Why will bitcoin recover soon?
The price of bitcoin is down! Are you happy or sad? You betcha, that big institutions and big money are ridiculously happy, because it's days like these that they are jumping at the chance to buy bitcoin at the dip, lining their pockets, and making their wallets fatter. Are you doing the same or no more moola? Investment Rule #11; Keep some money liquid.
The price of Bitcoin is down and it has been a down day overall in the stock market and in the crypto currency market. A lot of you are probably wondering if bitcoin's price will recover? And to that I say YES!!! I think it will not only recover but recover in a very substantial way.
In fact bitcoin will recover in a great way because institutional money is flooding in like a tsunami. Big money, big groups, companies and institutional money are starting to support bitcoin in a grander scale. They are becoming more and more comfortable with the nature of the technology and it's use cases.
Even large banks such a Goldman Sachs have started projects with blockchain and crypto currency and has been cited that they will continue to increase their foothold in the future. This is only one out of many institutions getting their feet wet in the technology. This is critical in driving blockchain and bitcoin forward.
John McAfee and I share the same sentiment that there will be a bull run in the crypto currency market in the near future. He stated on his twitter that billions will be pumped in by institutional investors. McAfee also claims that this will lead to a significant change in the market caps of the leading crypto currencies and most highly recognized alt coins. McAfee was quoted stating that institutional investors will be entering the market with a vengeance, and with long term investors pumping billions into the market.
What news supports this claim? Well, earlier this month, Goldman Sachs announced that they will be launching a bitcoin trading operation to buy and sell bitcoin futures. Another note worthy headline was Coinbase announcing, that they are filing for a banking license to attract crypto hedge funds and to offer more services other than providing bitcoin exchange. Circle, the same company who was backed by Goldman Sachs a few months ago, and who acquired Poloniex, one of the largest cryptocurrency exchanges, is now working on developing a crypto currency token that will be backed by the US dollar. Lastly, Climate Solutions TMI, a subsidiary of Berkshire Hathaway, has launched the production of portable cryptocurrency miners for the Montreal company Kelvin Emtech. Berkshire Hathaway is controlled by Warren Buffett, who is chairman and CEO of the company.
Sources:
- JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure
- Coinbase Met with Regulators to Discuss Banking License
- Circle Announces USD Coin
- Warren Buffett Produces Bitcoin Miners
What do you guys think? Do you think we will have a substantial bull run in the near future or will we be in a bear market for 2 years as predicted by Ian Balina? Engage with us your thoughts.
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