Oliver Velez backs Bitcoin, calls it a soon-to-be-rare asset

Oliver Velez has backed the purchase of Bitcoin, represented with the symbol – BTC. Oliver hails from the trading backyard that spans 30 years, along with being an author. Oliver’s post on X, formerly Twitter, has stated that BTC will go rare by the end of next year, making it one of the highest-demanding assets in the world.

While the idea is interesting, the way it has been linked by Oliver is somewhat based on a vast assumption that everyone on the planet will hold BTC. The connection is with the world population, which currently stands at 8.1 billion. Velez has rounded this to a complete 8 billion figure. His pitch states that the BTC supply will never move past the mark of 21 million.

That brings the per-human token availability to just 0.00265 BTC, which is worth somewhat $67.73 if 1 BTC is $25,800. All a person has to do is shell out that money to remove BTC that could be owned by anyone else in the world.

What strengthens his statements is the fact that 77 million people are added to the world population on a yearly basis. Demand will only grow, said Oliver, adding that demand will diminish as the total supply will run out of the token.

BTC is trading at $25,978.40 at the time of drafting this article. The difference is not a wide margin, but it is way below the acceptable mark of $30,000. The community is expecting the future of Bitcoin to be greener than it is at the moment. Many experts earlier predicted that the token would be above the $100k mark by the end of this year. Or, it would at least inch closer to an all-time high value of $65k.

That is not happening with the current situation in mind. Also, the SEC is going about a lot of crypto ventures. Governments are working to recognize crypto as an acceptable token.

Simply put, the sentiments of the holders are noble, with no doubt of that. BTC is just not offering them any support to back those sentiments. Members are attempting to increase the purchase of the token so that there is trade happening on the network to kick the price upward. BTC could be a rare token for sure, but it is likely to take more time than anyone wants it to take.

Oliver’s pitch is in support of BTC, which is nice, but it is majorly based on the assumption that everyone will hold BTC in their wallet. Furthermore, he has assumed that BTC will be accepted plus recognized across the world by the next year.

The next generation sees potential in digital tokens. A lot still depends on how authorities perceive it in terms of cross-border exchange, volatility, and fund safety.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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