It’s late at night, and I’ve already published two articles and scripted my interview tomorrow morning, at 12:00 PM EST on the WCN, with Ansel Lindner. However, I had to put this article out, to spread as rapidly as possible, the MASSIVELY Bitcoin-bullish news released after the closing Wall Street bell this afternoon. I.e., when Overstock.com, led by its early adopter CEO Patrick Byrne – who in many ways, has done as much for Bitcoin as anyone in the mainstream – announced it had received a $375 million investment from a Hong Kong based private equity firm, valuing its fledgling blockchain subsidiary at a whopping $1.5 billion; i.e., 1.5% of the entire Bitcoin market cap, and 1.5% of the entire altcoin market cap, too.
In my mind, this announcement is far bigger than TALK from the InterContinental Exchange, Goldman Sachs, and BlackRock – which unquestionably WILL enter cryptocurrency in a big way…but aside from Goldman’s indirect investment in Poloniex via a minority-owned VC fund, hasn’t done yet. We’re talking about BIG money entering crypto, NOW - and indirectly, giving Bitcoin a valuation MUCH higher than the current, piddling price.
Sooner or later, the market will catch on to this – and realize that, RIGHT NOW, last year’s $20,000 Bitcoin was a lot less of a “bubble” than they thought!