Tune in to Kitco News as Jeremy Szafron engages in a conversation with Clem Chambers, CEO of Online Blockchain plc. Chambers offers candid perspectives on various topics, including the future trajectory of Bitcoin, the real extent of Wall Street’s engagement in cryptocurrencies, the imminent influence of AI on global energy dynamics, and a plethora of other insightful discussions. Additionally, he unveils his top Altcoins recommendation and delves into the ever-changing landscape of the market. Don’t miss Chambers’ incisive analysis and daring forecasts, which have the potential to redefine your comprehension of the financial realm.
For a brief summary of the video’s key insights, continue reading, or watch the complete interview here
Jeremy: The recent approval of the Bitcoin ETFs has been a game changer with a lot of inflows and outflows. How do you see this influencing Bitcoin’s market dynamics especially in terms of investor accessibility and market maturity?
Clem: It’s kind of a bridge between the crypto world which is very different from the equity world. There’s been a bit of a bridge with Futures and now you’ve got the ETF. People say it sold off on news but the day that the ETFs came out it didn’t go down – that came along later so it might actually not be that at all. I think that it was in the price for quite some time and remains there, so what’s going to happen next, the big deal, is the halving. That’s what’s set up big rallies over the history of Bitcoin.
Jeremy: What’s your forecast for 2024? Tell me where you think Bitcoin is going in the short to long term?
Clem: What you would intuitively expect is a doubling of the price because the supply has halved. So, that is what I’m expecting, and it depends where you take the baseline for the halving to be. I take it as being probably the last high which was about $40,000. They had that $60,000 run but that might have been about Afghanistan, so somewhere between doubling $40,000 and $60,000 would be the obvious intuitive target for this run…..but it could easily run to $120,000.
Jeremy: Tell me what you’re seeing with altcoins right now. Where is the market going in 2024?
Clem: The thing about altcoins is they go ballistic at the end of the run so initially it’s Bitcoin. Ether would follow and then after it’s made a big run everybody is trying to find their next 10x or 100x and piles into ‘spicy coins’ but they go like a rocket because they’re very much smaller. So, at the moment if you look at them even though you’re seeing what would be classed as big rises in equities – 100%, 150% they’re actually quite small for altcoins. There’s not really very much going on right now which says to me we’re in early stages.
Jeremy: With recent regulatory developments such as the EU’s extension of anti-money laundering measures to cover crypto firms, how do these changes affect the market in terms of investor confidence and market stability?
Clem: Regulations just wrap themselves around an industry and crush the life out of it so I think it’s in a way quite negative. The plethora of crooks and shady people in crypto is another huge weakness and one has to come to get rid of the other, but it’s everywhere and I think it’s a huge drag on the economies of the West. Why don’t they start with the absolute tidal wave of cyber crime? I can’t really take them very seriously when they won’t even deal with something that affects everybody, not just gamblers in crypto.
Watch this revealing video now as Clem indulges in a lively banter with his host!
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