Crypto Analyst Claims BTC Price Will Increase With Rise in Millionaires
- The analyst says MATIC’s resilience is due to whale concentration, but concerns remain around performance in the bull market.
- Zelcore is a multi-asset wallet built on flux, recommended by Mullarney.
YouTube Channel InvestAnswers with 441,000 subscribers recently posted a video titled ‘Your Qs about Bitcoin price, GRT/ETH Pair, Square Stock, Wallets, Hedges, Investing Mistakes,’ where the analyst notes BTC price will increase with the rise in millionaires.
During the live Q&A session, Host James Mullarney answers the first question, about why Bitcoin price is so volatile even though around 85% of the total supply is either donated back to the ecosystem or is hodled. According to Mullarney, the fluctuation depends on the demand and supply of the market.
Moreover, he says that Bloomberg predicts that there will be about 60 million millionaires around the globe in 2026. Hence, as the demand for Bitcoin increases, so will its value.
In the next question, Mullarney answers if MATIC’s resilience during the bear market is because 65% of the circulation is held by whales. He says he invested in MATIC back in December 2022 and he swapped 65% of his $17.4 valued MATIC for SOL.
Mullarney further shares his major concerns for the MATIC coin, number one being rows of layer-2 solutions including Arbitrum. Secondly, MATIC pays to play. “They [MATIC] pay to bring NFT projects over,” says the analyst.
Additionally, Mullarney points out that whale concentration is heavy in MATIC, alongside concerns surrounding inflation and speed of the protocol. He also highlights that while MATIC performed significantly well in the bear market, “things that do well in the bear market, don’t always do well in the bull market.”
Mullarney then shares his opinion on Zelcore and analyzes runonflux.io as a project. He explains that Zelcore is a multi-asset crypto wallet built on flux, a single platform for all crypto needs. According to Mullarney’s review, Zelcore “is a dream,” since it caters to all his crypto needs via a single platform.