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Bitcoin's Surge Fuels Speculation of a '$15 Trillion Asset;' Notable Increase in BTC Forks

Oct 18, 2023 at 07:04 am

One optimistic analyst expressed the belief that Bitcoin surpasses the value of gold and is poised to evolve into a $15 trillion asset.

During the early hours of Monday, Bitcoin (BTC) approached the $28,000 threshold, though it later retraced. Crypto enthusiasts appeared to be placing their bets on the potential launch of a significant spot bitcoin exchange-traded fund (ETF) in the United States in the near future.

Bearish trades in Bitcoin futures resulted in a loss of approximately $27 million for traders within a few hours during the Asian morning session. The surge in open interest, representing the number of unresolved futures contracts and potentially indicating market liquidity, increased by 6.7%. This suggests an enhanced level of trader engagement over the past 12 hours.

Renowned crypto investor Anthony Scaramucci, who serves as the founder and managing partner at SkyBridge Capital, shared his expectation in a podcast that Bitcoin would ultimately transform into a $15 trillion asset in the coming years. He went so far as to assert that it would be "more valuable than gold."

Bitcoin led the way in terms of gains among major cryptocurrencies, with Solana’s SOL and Tron’s TRX also experiencing an upswing. SOL's notable surge was attributed to a bankruptcy estate linked to the troubled crypto exchange FTX, which staked nearly 10% of its holdings, alleviating concerns of a potential token sell-off.

In the realm of alternative tokens, Bitcoin Cash (BCH) and Bitcoin SV (BSV), both stemming from Bitcoin forks, registered gains of up to 11%. Meanwhile, Rollbit’s RLB tokens, associated with a crypto casino, saw an impressive surge of up to 14%.

In a separate development, the BIGTIME tokens associated with the crypto game Big Time experienced a remarkable 350% surge shortly after their listing on the influential exchange Coinbase (COIN). However, analysts at Delphi Digital issued a caution, deeming the token an "extremely risky asset to be trading right now."

Addressing some of the concerns related to the game, analyst Joseph Lloyd stated in a client note shared with Bitsday:

"Before delving into the game-related concerns, it is important to point out that it is incredibly hard to find any reliable sources on what BIGTIME tokenomics looks like. There is no vesting schedule, no mention of allocations, and no concrete info on the current circulating supply (will update when we have this info). All we know is that so far, approximately 5% of the total supply has been airdropped to players and is being actively traded on the open market."

Read more: Cryptocurrency Lending Saga Unveiled: The BlockFi-FTX-Alameda Triangle

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