BTC will rise to $500,000. BTC rises 210%, Satoshi Nakamoto will become the world's richest man

Headline

▌Chamath Palihapitiya: Bitcoin will rise to between $200,000 and $500,000 after halving

Billionaire Chamath Palihapitiya asked his team to calculate the Bitcoin halving and proposed a cycle high target of between $200,000 and $500,000.

▌Bitcoin rises 210%, Satoshi Nakamoto may become the world's richest man

Currently, Tesla's Elon Musk is the richest person in the world, according to Forbes' real-time billionaire list on June 1, 2024. However, in the future, Bitcoin creator Satoshi Nakamoto's wealth may surpass Musk. Considering the current value of BTC, the price of Bitcoin only needs to rise by 210% for the anonymous Bitcoin creator to become the richest person in the world.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67759.56, with a daily increase or decrease of +0.1%;

ETH's latest transaction price is $3780.41, with a daily increase or decrease of -0.8%;

BNB's latest transaction price is $602.94, with a daily increase or decrease of +0.4%;

SOL's latest transaction price is $163.15, with a daily increase or decrease of -1.7%;

DOGE's latest transaction price is 0.1571 US dollars, with a daily increase or decrease of -1.9%;

XPR's latest transaction price is 0.5132 US dollars, with a daily increase or decrease of -0.9%.

Policy

▌VanEck CEO: SEC's ruling on Ethereum ETF may mark a historic shift in crypto investment

VanEck CEO Jan van Eck said that the cryptocurrency market is undergoing a major emotional shift, which is related to the SEC's approval of rule changes to allow Ethereum exchange-traded funds. Eck said that this is indeed one of the most amazing things about securities regulation that I have seen in my career. The SEC does have the possibility of losing jurisdiction over digital assets. Therefore, our first reaction is to get the Ethereum ETF green light, but I think there are bigger reasons.  

Van Eck said that the 21st Century Financial Innovation and Technology Act passed by the House of Representatives on May 8 is another big step towards clarifying cryptocurrency regulation, although he doubted whether the bill can enter the Senate before the election.

▌9 US politicians urged Biden not to veto bills that allow banks and financial institutions to keep Bitcoin

9 US politicians urged President Biden not to veto bills that allow banks and financial institutions to keep Bitcoin.

▌US Senator: It's time for the president to understand the importance of Bitcoin to the future of the United States

US Senator Cynthia Lummis said it's time for the president to understand the importance of Bitcoin to the future of the United States.

Blockchain Applications

▌Google and Magic Leap team up to make metaverse goggles

Mixed reality startup Magic Leap announced a "multifaceted strategic technology partnership" with Google to develop new extended reality technology.

Cryptocurrency

▌Coinbase: The U.S. SEC is determined to strangle the cryptocurrency industry

In a filing with the U.S. Court of Appeals, the cryptocurrency exchange Coinbase declared that the U.S. Securities and Exchange Commission (SEC) will continue to take an enforcement regulatory approach to the cryptocurrency industry as much as possible to achieve its goal of "strangling" the industry. The SEC's destruction of digital assets is serious", and the company is constantly working to push the court to force the SEC to begin formulating fair rules for the crypto industry.

Despite this, the exchange believes that the agency does not seem willing to sit down and formulate clear and fair guidelines. Giving the agency a chance to explain further is meaningless and extremely unworthy.

▌Goldman Sachs: Bitcoin ETF has achieved amazing success

According to Bitcoin Archive news, Goldman Sachs said that the Bitcoin ETF has achieved amazing success.

▌Bank of America: Investors put $600 million into cryptocurrencies in the week ending Wednesday

Bank of America cited EPFR data: As of Wednesday, investors withdrew $6.7 billion from cash, put $1.8 billion into stocks, and $600 million into cryptocurrencies.

▌A trader made a profit of 2,414 SOL in 10 minutes by trading HAPPY

According to Lookonchain monitoring, a trader just made 2,414 SOL in less than 10 minutes. (US$398,000). The address spent 60 SOL ($9,914) to buy 89.18 million HAPPY and sold it for 2,474 SOL ($408,000). 793 million HAPPY (79.3% of the total supply) was purchased by bazingahappy.sol on Pump.fun for 85 SOL ($1,400), currently worth $3.7 million. ▌ ng>Bitcoin Miner Balances Fall Below 1.81 Million BTC

According to data from Glassnode, Bitcoin miner balances fell from about 1.84 million BTC at the beginning of 2023 to nearly 1.8 million BTC in May 2024. The decrease suggests that miners increased selling to cover operating costs, which could be exacerbated by the reduction in block rewards after the halving. Transaction fees surged after the halving, accounting for 75% of miners' revenue as miners adapted to lower block rewards by relying more on transaction fees. The shift suggests a fundamental change in miners' revenue sources and could affect their future strategies.

Important Economic Dynamics

▌Global interest rate paths to diverge as the European Central Bank approaches its first rate cut

The European Central Bank could open the door to a depreciation of the euro on Thursday as its first rate cut would put the region on a different policy path from the United States. A 25 basis point rate cut at this month's meeting is almost certain, and ECB policymakers, led by President Lagarde, insist they are willing to act separately from the Fed. But officials' tolerance may become important in discussions about further easing, especially after recent reports suggested that consumer price pressures are still continuing. Currently, some institutions predict that the ECB will cut interest rates by 25 basis points in June, and after pausing in July, there will be similar cuts in September, October and December.

Golden Encyclopedia

▌What is ERC-404?

ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards to generate tokens with fungible and non-fungible token properties. The ERC-404 token standard, named after the famous webpage error code "Error 404", enables NFTs to be subdivided within the limits of the Ethereum network. This is achieved by linking NFTs to fungible tokens to implement fractional division.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.