av amerikanske familier.

Mange ser på disse trekkene som en validering av Bitcoin bull-saken, da den viser uklarheten til fiat-penger sammenlignet med harde penger, for eksempel BTC.

Wall Street tar varsel

Dette presset for ytterligere monetær stimulans til trillioner dollar har fått Wall Street til å ta varsel. Før dette året var det faktisk veldig få store investorer og banker for banker som var involvert i rommet.

Wall Street-investor Paul Tudor Jones, som kommenterer potensialet for Bitcoin til å overgå midt i tider med massestimulering, sa tidligere i år at han tror Bitcoin kommer til å bli den raskeste hesten i løpet.

Mer nylig sa Stan Druckenmiller at han tror at hvis „gullinnsatsen fungerer“ (refererer til inflasjon), vil Bitcoin „fungere enda bedre.“

Et økende antall Wall Street-investorer mener BTC vil fungere som et bedre spill enn gull, ettersom det fortsatt er en trend med monetær inflasjon.

Bitcoin $ 18 010,93
11. des kl. 1:18 UTC -2,59%

Bitcoin, som for tiden er rangert som nr. 1 etter markedsverdi, har gått ned 2,59% det siste døgnet. BTC har en markedsverdi på $ 334,42B med et døgnvolum på $ 26,29B.

Blockchain aims to make tax evasion more difficult in Thailand.

The Thai tax authority plans to use blockchain technology to streamline tax payments in the next year.

The tax authority wants to use blockchain to improve their way of collecting taxes, rather than increasing taxes. The Thai economy is now gradually recovering

According to a report by the Bangkok Post, General Manager Lavaron Sangsnit stressed that new policies should not affect the country’s economic recovery and that tax hikes could bring the still fragile economy to a standstill.

The government’s goal is to raise $ 17.5 billion in fiscal 2020, 3.3 percent less than in 2019, when $ 18 billion was raised.

In 2021, the tax and customs authorities will also integrate Profit Revolution technology. Sangsnit said blockchain will help these departments calculate tax debts, import duties and prices.

The three departments want to combine blockchain-based surveys in a single database. This is intended to make tax evasion more difficult

Since last year , the tax authority has been implementing blockchain technology to evaluate tax refunds for oil exporters. Oil exporters are required to pay excise taxes. Overpaid taxes can then be reclaimed when they have delivered the oil. The use of DLT technology is intended to make this process faster and more transparent for oil exporters.

Oil export revenues are a crucial part of the Thai government’s budget and amount to about $ 6.6 billion per year. That is around two thirds of all annual income.

Sangsnit said this new system should be fully operational for oil exporters by the first quarter of 2021.