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Weiss Ratings, a US-based investment data firm, is laying out what it will take for the Bitcoin price to hit $180,000.
In a new BTC review, the firm says the financial world is beginning to wake up to the true potential of Bitcoin as a safe-haven asset. The firm points to growing demand for shares of the Grayscale Bitcoin Trust as a sign of rising institutional interest.
“Between the third quarter of 2019 and the first quarter of 2020, the amount invested in [GBTC has] more than doubled — from $388.9 million to $818.5 million.”
Weiss believes the entry of billionaire hedge fund manager Paul Tudor Jones into the Bitcoin futures market shows institutions are paying increasing levels of attention to the crypto markets. Weiss calls BTC the “one safe-haven asset with the most profit potential” in an environment where central banks print money at will.
But the arrival of big-money players is just the tip of the iceberg.
The firm says Bitcoin is far better than gold in terms of security, portability, and utility – and the floodgates will open once investors grasp the fact that Bitcoin is superior to gold as a safe-haven asset.
“If Bitcoin captures only a third of gold’s safe-haven business, it’s going be trading near $180,000 — roughly a 20-fold increase from present levels.”
The firm has provided financial market research and analysis for consumers and businesses for more than three decades, and released its first crypto rankings in January of 2018.
In other trending Bitcoin News today:
This Analyst Called Bitcoin’s Last Epic Crash – And Just Unveiled His BTC, XRP and Stock Market Outlook
A veteran commodity trader with more than 30 years of experience in the markets is revealing his take on Bitcoin and XRP, as well as his recommended investment strategy for the next generation.
Peter Brandt is well-known in the world of crypto for correctly calling the start of Bitcoin’s seismic reversal in early 2018, right after the coin touched its all-time high of just over $20,000.
Now, after Bitcoin’s precipitous fall to a low of $3,150 and its subsequent rise to its current price of about $9,300, Brandt says he believes Bitcoin is a buy.
Brandt is revealing the long-term strategy for building wealth that he recommends to family members. He places BTC on his list of top investments and says he’s bullish on tech stocks in the long run.
“I will give you the same advice I give my X Gen children and M Gen nephews and nieces. Buy a home – any home, but get into the housing market. Work two jobs if you need to.
Invest 10% of what you can afford in BTC. Invest monthly in quality tech and value stock ETFs.”
Brandt has previously stated that he believes Bitcoin is gearing up for a new parabolic rally that will target $100,000. However, despite the fact that large BTC bull runs have historically lifted the value of all cryptocurrencies, Brandt says he’s wary of XRP, giving traders a simple statement on where he thinks the fourth-largest cryptocurrency by market cap is heading.
“Don’t place your faith in XRP.”
Brand believes Ripple’s ownership of more than half of the total supply of XRP is a potential liability and says the coin has more room to fall after remaining flat in 2020.
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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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