Sovereign Bitcoin Adoption Would Be The Ultimate Upside Catalyst:...

The catalyst could serve as a wake-up call and send Bitcoin to $150,000 overnight, though it “would have to be real," according to Jeff Park.

While many crypto market participants are debating what it might take to trigger a significant Bitcoin daily candle, ProCap chief investment officer Jeff Park has narrowed it down to one key catalyst.

“A black swan event for Bitcoin upside would be sovereign adoption,” Park said during a podcast interview published to YouTube on Thursday.

“If there was, for some reason, all of a sudden, news that a major developed market, OECD country, was going to buy Bitcoin on the balance sheet, and actually do it,” Park explained.

Park said such an announcement could potentially push Bitcoin (BTC) to around $150,000 overnight, which would represent a 76% spike from its publication price of $85,089, according to CoinMarketCap.

However, Park emphasized that it must be genuine, not a marketing stunt, a rumor, or a misreading of what government officials have said.

“It would have to be real,” he said. “It couldn’t be this fake version we lived with for about a year,” he said.

Jan3 founder Samson Mow recently said nation-state adoption may happen sooner than people expect. “I think we’re on the tail end of gradually, and we’re at the beginning phases of suddenly,” Mow said.

Park also said some “clarity on resolution” on quantum computing may help Bitcoin’s price action in the short term.

“I know quantum is this weird boogie man that people keep talking about,” he said, suggesting the uncertainty may be a factor in why Bitcoin long-term holders have been selling off in recent times.

Source: CoinTelegraph