Experienced Cryptocurrency Trader Considers Bitcoin’s Present Value ‘Remarkably Undervalued’ with BTC Approaching $60,000

A prominent figure in the cryptocurrency community, Michaël van de Poppe, recently shared his insights, suggesting that Bitcoin’s current market value is “extremely undervalued.” He mentioned that it wouldn’t shock him if Bitcoin’s value soared to between $300,000 and $600,000 during the current market cycle.

Van de Poppe’s statement was influenced by a notion floated by BlackRock, the world’s premier asset management firm, which portrayed Bitcoin as a potential safeguard against the escalating chaos on a global scale and the waning trust in traditional government and banking institutions, as well as fiat currencies.

At the time of writing, Bitcoin’s price has climbed to over $59,000, marking an increase of about 10% over the last seven days. This follows a substantial decline where Bitcoin dropped from its late previous month high of over $64,000 to a low under $53,000.

The formidable presence of BlackRock in the field of asset management grew even more as it achieved a milestone of managing assets worth over $10 trillion for the first time in a quarter, showcasing a 13% growth from the same time the year prior. This growth was bolstered by significant net inflows amounting to $82 billion.

Not only does BlackRock lead in managing traditional assets, but it also holds the title as the most substantial public investor in Bitcoin through its iShares Bitcoin Trust (IBIT) ETF. Presently, this fund owns Bitcoin assets valued at over $20 billion.

In related news covered by CryptoGlobe, Bitcoin investors have recently transferred roughly $750 million worth of the primary digital currency from centralized exchanges in a day. This exodus is considered the most sizable Bitcoin withdrawal since May and has sparked optimism among investors for a bullish market, as Bitcoin’s price managed to exceed $58,000.

Looking at past trends, substantial outflows like these have frequently led to a lift in Bitcoin’s price. This typically happens when a reduction in supply on exchanges coincides with stable or increasing demand. For example, in late May, a noteworthy outflow was paralleled with a surge in Bitcoin’s value from just beneath $68,000 to $72,000 within a few days. In contrast, significant inflows have sometimes precipitated price falls, as exemplified by the downturns witnessed in late July and early August, as per data provided by IntoTheBlock.

Featured image courtesy of Unsplash.