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Bitcoin made history today smashing it’s $20,000 all-time high, touching $20,786 with BTC currently still on the climb.
In other breaking Bitcoin news today:
$50,000 Per BTC “Is A Reasonable Price Target Even For Q1 To Q2 Of Next Year” – Nexo Founder
The appetite for Bitcoin among institutional investors continues to grow at a fast pace.
Every week, a new company or public figure announces its investment in Bitcoin or the digital assets’ potential as a store of value, much like gold.
Bitcoins is now up 182% YTD, and this Bitcoin rally is “fundamentally sound,” according to Antoni Trenchev, co-founder of Nexo.
According to him, any dips are just Christmas coming early — “a great entry point for you to purchase some Bitcoin just before liftoff,” said Trenchev in a recent interview with Bloomberg.
These price drops, according to him, are profit-taking and the rumor about last-minute legislation from the Trump administration, which according to him are just going to be more anti-money laundering and know-your-customer policies “just like in the banking sector.”
However, the new legislation will ultimately be a “very valid bridge bullish sign for Bitcoin, and that will set the stage for the next leg up,” he said.
The regulatory threat has been taking the edge off the market, and Trenchev is extremely bullish on BTC price.
According to Trenchev, his predicted a $50,000 BTC target price by the end of the year “is a reasonable price target even for Q1 to Q2 of next year.”
The reason for his bullishness is simple, since the summer, the market has seen retail, institutional investors, high net worth individuals, and family offices positioning themselves and purchasing Bitcoin and other cryptos. And this is
“very different from what we had 2017 and 2018 where this was a really retail-driven frenzy where everybody was maxing out on leverage and credits to buy bitcoin. This has not yet happened.”
Although retail has come, it is nowhere near what we saw in 2017, which makes this rally “fundamentally much more sound,” he added.
In the macro scheme of things, all the stimulus unleashed by the central banks and government in 2020 will continue moving into next year. As we reported last week, the ECB has already announced its big numbers, and the US might reach a compromise on the relief package soon.
Morgan Stanley chief rates strategist also noted that G10 central banks would inject another US$2.8 trillion of liquidity next year – just in their government bond purchases.
In other trending Bitcoin news:
UK Investment Manager Shifts Allocation to Bitcoin From Gold in ‘Defensive Move’
A United Kingdom-based investment manager has added Bitcoin (BTC) to its portfolio, underscoring the ongoing institutional shift toward digital assets.
Ruffer Investment Company Limited, an investment manager with shares listed on the London Stock Exchange, has disclosed its new Bitcoin strategy.
In a performance update and manager comment posted on Tuesday, Ruffer said it has added Bitcoin to its Multi-Strategies Fund, primarily as a defensive move against the “continued devaluation” of fiat money. The fund now holds roughly 2.5% of its assets in Bitcoin.
The allocation was made in November after Ruffer reduced its exposure to gold in favor of BTC.
The firm said:
“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies. Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”
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Show Notes / News Resources:
– $50K Bitcoin Prediction: https://bit.ly/2KwFI1U
– Ruffer Investment From Gold To Bitcoin: https://bit.ly/2WhZXmS
– Bitcoin Technical Analysis: https://bit.ly/34iUIYC
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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