Bitcoin (BTC) has been predicted to absorb all future prosperity gains, leaving those without exposure behind, according to investor Luke Broyles. In a Twitter thread on July 8, Broyles outlined his vision of Bitcoin becoming society’s base currency.
Broyles initially touched on the role of artificial intelligence (AI) in adopting BTC but quickly shifted his perspective to how it should evolve into the world’s primary form of money. He emphasized Bitcoin’s unique attribute of having a fixed and immutable supply, making it a future-proof asset.
According to Broyles, every innovation, including AI, will strive to lower prices as quickly as possible, while every country will aim to print more currency to drive up prices and sustain credit markets. Both these forces will accelerate, creating a wealth divide. In contrast, Bitcoin’s emission rate will remain constant, making even the smallest exposure to BTC preferable to having no exposure at all.
Broyles continued to explain that Bitcoin’s significance lies in its ability to capture all prosperity gains from future innovations, making it vital for people to “get off zero” and invest in the cryptocurrency. He compared calling Bitcoin “digital gold” to saying a locomotive is just an iron horse, emphasizing its potential as a transformative force in the financial world.
This perspective aligns with Arthur Hayes, the former CEO of BitMEX, who also believes that AI will choose Bitcoin as its financial lifeblood due to its unique qualities. Hayes even predicts that AI alone could drive the BTC price beyond $750,000 per token.
The race to secure the remaining Bitcoin supply may have already begun. Broyles argued that Bitcoin liquidity peaked during the March 2020 market crash and will never return to previous levels. He pointed out that the announcement of a Bitcoin spot-based exchange-traded fund (ETF) filing by BlackRock, the world’s largest asset manager, caused a surge in BTC activity in the United States.
On-chain analytics firm Glassnode observes that the U.S. has shown an increased interest in Bitcoin following the BlackRock ETF request announcement. They suggest that this uptick in U.S. entities holding and trading Bitcoin could mark an inflection point in BTC supply dominance.
It is important to note that this article does not provide investment advice or recommendations. Every investment decision carries risks, and readers should conduct their own research before making any financial decisions.
In conclusion, investor Luke Broyles predicts that Bitcoin will capture all future prosperity gains and become society’s base money. His views resonate with those of Arthur Hayes, who also believes in Bitcoin’s unique qualities. The race to secure Bitcoin supply is underway, and the U.S. appears to be reassessing its exposure. However, caution should always be exercised when making investment decisions.