While many crypto market participants are debating what it would take to trigger a big rally in Bitcoin’s daily candlesticks, ProCap Chief Investment Officer Jeff Park has narrowed it down to one key catalyst.
“The black swan event for Bitcoin’s rise would be sovereign adoption,” Park said in a podcast interview published on YouTube on Thursday.
“If for some reason all of a sudden there was news that a major developed market, an OECD country, was buying Bitcoin on its balance sheet and actually buying it,” Park explained.
Jeff Park says ‘it has to be real’
According to CoinMarketCap, these announcements could send Bitcoin (BTC) up to around $150,000 overnight, Park said, representing a 76% jump from its published price of $85,089.
However, Park stressed that it must be genuine and not a marketing stunt, rumor or misinterpretation of government officials’ statements.
“It must be real,” he said. “It can’t be this fake version that we’ve been living with for about a year,” he said.
Samson Mo, founder of Jan3, recently said that the introduction of nation-states could happen sooner than people expected. “I think we’re at a gradual end stage, but I also think we’re at an abrupt beginning stage,” Moe said.
Park also said that “resolution clarity” around quantum computing could help Bitcoin’s price trend in the short term.
Quantum is a “weird boogeyman” for Bitcoiners
“I know quantum is this weird boogeyman thing that people keep talking about,” he said, suggesting that uncertainty may be a factor in the recent sell-off of long-term Bitcoin holders.
“If the whale is being sold, it means it’s being sold for reasons as unlikely as the ones we bought in 2012 and 2011,” he said.
“We need to think of these tail events as catalysts for how their behavior changes,” he said.
However, Glassnode said the recent sell-off by Bitcoin whales is not unusual.
Quantum clarity can stop selling pressure, Park says
“Long-term holders have realized gains through this cycle, as they have in every previous cycle,” Glassnode said on November 14.
Park said some clarity could be “at least the type of thing that stops selling pressure.”
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“At least if you stop the selling pressure, you can see that the buying pressure is actually adding more capital for price action,” he said.
Lately, there has been growing concern about quantum computing and Bitcoin.
Gianluca Di Vera, a smart contract researcher who specializes in zero-knowledge proofs, said the dangers posed by quantum computing are not a remote concern. It’s current.
Meanwhile, Bitcoin OG Willy Wu recently proposed an “intermediate measure” of transferring his Bitcoin to a SegWit-compatible address and holding it there until a quantum-secure protocol is developed.
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