Bitcoin Mining Group Estimates a $300k Top

Hello and welcome to another episode of Overbit News. At the time of this writing, Bitcoin is trading in the $50,000s, but according to Jiang Zhuoer, CEO of BTC.Top, one of China’s biggest cryptocurrency mining platforms, expects the bull market to accelerate in September, then slow down until June 2022 before entering a bear market.

Jiang went on to say to CoinDesk, “BTC could tip between this September and next June, targeting $150,000-$300,000,” and that the “The current price level is definitely not reaching a peak”. As part of a more extensive discussion, Jiang also pointed to a potential shift in U.S. monetary policy as a headwind for cryptocurrencies, stating that tightened economic policies could weigh heavy on risk-on assets like Bitcoin.

It’s hard to predict when and where Bitcoin will top this cycle, but many now expect we’re not “there” yet.

To close out today’s edition of Overbit News, we circle back to a story from earlier in the month: India’s cryptocurrency ban.

As one could imagine (or possibly remember), this story dominated the headlines for days, and rightfully so. Reuters recently reported that India’s upcoming legislation would outlaw almost all cryptocurrency activity: mining, trading, and even simple possession/exchange. The theme of significant world governments clashing with Bitcoin and cryptocurrency has been something we’ve touched on a ton, so this headline from India was nothing too bearish to us, as it’s all part of the nascent asset class’s journey to legitimacy.

A new development has emerged in this story; it seems. According to a recent story by CoinDesk, Indian government officials have given ‘mixed signals’ over the aforementioned crypto legislation. Coindesk reported that after the widely-publicized Reuters report, or in fact on the same day apparently, “an English-language newspaper in India, cited Minister of Finance and Corporate Affairs Nirmala Sitharaman as saying the government is not planning to completely bar cryptocurrency use.”

According to these reports, the Indian government plans on allowing specific windows for groups and individuals to experiment, try and work with cryptocurrency / digital assets. This is quite confusing given the nearly all-out ban proposed just a few days ago.

Though, one titbit of the CoinDesk story especially stands out: “The government has been saying for months it plans to rein in private use of cryptocurrency while providing the legal framework for India’s Reserve Bank (RBI) to issue its own central bank digital coin”. One could argue these mixed signals are simply misfirings as the nation continues on this plan.

Nevertheless, as countries scramble to adapt to cryptocurrency, cryptocurrency will simply continue building and moving forward. As always, thanks for reading News.

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