Willy Woo on Why It's an Extremely Great Time to Buy Bitcoin
In this episode of Unconfirmed podcast with Laura Shin, Willy Woo, on-chain Bitcoin analyst and writer of “The Bitcoin Forecast,” a market intelligence newsletter, discusses how the Bitcoin markets have been changing amidst what may be a forthcoming ebbing of derivatives exchanges and a revival of the importance of spot exchanges.
In this episode, he also covers:
- What the PayPal news means when there are currently only 23.4 million holders on-chain, and only 101 million active unique accounts at centralized exchanges.
- Why "old hands" in Bitcoin have been changing their behaviors recently, selling at bottoms, rather than tops.
- How derivatives exchanges have influenced Bitcoin price action.
- Why price moves in Bitcoin are likely to be less volatile going forward.
- How he's detecting the purchase of Bitcoin off spot exchanges by whales and corporate treasuries.
- How these shifts are affecting crypto infrastructure players.
- How the price of Bitcoin moves for every dollar invested and what his projection is based on that.
- Why, as the price of BTC rises, he's currently seeing HODLers holding tighter than ever.
- By when he believes we'll see sovereign wealth funds investing in Bitcoin.
- By when he says we'll see a USD 50,000 Bitcoin price.
- Why the Bitcoin NVT ratio indicates it's an "extremely great time to buy Bitcoin."
- Why he doesn't focus much on ether, how he thinks it will perform under Ethereum 2.0 and why things could change if Ethereum Improvement Proposal 1559 is implemented and transaction fees end up being burned.
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