Hey everyone what’s up its Kyle. In this video I wanted to go over what the latest news is in the cryptocurrency space, why I decided to up my initial investment from 80,000 to 100,000 in bitcoin, (and actually more now) and what I am planning to do now. Enjoy! Follow on Insta: kyleklaus
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Here’s some of the latest headlines:
In the BIGGEST headline in an article from CoinTelegraph:
A Citibank analyst predicts a 318,000 price target for Dec 2021! That is a year away!
However, Improbably this seems – it would represent the lowest rally to this point at 102 times the low to high.
Managing director Tom Fitzpatrick looks at the long term trend of bitcoin price characterized by “unthinkable rallies followed by painful corrections
Notably – three major bullish periods of BTC so far have been increasing in lunge.
10 month run 2010-2011
2 year run 2011-2013
3 year run 2015-2017
In another article from Cointelegraph – Bitcoin hit new 2020 high at $16,765 and traders expect a much larger run up in near term. Top analysis’s were wrong about a correction
There were several reasons why analysts expect a prolonged uptrend. First, Bitcoin cleanly broke out of $16,000, second there is sell side crisis as more BTC gets accumulated than mined, and Third, BTC rallied despite indicators showing overbought signals.
Breaking news article from Forbes – literally 2 hours before doing this video.
Wondering what bitcoin will do next? Look at these 5 indicators.
So here’s what I did-
I decided about a week ago – just after the last video I made about putting 80,000 into bitcoin and some other crypto currencies. (By the way there are over 7000 coins) but I’m just mainly invested in bitcoin, a little Ethereum and Litecoin since they are being used also on PayPal as well as some smaller “alt coins” like xrp which is known as Ripple.
1.) PayPal adoption – PayPal has 346 million active users as of second quarter in 2020. Representing a 21% year on year growth.
I knew that with the mainstream adoption of PayPal and not only that – but the cashless society we were heading in BEFORE covid, and now that its just been accelerated because of covid – just catching some of these retail investors by having it so accessible on the PayPal account was going to bring crypto currency and mainly bitcoin more to the main stage.
2.) Stimulus – with second stimulus likely to happen at some point this winter. It just ads to the inflation of the US dollar bringing down the value. Also – as seen with the stock market – inflating that because people are looking to put there stimulus to work – buying stocks or bitcoin
3.) Lack of other alternatives. The stock market is all over the place these days. Gold is the other alternative as well as real estate – however Gold does not have the same kind of appreciation that Bitcoin could have and Real Estate is what I deal in day to day anyway and am always looking out for good investments there. – however with real estate the suburbs have already seen massive appreciation this year, and the city is still somewhat up in the air because who knows when people will be coming back.
4.) Less volatile. When you talk about volatile – look at the stock market these days. It’s all over the place with trump tweets and based on any bad news about the virus resurgence. Also if the value of the US dollar gets diminished that would have a toll on the stock market prices as well. Stocks that were pandemic plays are already so overvalued and have run up so much.
5.) World economy – the same way the Internet connected the world more – this could be a world currency. Easily accessible from anywhere and with more demand comes lack of supply which shoots the value up. It’s clean and swift and can be sent anywhere in matter of seconds. Think what the internet did compared to having to write letters to people or send mail.
I believe 100% in the blockchain technology, I’m just hoping bitcoin is the preferred currency going with it.
#bitcoin #blockchain #investing