As the U.S. stock market continues to zig zag from the ongoing trade war, one asset has been making a strong comeback in 2019: bitcoin.
After the bear market of 2018, bitcoin is now one of the best performing assets in 2019. In fact, the world’s largest cryptocurrency recaptured the $10,000 mark in June. And it wasn’t just temporary…
Bitcoin has gone up more than 163% this year, and this time, the fundamentals are different.
If you missed buying bitcoin, now may be the best time to add it to your portfolio.
As I write, top technology, banking and financial firms are racing to develop the most profitable applications of blockchain technology, the computer program underlying bitcoin.
Facebook, Square, Fidelity, Google and Goldman Sachs are leading the charge, spending millions on projects that will lead to the mass adoption of this technology.
With huge institutions backing it up, Bitcoin’s new rally could be stronger than ever.
• In June, Facebook announced its plans to introduce its own crypto currency, Libra.
• In May, Jack Dorsey, CEO of Twitter, shared how he’s taking steps towards incorporating bitcoin and other cryptocurrencies into his payments business, Square.
• Fidelity announced in May that it’s offering bitcoin trading to its institutional clients.
• The closely-watched bitcoin halvening is just a year away. This huge event, which reduces the supply of bitcoin by half, is already sending bitcoin bulls into a frenzy.
• Amazon is exploring accepting bitcoin and creating its own crypto asset.
• Crypto asset-backed ETFs—a whole new investment class—are gearing up to come to market.
No doubt, crypto assets (digital currencies like bitcoin) and blockchain technology are about to enter a sustained bull market as they gain robust mainstream adoption!
Source: General Post Blog