Crypto Industry Weighs In On Bitcoin All-Time High

0
Crypto Industry Weighs In On Bitcoin All-Time High
<a href="https://pixabay.com/users/MichaelWuensch/">MichaelWuensch</a> / Pixabay

Thoughts from Muneeb Ali, CEO of Blockstack, a company that focuses on building technology compatible with bitcoin, on bitcoin reaching a new all-time-high (ATH) of $20,000. In parallel, the Fed is meeting to discuss forward guidance for the US economy and Congress is on the brink of reaching a deal on much-needed fiscal stimulus. Most recently, Blockstack announced its plans to no longer be considered a security under the SEC in order to allow U.S.-based non-accredited investors to trade its token, Stacks on non-securities exchanges.

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

Thoughts On Bitcoin Reaching An All-Time High

Muneeb has the following thoughts as to why bitcoin has surpassed its $20k threshold and what this means for new investors:

Corsair Capital makes the case for SPACs… both long and short

InvestingCorsair Capital was up 15.3% net for the fourth quarter, bringing its full-year return to 6.7% net for 2020. Corsair Select was up 25.3% net, which took its full-year return to 16%. Q3 2020 hedge fund letters, conferences and more In their fourth-quarter letter to investors, which was reviewed by ValueWalk, the Corsair team said Read More


  • Muneeb believes that $20,000 signals the beginning for bitcoin as an investable asset and as a technological baseline for a more equitable future. “Bitcoin at $20,000 represents the breaking of a psychological glass ceiling. Every time we enter an all-time-high, the industry attracts more talented people, the ecosystem grows more, and the fundamentals become a little more stable. Price of Bitcoin is really a technology adoption curve, and we’re at an early stage of the curve.” 
  • Muneeb believes bitcoin’s new all time high will attract the attention of new and seasoned investors. “There is a possibility that currencies could start collapsing into Bitcoin. More people are starting to take notice of Bitcoin and it has been interesting to see traditional institutions like MassMutual and larger fintech players like PayPal start to make large investments in cryptocurrency. I think a lot of what we call fintech will eventually become something on top of bitcoin, but it’s still very early days.” 
  • Muneeb believes that $20,000 has been surpassed because of previous trends seen in Bitcoin halvings.“The halving event for the last 3 times or so has historically been a signal for starting of a new bull market. When Bitcoin was $100, the $10,000 number looked impossible, but with the rise from $100 to $10,000 in the back view mirror now, future growth does not sound that crazy to think about. Bitcoin might catch escape velocity. It has strong network effects and other use cases like smart contracts can just be built on top of Bitcoin.”

Previous article What You Need To Know When Buying A Distressed Business
Next article Established Law of Waivers Can Protect From COVID Suits
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

No posts to display