Here’s your crypto, bitcoin, and cryptocurrencies update for Friday, January 8th, 2021.
The price of 1 bitcoin recently topped $40,000, with the current price as of this video at $39,000.
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Value investor Bill Miller recently explained that due to it’s early adoption cycle: “It gets less risky the higher it goes. That’s the opposite of what happens with most stocks.”
Miller also stated: “I think that bitcoin … should probably be up 50% to 100% from here in the next 12 to 18 months. And if you were to ask me the over or under, I would definitely say it would be much more likely to be higher than lower.”
With the price of bitcoin nearly doubling in less than a month, the sky’s the limit for bitcoins and other popular cryptocurrencies.
Meanwhile, with the price of bitcoin going through the roof, other cryptocurrencies are also seeing a boost in business.
Michael Bucella, partner at crypto investment firm BlockTower Capital, explained: “There is certainly market data pointing to increased retail participation.”
He continued: “This is reflected in the recent surge in ‘altcoins, and the increase in volumes on the retail platforms, as well as the crypto-native exchanges that have historically been more retail-focused.”
Popular altcoins, such as ether, litecoin and bitcoin cash have seen significant gains in the past week, with ether moving past $1,000 for the first time since February 2018.
It’s been amazing to watch bitcoin, as well as the other popular altcoins, shoot up in price the past month, and there’s reason to believe the end is still not in sight.
Finally, Michael Hartnett, chief investment strategist at Bank of America Securities, stated that the sudden rise of price in bitcoin could be: “the mother of all bubbles.”
Featuring a surge of roughly 1,000% since the beginning of 2019, this bubble could balloon more than gold in the 70’s.
Mike O’Rourke, chief market strategist with JonesTrading, stated: “The bitcoin chasers here are not protecting themselves versus a dollar meltdown, they are simply paying twice as much for an ‘asset’ than they were at Thanksgiving.”
With cryptocurrencies like bitcoin experiencing a rise like no other commodity that we’ve seen before, it remains to be seen whether this will be one of the biggest financial bubbles of all time.
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