$12,754: I’VE NEVER SEEN ANYTHING LIKE THIS – TAKING PROFITS!
It’s just too easy: Bitcoin has broken through the $12,500 mark like it was destined to do, but that’s just another pit stop along the way to BTC’s previous all-time high of around $20,000. You just don’t see this kind of momentum in any other asset class – nothing even comes close, and the only question is, “How high will it go?”
This is NOT just a FOMO-fueled repeat of 2017. In reality, retail investor FOMO hasn’t even started yet: check the number of Google searches for “Bitcoin” and you’ll see that it’s only 10% of what it was in 2017.
That means there’s plenty of retail cash sitting on the sidelines and Bitcoin could easily go much higher than $20,000 – and it also means that the recent surge from $3,200 to $12,750 was powered by institutional demand.
In fact, open interest on CME Bitcoin futures (which is predominantly institutional money) established a new all-time high of 5,311 contracts on June 17, representing $250 million:
Courtesy: CME Group
The Bitcoin hash rate just hit a new all-time high of over 65,000,000 TH/s, proving that the Bitcoin network’s fundamentals are more secure than ever:
Courtesy: Coin Telegraph
Furthermore, the GBTC (the Grayscale Bitcoin Trust) ETF reported a 42% growth in its product inflows in Q1 2019 over the previous quarter; and on Saturday, Bitcoin derivatives exchange BitMEX saw the highest volume day in its history.
And so, institutional interest is as strong as ever and the pool of retail traders is ready to jump in and send Bitcoin’s price much higher. In stark contrast, fiat money is in big trouble as Dallas Fed President Robert Kaplan is fully admitting that he expects U.S. dollar inflation to accelerate over the next year.
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Former Goldman Sachs banker and current Minneapolis Fed President Neel Kashkari, along with St. Louis Fed President James Bullard have both conceded that U.S. Treasury interest rate cuts would increase inflation – and everybody now knows that the Federal Reserve will be cutting rates this year, not just once but multiple times.
The FED itself is telling us that dollar inflation is only going to get worse – they’re the ones who caused this problem in the first place – so Bitcoin is now both a growth investment and a safe haven at the same time.
All of this adds up to one thing: Bitcoin is absolutely smashing records. For instance, Bitcoin just exceeded a $200 million market cap for the first time in 17 months, reminding us that both volume and price are in record territory:
New recent highs come with a whole lot of media buzz and, more importantly, a massive increase in cryptocurrency adoption. The latest data indicates that there are currently more than 5,000 Bitcoin ATM’s in the world, spread throughout 90 countries.
The month of June alone (which isn’t even finished yet) has seen a total of 150 Bitcoin ATM installations, averaging around 6 per day. This increase in competition among Bitcoin ATMs is likely to reduce the fees charged to users, thereby leading to even more Bitcoin adoption.
Putting all of the evidence together, it’s not hard to understand why analysts are making big calls for Bitcoin this and next year. ThinkMarkets chief market analyst Naeem Aslam sees Bitcoin landing between $60,000 and $100,000 during the next BTC bull market, while Bitcoin podcast host Trace Mayer envisions Bitcoin ending this year at $21,000 – not unrealistic given its current trajectory.
The institutional demand, the breathtaking price action, the media buzz, and the massive increase in adoption are all working together to make Bitcoin a perfect hedge against dollar weakness – and an unstoppable powerhouse among asset classes.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.