Back With a Bang!
The S&P 500 is taking a hit as we speak, but as the multi-decade bubble starts to show weakness, emerging contrarian investments such as Bitcoin and cryptocurrencies are thawing out quickly from an eighteen-month winter.
As someone who has been involved in the space and have been introducing people to Bitcoin since it was $11, I couldn’t be any happier to see price action drive attention back into the communityin a very real way!
The world is changing in a major way…
It truly begs the question of whether or not a true sea change has been made in the financialized world and if crypto has climbed its way towards becoming an uncorrelated or inversely correlated asset to the legacy financial world.
Just like legendary hedge fund manager Ray Dalio has pointed out time and time again, winter doesn’t last forever, and in the case of cryptocurrencies, SWIFT changes in seasons are what it’s known for.
As we speak, cryptocurrencies have experienced a surge in volume rivaling what was witnessed in the final weeks of 2017 and powering through key levels to grab the attention of mainstream media.
2018 was a year of misery that finally saw a bottom of $3,100. Fast-forward to today and the price of BTC now stands in the $8,000 region, delivering 100% gains in the span of six months.
It hasn’t stopped there, as capital has flowed into other digital assets. Top-tier coins like Ethereum, XRP, Litecoin, and Bitcoin Cash are also increasing in value, with today’s winners experiencing 20% gains within the last 24 hours.
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What’s Triggered Such a Strong 2019 for Cryptocurrencies?
A number of factors are at play…
Cryptocurrencies have been in a deep bear market, with losses of over 75%. Bear markets in this ballgame can typically bottom out between 75%-90% before a reversal. Bitcoin noticeably formed its first golden cross since 2015 signalling a major bullish pattern.
This is where the 50-day moving average and 200-day moving average cross, which is heralded as a major bullish sign.
And truly, once we saw this, it was off to the races from there…
We’re also seeing institutional investors scramble to get a foothold in the digital asset sector and attempt to ultimately dominate the space.
The fact is that even though the SEC continues to delay decisions to approve Bitcoin ETFs, this will be something that happens, and the implications of this in the adoption of crypto will be a moonshot event for Bitcoin and the rest of the space, in my opinion.
Just to give you an idea of what is coming down the line for the space, Facebook Coin is on the verge of launching its stablecoin, which could bring in as much as $19 billion in new revenue for Facebook, according to Barclays analysts.
It’s absolutely true: 2019 has been full of news of firms integrating and launching blockchain-based platforms and services, with cryptocurrencies or digital tokens driving the new digital ecosystems.
Mark Yusko, CEO of investment firm Morgan Creek Digital, noted that Bitcoin could reach $400,000 in the future!
“The exciting part is this is a tiny fraction of total global assets, with Bitcoin on one side and gold on the other with scales and just Bitcoin gold equivalents would be seven point four trillion with a T dollars of market cap which would mean a Bitcoin price four or five hundred thousand dollars.”
Morgan Creek Digital has launched the Digital Asset Index Fund. As Yusko describes, it could become the “S&P 500 of crypto.”
Insiders don’t want you knowing that they are all-in on your favorite cryptocurrencies. Jamie Dimon of JPMorgan slammed Bitcoin while quietly developing his own digital currency (JPM Coin) and Ethereum clone network (Quorum)!
It’s inevitable and the big money is pouring in…
Bitcoin is More Resilient and Anti-Fragile Than Ever, and the World is Waking Up to It
One of the biggest exchanges in the crypto markets by volume, Binance, suffered a hack last week. This (combined with drama from Tether) would normally cause a sell-off, but the price has instead stayed strong, a testament to how bullish this sudden rally is and how mature the space has become since 2017.
We’ve seen Bitcoin die more than 350 times since its inception and time and time again it gains even more resistance and strength.
Seeing Bitcoin rise from the “ashes” of the bear market we saw in 2018 into 2019 couldn’t be more exciting. It’s fortunate that we were in the trenches of the bear market purchasing low while the space was hated and we were prepared for the upward moves we are seeing today.
Keep in mind that we are still way off the highs we saw in 2017. In many cases, investors are still largely down from where they purchased because they ignored or were simply unaware of crypto at the right times…
I do not suspect we will see a rip-roaring bull market until all-time highs are once again regained even though what we are seeing as of lately, might feel like one. That’s just the nature of crypto in its infancy.
DO NOT be one of those people that wait to enter the Bitcoin space because of FOMO late in the game.
If you have yet to do so, consider educating yourself on the crypto space sooner, rather than later, because I can tell you that a new monetary revolution is coming and there is no speculation when it comes to that.
Chief Editor, CrushTheStreet.com
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