Investor Luke Broyles has made a bold prediction that Bitcoin (BTC) will absorb all prosperity gains in the future, leaving those without exposure behind. In a Twitter thread on July 8, Broyles outlined his vision of Bitcoin becoming “society’s base money.” While initially discussing artificial intelligence (AI) and its relationship with Bitcoin, Broyles expanded on how Bitcoin should ultimately become the world’s preferred currency. He emphasized that Bitcoin’s fixed and immutable supply sets it apart as a future-proof asset. According to Broyles, every innovation, including AI, will strive to lower prices, while every country will print more currency to increase prices and support credit markets. These opposing forces will only intensify over time. Meanwhile, Bitcoin will maintain a constant emission, making even a small exposure to it significantly valuable. Broyles stated, “Bitcoin is trading for hundreds of millions of political currency units in many nations already. But the ACTUAL big deal is that all prosperity gains from all future innovations will flow into society’s base money – BTC.”
Bitcoin’s Potential Financial Lifeblood for Artificial Intelligence
Broyles’ perspective aligns with the recent views expressed by Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX. Hayes believes that AI will instinctively choose Bitcoin as its financial lifeblood due to its unique qualities compared to other assets, including gold. This preference for Bitcoin by AI alone could drive the price of BTC beyond $750,000 per token. The race to secure the remaining Bitcoin supply may already be underway.
Rising Bitcoin Dominance and Reassessing Exposure
Broyles argues that Bitcoin liquidity reached its peak during the cross-market crash in March 2020 and will never retrace its steps. Furthermore, when BlackRock, the world’s largest asset manager, announced its filing for a Bitcoin spot-based exchange-traded fund (ETF), Bitcoin activity in the United States skyrocketed. On-chain analytics firm Glassnode noted that the U.S. is now reevaluating its exposure to Bitcoin. In response to the BlackRock announcement, Glassnode commented on July 8, “Following the Blackrock Bitcoin ETF request announcement on June 15th, the share of Bitcoin supply held/traded by US entities has experienced a notable uptick, marking a potential inflection point in supply dominance if the trend is sustained.” A corresponding chart displayed the changes in BTC supply ownership across different regions.
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