Bitcoin Surpasses $13,000 Mark On PayPal’s News

0
Bitcoin Surpasses $13,000 Mark On PayPal’s News
MichaelWuensch / Pixabay

The Bitcoin quotes surpassed the $13,000 showing yesterday, after PayPal move, but EXANTE co-founder Anatoliy Knyazev says that $14,000 will be the “psychologically important milestone”. Mr Knyazev says that Bitcoin is growing in popularity and will continue to do so.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q3 2020 hedge fund letters, conferences and more

PayPal Changes Its Views On Bitcoin

Comments from International Investment firm EXANTE’s Co-founder, Anatoliy Knyazev:

Mohnish Pabrai On Low-Risk Opportunities And The Recycling Sector

Mohnish PabraiIn his book, The Dhandho Investor: The Low–Risk Value Method to High Returns, Mohnish Pabrai coined an investment approach known as "Heads I win; Tails I don't lose much." Q3 2021 hedge fund letters, conferences and more The principle behind this approach was relatively simple. Pabrai explained that he was only looking for securities with Read More

Payments provider PayPal has changed its views on Bitcoin and entered the industry following its negativity on the asset class in 2013. This means a paradigm change: Bitcoin is actively penetrating the conservative financial market. Other well-known companies, such as Square, MicroStrategy and Stone Ridge, have also purchased assets in Bitcoin, says Mr Knyazev.

And this will continue regardless of politics adds Mr Knyazev. “A Trump win will probably be welcomed by the stock market players and Bitcoin will keep on growing along with other assets. However, A Biden win, which may lead to a stock market fall, could also work in Bitcoin’s favour based on the expectation of the depreciation of the dollar.

Growth drivers:

  • Central banks’ policy in response to the market slump will stimulate the interest towards Bitcoin. The September fall of Bitcoin was due to correction on the US stock markets. Market players were afraid of a new selloff like the one we witnessed in March.
  • At this point, the markets look differently. The stimulus package from the US government will be approved in any case, either before or after the elections. In the background, the USD index lowers whereas the risk appetite grows on the markets and plummeting stocks are being bought out quickly.
  • The DeFi market has fallen into correction so many players are transferring their assets from DeFi to Bitcoin.

What do you think is next for crypto and fintech ?Tell us in the comments section!

Updated on

Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
Previous article 30% Physical Gold Demand Slump; All-Time Price High Reached
Next article Massif Capital 3Q20 Commentary: Gains From Ivanhoe Mining, Turquoise Hill And Lithium America

No posts to display