While many in the crypto world are buzzing about what could spark a big Bitcoin daily surge, ProCap’s Chief Investment Officer, Jeff Park, believes he has pinpointed the game-changer.
“A surprising boost for Bitcoin could come from sovereign adoption,” Park shared in a podcast interview posted on YouTube this Thursday.
“Imagine if a major developed country suddenly announced it would buy Bitcoin for its balance sheet and actually followed through,” Park explained.
Jeff Park emphasizes, “It has to be the real deal”
According to Park, such an announcement could propel Bitcoin (BTC) to around $150,000 almost overnight—a whopping 76% rise from its current price of $85,089, based on information from CoinMarketCap.
However, he insists that the announcement must be genuine—no marketing gimmicks, rumors, or misinterpretations from government officials.
“It has to be the real deal,” he reiterated. “We can’t fall for another fake news cycle like we did last year.”
Samson Mow, the founder of Jan3, recently stated that nation-state adoption might arrive sooner than we think. “We’re on the tail end of the gradual phase and entering the sudden phase,” Mow mentioned.
Park also noted that some “clarity on resolution” regarding quantum computing could be beneficial for Bitcoin’s price movements in the short term.
Quantum—The “weird boogeyman” for Bitcoin enthusiasts
“I know quantum is this weird boogeyman that people keep fretting over,” he acknowledged, suggesting that this uncertainty may be why some long-term Bitcoin holders have been cashing out lately.
“If the whales are selling, they probably have reasons that seem just as likely as those that motivated them to buy back in 2012 and 2011,” he added.
“You have to consider tail events as triggers for changes in their behavior,” he mentioned.
However, analytics firm Glassnode has said the recent selling spree among Bitcoin whales isn’t something unusual.
Quantum clarity may ease selling pressure, says Park
“Long-term holders have been taking profits throughout this cycle, just like they have in every previous one,” Glassnode noted on November 14.
Park commented that having some clarity could be “the kind of thing that alleviates the selling pressure.”
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“If we can ease the selling pressure, that means the buying pressure could actually bring in more capital for price momentum,” he explained.
Concerns about quantum computing and Bitcoin have been growing lately.
Gianluca Di Bella, a smart-contract researcher specializing in zero-knowledge proofs, warned that the threat posed by quantum computing isn’t a far-off concern; it’s happening now.
Meanwhile, Bitcoin veteran Willy Woo suggested one “interim measure”—moving your Bitcoin to a SegWit-compatible address and holding it there until a quantum-safe protocol is ready.
Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express
