➡️ Leverage OPM (Other People’s Money):
Pantera: Bitcoin in Early Stages of Large Bull Market Fueled by Powerful Macro Tide – Here’s How High THE BTC PRICE Could Go This Cycle
In a new market report, Dan Morehead, Pantera’s CEO and co-chief investment officer, and Joey Krug, the firm’s other co-chief investment officer, highlight the Federal Reserve’s new policy of allowing inflation to support the labor market, which they say is going to kick off a new bull run for digital assets.
“Assets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals – like cryptocurrency. Cryptocurrency has out-performed most/all other asset classes this year.
Morehead has placed his BTC price target at $115,000, which he thinks will likely happen by next summer. Despite their confidence, however, they still warn that Bitcoin is volatile and risky, and remains a “massive hype cycle roller coaster.”
YFI is a two-month-old governance token for the decentralized finance (DeFi) protocol yearn.finance. The asset has been largely immune to the September slump that plagued other cryptocurrencies and is trading at almost $40,000 at time of writing, according to CoinMarketCap.
Terra is a network of stablecoins pegged to some of the world’s major currencies. LUNA, Terra’s native staking asset, can be traded or staked to earn rewards in the network generated from transaction fees. It is trading around $0.32 at time of writing.
In other tending Bitcoin News today:
Nasdaq-Listed Microstrategy Raises Bitcoin Holdings to $425 Million After Second Purchase
“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million.
To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”
In the filing dated Sept. 11, the Nasdaq-listed company revealed that its board of directors has adopted a new Treasury Reserve Policy “that updated the company’s treasury management and capital allocation strategies.”
Under this new policy, the company’s treasury reserve will consist of two types of assets. The first type comprises “cash, cash equivalents, and short-term investments … held by the company that exceed working capital needs.”
The second type consists of “bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.”
Michael Saylor, Microstrategy’s CEO, has not always been pro-bitcoin. He tweeted back in 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
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Show Notes / News Resources:
– $115K Bitcoin Prediction:
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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