In this video, I discuss why Bitcoin is breaking out to new weekly highs.
There have been a spate of announcements over the past few days that show that traditional financial services companies like Visa, Mastercard, and PayPal/Venmo are moving rapidly to integrate Bitcoin payments into their services. This will lead to increasing flows into Bitcoin over the coming months.
Brian Brooks, acting Comptroller of the Currency and a former Coinbase employee, is using his tenure to introduce Bitcoin-friendly regulations, including allowing U.S. banks to custody Bitcoin, as well as a new payments charter that will allow financial services companies to register at the Federal level, rather than having to individually obtain licenses in all 50 states.
All of this comes against the backdrop of the recently completed May 2020 Bitcoin halving and seemingly endless central bank money printing and balance sheet expansion. I expect Bitcoin to be trading at new all-time highs by the end of 2020, and to be above $100,000 in 2021.
Not investment advice! Consult a financial adviser.
Here’s why the U.S. will not ban Bitcoin:
Federally chartered banks may provide custody for cryptocurrencies:
PayPal moving towards Bitcoin:
Bitcoin deemed money under Washington D.C. financial services law:
Visa used to be against Bitcoin:
Visa now turning Bitcoin-friendly:
Mastercard turning Bitcoin-friendly:
New payments charter coming in Fall 2020:
Matthew Kratter is the author of the Amazon best-seller “A Beginner’s Guide to the Stock Market”:
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