In recent weeks, CNBC’s host of the Squawk Box, Joe Kernen has become a bit of a hero across the crypto industry, often defending Bitcoin and its long-term value during debates with US policymakers, financial elites, and crypto skeptics alike.
In “Joe Squawk’s” latest comments, he continues to push Bitcoin amongst his co-anchors and guests, and talks about how he believes in a prominent crypto analyst’s stock-to-flow model, that helps put a realistic value on Bitcoin – an often misunderstood asset that’s value is highly controversial and speculative. That value, he expects to reach $55,000 by May 2020 based on the model.
CNBC’s Joe “Squawk” Kernen Boasts of Bitcoin, $55K Post-Halving Target
During a recent video segment of Squawk Box, host Joe Kernen turned the show’s topic and discussion with Founder and Managing Partner of Fairlead Strategies Katie Stockton toward Bitcoin. Kernen asked the analyst if she also believed that Bitcoin would hit $55,000 “after the next halving” in May 2020.
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Over the last few weeks as talk of regulation enveloped the crypto industry, Kernen has been especially vocal with the likes of United States Secretary of Treasury Steven Mnuchin over his comments that Bitcoin and crypto is widely used for criminal activities like drug dealing, human trafficking, money laundering, and more – yet cash is rarely used in such things.
Even though the once Bitcoin skeptic recently flipped bullish on the crypto asset, he does believe that the distributed ledger technology BTC is built upon “imbues more inherent value on something than a government does,” suggesting he’d rather trust technology and mathematics over the United States government.
The BTC Stock-to-Flow Model That Convinced The Crypto Skeptic
In this discussion with analyst Katie Stockton, Kernen cited the upcoming halving and a stock-to-flow model popularized but prominent crypto analyst 100TrillionUSD, who uses unique metrics to help to determine the value and price movements in Bitcoin across the short- and long-term.
100TrillionUSD’s model focused on the scarcity coded into Bitcoin and the impact each halving has on supply and demand. With scarcity increased, supply sharply declines while demand remains relatively strong, causing the price to rise parabolically as can be seen throughout the history of Bitcoin price charts.
Using a scarcity model similar to that is used to determine the value of supply-based commodities or precious metals like gold and silver on Bitcoin has helped the analyst accurately predict several Bitcoin-related price movements. In the future, the analyst believes that the “predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000.”
Related Reading | Analyst Predicts $55,000 BTC After Halving: Why Is Ethereum’s Vitalik Worried?
100TrillionUSD’s analysis is considered among the best across the crypto market, and its enough to give Joe Kernen additional confidence in Bitcoin’s long-term value, and may have been part of the data that helped turn Kernen from skeptic to supporter in a matter of months.
The post CNBC Host Pushes Bitcoin, Cites Halving and Scarcity As Catalyst for $55K BTC appeared first on NewsBTC.
Post written by our friend Tony Spilotro
and Syndicated from NewsBTC
Syndicated from NewsBTC.com