‘A Race of Sovereigns’ Will Serve As Next Catalyst for Higher Bitcoin Prices, Says Analyst Willy Woo - The Daily Hodl

2025-01-22 02:15:28

Abstract generation in progress

On-chain analyst Willy Woo thinks “a race of sovereigns” will catalyze higher Bitcoin (BTC) prices.

In a new interview with Natalie Brunell, Woo says MicroStrategy kicked off the corporate BTC treasury trend in the previous cycle.

He predicts the current cycle will see other sovereign wealth funds follow El Salvador and Bhutan’s lead.

“I think this cycle, that starts to come out and the cycles ahead. And so everything becomes a race, and I don’t know if these are big unlocks, I think it’s one step after the next and the next and the next.”

Woo says a big moment of the current cycle was when BlackRock chief executive Larry Fink expressed approval of BTC.

“You’re not going to get fired for recommending Bitcoin. Asset managers [previously] would buy it themselves and not recommend it because it was risky for their career. Now I see CIOs at banks not only talking about Bitcoin as an investment but they’re talking about it as the next world reserve currency.”

BTC is trading at $105,785 at time of writing after hitting a new all-time high of more than $108,000 on Monday. The top-ranked crypto asset by market cap is up more than 4% in the past 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney

BTC-0,57%

WOO1,92%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.