But the reality is, we were talking about them while they were left for dead months ago and much less people wanted to hear about it.
Bitcoin’s move this year has been nothing short of spectacular. It’s exceeding my bullish expectations (as Bitcoin tends to do) and moving higher FASTER than I even expected it to move. It’s not that I don’t expect Bitcoin to not go to $50,000 plus, it’s just that I didn’t expect to see a move from $3,000 to $13,000 plus, as fast as it did in 2019… But believe me, I’m not complaining.
If you’re refreshing the price of crypto every 5 minutes, don’t worry, you aren’t alone. You’re human and especially if you have skin in the game, making money is fun.
Past performance is no indication of future returns, but one thing I will point out is this week, we hit $11,000. The day after it hit $11,000 we were at $13,700. The last time Bitcoin hit $11,000, it took just 12 more days for it to hit $20,000.
Again, this is the world of Bitcoin. It’s early stage, and when you have tremendous amounts of capital entering a vehicle with limited supply, the price will go up.
This week, it was reported that there are now more than 5,000 Bitcoin atms around the world.
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And don’t forget, Wall Street has yet to fully pile into the crypto game. Although, it should be noted that much of the price rise we’re now seeing in Bitcoin is in fact coming from Wall Street.
And let’s not forget about gold. We can’t compare the returns we are seeing in Bitcoin to the returns we’re seeing in gold. Keep in mind, gold has had 5,000 years for the world to figure out where to price it. I would argue that it’s not priced right, which is why I own it and think it’s easily heading to $5,000 and beyond.
But consider this…
Right now, when the gold market moves 10%, we’re talking about a sloshing around of nearly $1 trillion dollars just in price of physical ounces. This isn’t counting ETFs, other securities, valuations of mining companies that all draw capital from the rising gold price.
To put it into perspective, gold has a market cap of almost $9 trillion and Bitcoin has a market cap of $225 billion. Bitcoin can much more easily fluctuate 20-75% while gold has much more stable roots.
So when we do see gold move from where it is now, back to its all-time-high of $1,900, keep in mind that’s another $3 trillion dollars entering the gold market cap.
We’ve seen a tremendous amount of psychological optimism enter gold with it breaking key levels. Gold broke through $1,360 range, that was its last resistance point. The next resistance level will be around $1,550. Once we break that, which will eventually happen, really our next stop should be $1,900 revisiting the 2011 all-time-highs.
I’m not going to mince my words, the Bitcoin style returns are going to be in the mining plays. This is why I’ve covered a number of gold plays here in 2019, because I believe now is the time to strike.
$2,000 gold in 2019 is not pie in the sky just like $3,000 to $13,700 Bitcoin wasn’t either.
Chief Editor, CrushTheStreet.com
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