SEA OF GREEN: Cryptos Surge – Bitcoin Hits $4,000!
Institutions are getting into cryptocurrency and into the blockchain and digital asset traders are bidding up the price of Bitcoin, Ethereum, and other leading tokens in a 48-hour buying frenzy. It’s nothing but a sea of green out there, with new short-term highs being printed left and right as formerly range-bound price action is giving way to breathtaking breakouts.
There was no need for a “catalyst,” as this was more of a buildup that was ready to explode at any moment, as Pure Blockchain Wealth sees it. In Fairfax County, Virginia, Morgan Creek Capital Management launched the very first cryptocurrency-focused public pension funds, while former crypto critic Jamie Dimon and JPMorgan announced the launch of their new stable coin, JPM Coin – events indicative of strong institutional interest in cryptocurrency and blockchain technology.
This is the kind of organic catalysts, which makes cryptocurrencies much more valuable.
It seems like just yesterday that Bitcoin was testing the $3,000 support level; now it’s testing the $4,000 resistance level and it’s at one-month highs. Bitcoin Cash has also shown strength, with the $150 level in sight – but the real standout is Ethereum, which is also preparing to clear the all-important $150 level and is up over 18% since Friday.
The collective market cap of all cryptocurrencies is nearly $128 billion, up 3.7% on the week. And it’s not all due to whales or institutional-grade investors getting in, as the optimism has also caught on with retail investors and especially millennials – the “new money” in the markets – who have demonstrated that they’re open to trading digital assets. This is big – it marks a fundamental change.
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The numbers certainly bear this out, as investment platform eToro published a recent report finding that 43% of millennial online traders have more faith in cryptocurrency exchanges than the traditional stock market; 93% said they would invest more in digital currency if traditional financial institutions proposed such an option; and 71% of millennials who don’t trade cryptocurrency said they’d start trading crypto if it were offered by conventional institutions. The future of investing clearly involves crypto trading.
What we’re seeing is a generational shift in which a new breed of traders and investors are buying into crypto and showing that they’re more comfortable with digital assets than with traditional stocks and bonds. The numbers are compelling, with 45% of millennials expressing interest in allocating cryptocurrency in their 401(k) retirement savings plans, and 74% of millennial digital currency traders wanting to receive that option from their 401(k) plan providers.
The U.S. dollar has been getting hammered as investors anticipate a trade deal between the United States and China. Traders, both institutional and retail, have no particular desire to sit on piles of fiat currency when a trade deal could be right around the corner.
Indeed, the dollar is not only under pressure – it could soon become obsolete. In fact, billionaire investor Tim Draper is pounding the table for cryptocurrency, saying that in five years crypto will be so widespread that only criminals will be using cash. Draper makes the case that criminals don’t want to use Bitcoin because their activities can be tracked on the blockchain. Reiterating his call for $250,000 Bitcoin by the year 2022, Draper makes no bones about his bullishness as well as his sizable investment in cryptocurrency. He even went so far as to assert that cashing out one’s Bitcoin would be akin to exchanging gold for shells – in other words, it would be like going back in time, as the future is about Bitcoin and other cryptocurrencies.
Investors clearly agree with Draper about crypto being the future – just ask Jamie Dimon, Morgan Creek Capital, and the countless traders and investors who pushed Bitcoin back up to the $4,000 level, and will undoubtedly push it much, much further.
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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.Please read our full disclaimer at PureBlockchainWealth.com/