Even though the crypto-markets seem to be a little flat at the moment, crypto investor Lark Davis, aka, “Crypto Lark,” is still extremely bullish on the crypto market and especially Bitcoin, believing that the crypto-markets will be worth trillions by the end of the decade.
Lark Davis also has an extremely popular YouTube channel where he talks about daily crypto news and gives investment tips. The channel has nearly 400,000K subscribers.
Financial Institutions Getting In On the Act
When it comes to Bitcoin, banks and major financial institutions are adopting the premier cryptocurrency like never before. Major banks in the US and around the world are allowing customers to buy and sell Bitcoin. The New York Digital Investment Group (NYDIG) has built partnerships with banks, which means almost all banks based in the US offer Bitcoin. Online payments system.
Record Surge In Deposits
Deposits have surged by $2 trillion since the start of the Covid-19 pandemic, according to the latest FDIC data. The month of April alone saw deposits surge by $865 billion. According to Lark Davis, Some of the money lying in banks is bound to make it into the crypto market, given that financial institutions and banks have made buying crypto a breeze.
Millennials And Crypto
Millennials are set to inherit the largest wealth transfer in history, with predictions stating that they will inherit around $68 trillion over the coming two decades. Millennials also hold 49% of all crypto assets. This means that millennials are set to bring a surge of money into the crypto market and purchase even more cryptocurrencies.
All That Glitters Is Not Gold
India, where gold is seen as the go-to investment, has a new player in the market. New investors are actively shunning traditional investment avenues like gold and are instead opting for digital gold, aka Bitcoin. India has seen a rapid rise in crypto investments, rising from $200 million to almost $40 billion.
Bitcoin As Legal Tender
Bitcoin is also being viewed as a viable legal tender by several countries. El Salvador became the first and only sovereign nation in the world to announce that it was passing legislation to adopt Bitcoin as legal tender. It also announced a partnership with Strike to build the infrastructure required.
The World Bank’s displeasure and reluctance did not dampen spirits, and we saw Paraguay follow suit, announcing that they too were going to pass legislation to adopt Bitcoin as legal tender. According to Lark Davis, this is an extremely bullish sign and very promising for the crypto space. Add to this the announcement that Iran’s Central bank will be buying Bitcoin directly from local miners.
Wealth Funds And Bitcoin
Sovereign wealth funds are also investing in Bitcoin, despite rumblings that some countries may outlaw Bitcoin if it becomes too successful. The New York Digital Investment Group (NYDIG) has held talks with several sovereign wealth funds. Singapore’s sovereign wealth fund has already been purchasing Bitcoin from miners directly.
Institutional interest in Bitcoin and other cryptocurrencies has also grown significantly, and publicly traded companies are sitting on huge funds, as are hedge funds and private equity funds.
ETFs
There was a massive spike when the gold ETF was introduced in 2003, and according to Davis, the same will happen when the US announces a Bitcoin ETF. Currently, there are 6 Bitcoin ETFs. Canada has several popular Bitcoin ETF products, and Brazil has also just announced the release of its ETF. At the moment, there are 13 ETF applications in the US alone.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
