Why 'Human Psychology' Could Drive Bitcoin to $50,000
*By Jacqueline Corba*
Bitcoin soared back above the [$8,000 mark this week for the first time since May](https://cheddar.com/videos/reddit-co-founder-on-the-state-of-cryptocurrency). The surge comes as more institutional investors look to grab a piece of the still-emerging crypto market.
"From a stored value perspective I'm a Bitcoin maximalist," [Fin co-CEO and co-Founder Sam Lessin](https://cheddar.com/videos/tech-entrepreneur-sam-lessin-authors-childrens-book-on-bitcoin) told Cheddar's Crypto Craze Thursday. "If you look at the broader blockchain and crypto ecosystem, I don't think people fully appreciate how deeply big a deal it is to have an immutable ledger globally."
Lessin, who served as a vice president of product management at Facebook from 2010 to 2014, joins fellow Facebook alum Anthony Pompliano in his bullish outlook on Bitcoin, the largest digital currency by market cap.
"I've got a high degree of confidence that at some point in the future its going to hit $50,000. And I've got some degree of confidence that it will be by the end of this year," Pompliano, who now runs Morgan Creek Digital Assets, told Cheddar.
The factors driving the value up? Human psychology, speculation around a [cryptocurrency ETF](https://www.coindesk.com/bitwise-proposes-etf-for-top-10-cryptos/), and growing institutional interest, said Pompliano.
Facebook itself even wants in on crypto. In May, [Cheddar reported Facebook is developing its own digital currency](https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency-2).
"I have a lot of respect for the Facebook team," said Lessin. "What they have is a fundamental networkーthe biggest one ever in the history of the world connecting people." He called a Facebook move toward crypto an "obvious play."
For full interview, [click here] (https://cms.cheddar.com/videos/VmlkZW8tMjExNzY=).
Gaming publisher Kepler Interactive secured $120 million in funding from the Chinese gaming firm NetEase. This investment comes as the global gaming market explodes with projections to cross the $200 billion mark as early as 2023. Lindsey Rostal, Co-Founder and Game Director of Timberline Studio, one of the founding studios at Kepler joined Cheddar News' Closing Bell for more.
Everyone is stepping into the NFT space, including the Grammys. 'Oneof' is entering a three-year partnership with The Recording Academy to release exclusive NFTs commemorating the 64th, 65th, and 66th Annual Grammy Awards. A portion of the proceeds will also go to The Recording Academy's scholarship fund. Adam Fell, co-founder and board member of Oneof and the president of Quincy Jones Productions, joins Cheddar News to discuss the announcement.
Jean Foster, SVP of marketing and communications for the Consumer Technology Association, joins Cheddar News to preview what attendees can expect from this year's trade show.
'THEMAGIC5' produces swimming goggles that contour the face using advanced robot technologies and 3D printing. Both of the company's founders Bo Haaber and Rasmus Barfred went on ABC's 'Shark Tank' and caught a $1 million deal. The duo join Cheddar News to talk about what the new funding means for the company.
Things are looking up for everyone's favorite crypto. Bitcoin rallied nearly 40% in October, hitting a record high of $66,975. That was the biggest single-month percentage rally since December 2020. On Monday morning, Bitcoin was trading 2.4% higher while Ethereum and Dogecoin were trading at 1.71% and 3.95%. Ben Armstrong, founder of BitBoy Crypto, joins Cheddar News to talk about the latest in the crypto space.
John Paul Mejia, the national spokesperson for the Sunrise Movement, joined Cheddar to talk about what the youth activist group wants to see from President Joe Biden as he attends the COP26 climate summit. Mejia admonished the president for having little to deliver on his own climate agenda domestically while at the conference. "We need the president to follow through with his promises because, frankly, it's a matter of life or death not only for communities here in the United States but also those looking to us around the world," he said.
Markets opened higher after the Dow and S&P 500 closed at record highs on Tuesday. It comes amid a slew of strong corporate earnings reports. Frances Newton Stacy, Director of Strategy, Optimal Capital, joined Cheddar's Opening Bell.
Amazon plans to launch its first prototype satellites for Project Kuiper, an internet-from-space venture, in 2022. It's the first major step in the e-commerce giant's plan to rival SpaceX by building a network of satellites in space, providing internet to rural, underserved communities around the world. Loren Grush, senior science reporter for the Verge, discusses the project and how it could transform internet access moving forward.
While Facebook didn't unveil a name change in its Q3 results, it did reveal a new reporting structure, separating its revenue into two separate businesses: its slate of social networking apps, and Facebook reality labs.
This distinction comes as Facebook continues to ramp up its augmented and virtual reality efforts as it plots its foray into the metaverse. Angelo Zino, Senior Industry Analyst, CFRA Research, joined Cheddar's Opening Bell to discuss.
Logitech reported a record quarter, with sales up 82 percent since the same period two years ago. It comes as the company continues to benefit from current market trends including working and learning from anywhere, video everywhere, and the popularity of gaming. Bracken Darrel, CEO, Logitech, joined Cheddar's Opening Bell.
