29th April 2025 > > Price predictions & Arizona.

tl;dr

The Crypto Task Force holds its third roundtable, allowing us some early insights into the thinking of its new Chair, Paul Atkins. Ark Invest adds more cheer to the recent rally in crypto prices.

Market Snap

Market Wrap

After last week’s stunning spot BTC ETF inflows, yesterday saw a very disappointing outflow of $380mm causing a halt to the recent rally. More cheering is the news that BTC held on centralised crypto currency exchanges has dropped to a seven-year low, telling us that selling appetite is starting to wear thin.

Curious Cryptos’ Commentary – Talking your own book

A wise man wisely pointed out in response to the CCC two days ago that the price prediction of $2.4mm per BTC by Ark Invest does not come from an unbiased source. I might also point out that neither does the claim by the ECB that the intrinsic value of BTC is zero. Somewhere between the two perhaps? Split the difference at $1.2mm?

…

One for the maxis now. The term “hyperbitcoinisation” is gaining currency:

At a market cap of $100-$200 TRILLION, Adam is predicting a 50-100x increase in the value of BTC taking us to between $4.25mm and $9.5mm per BTC.

That is a price prediction to cut out and securely paste into the scrap book for future reference.

Curious Cryptos’ Commentary – Arizona

Yesterday the Arizona House of Representatives passed two key bills paving the way for the state to adopt BTC as a treasury reserve asset, which is tremendously exciting news all round.

The first bill to amend the state’s statutes to allow for BTC was passed by 31 in favour with 25 opposed. The second bill – a much broader proposal to allow for digital assets generally to be adopted as reserves – was passed with even greater vigour showing 37 for and 19 against.

But hold your horses (still the preferred means of travel in Arizona I am told), Governor Katie Hobbs has this to say:

Like the mythical Japanese soldiers hunkered down in inaccessible forests, there are still some lieutenants in Warren’s anti-freedom and anti-liberty army who have not yet got the memo about the demise of Operation Choke Point 2.0.