Nobody likes to watch their investments turn into a falling knife, and attempting to bottom call is a fool’s errand. Having said that, it’s been a breath of fresh air to see Bitcoin come back to life. After briefly hitting a low of $5,800, we have seen it rise back into the $6,000 range, with a hard spike up to $7,500. This is the sort of confidence we are going to need to see for Bitcoin to once again start trending higher.
We here at CrushTheStreet.com have accelerated our accumulation of Bitcoin while it trades under $8,000.
It’s been a bitter year for the cryptocurrency markets. With multiple dead cat bounces during the spring and the majority of digital assets being 70–90% down from their all-time highs, people were starting to lose all hope!
The fundamentals for Bitcoin continue to build out. It was no surprise to me to hear thatBlackRock, the world’s leading asset manager, has announced that it will assemble a team to look into cryptocurrencies and blockchain tech. This sort of news reminds people that the big money is getting involved despite the price drop and that progress is happening.
In my opinion, the opportunity in Bitcoin is still staggering, especially at these prices. Just recently, Avenue Capital Group co-founder Marc Lasry made bullish comments stating that Bitcoin’s (BTC) price is going to hit $40,000.
The fact is that there are not enough bitcoins in the world (nor will there ever be) for every billionaire to own even one, which supports a sky-high, “to the moon” price action for it.
Even legendary investor, venture capitalist, and thought leader Tim Draper spoke at a blockchain event hosted by his own Draper University in San Mateo, California, where he told audience members to “believe” the sky-high figures would come true.
“I’m thinking $250,000 a bitcoin by 2022,” he said, looking into what he described as a “crystal ball” and continuing.
Many have sat on the sidelines to wait for crypto to show some life before reentering or entering at all. This sort of price action is confirmation to the upside and a sign of protection to the down.
In this environment, stick with Bitcoin (which is a world dominator) and back people in blockchain that have meaningful track records that you know will rise with the tide.
Markets are a crazy thing. People who invest in markets have biases, preferences, and ideas of where they feel is the best place to be invested.
Here at CrushTheStreet.com, we stay agnostic to the markets and simply follow the trends. People ask me if we are political here at CrushTheStreet.com, and I tell them we are political to the extent that it affects our investments, and more importantly, we anticipate politics to dictate our investment decisions. We aren’t trying to shape politics for our investments, but rather taking the hand we are dealt and investing accordingly, despite our own personal beliefs.
This is the reason we’ve covered clean energy trends, resource stocks, nano technologies, cryptocurrencies, artificial intelligence, cannabis, and even consumer products at times. It’s all about what’s next…
We are committed to the trends. Many people have opinions, but unlike many opinions, ours are backed by actions that have financial consequences.
I’m committed to research that is backed by fact, anticipates the trends, and is profitable for those who follow this newsletter.
Chief Editor, CrushTheStreet.com
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