ON THE BLOCK
it, and its own massive fluctuations in value, bitcoin is still a major player and may grow even bigger in the coming years. And these days, between the recent volatility of GameStop, AMC, and silver, bitcoin is now almost looking tame. ( Almost ...) As we go to print, the price of bitcoin is hovering near $50,000, with some analysts who are predicting it will become the latest investment bubble to hit Main Street. Not so fast... The bitcoin bulls make an important point about the crypto’s fundamentals, arguing the technology behind bitcoin is so revolutionary that it could someday be the currency of the world.
investing in bitcoin. In late January, the firm filed two statements with the Securities and Exchange Commission (“SEC”) stating that “certain funds may engage in futures contracts based on bitcoin.” The popular insurance firm MassMutual revealed it’s tiptoeing into the space with a $100 million bitcoin investment. Hedge-fund investor Anthony Scaramucci, perhaps best known for this 11-day stint as President Trump’s press secretary, is getting into the bitcoin space too. His firm, SkyBridge Capital recently launched the SkyBridge Bitcoin Fund on February 1 with a $310 million investment. He told me he expects volatility in the space, but that, in the long term, his investment should pay off. In his words, bitcoin is THE cryptocurrency to watch. “It’s the Facebook to MySpace and the Google to Ask Jeeves,” he tells me. (You can listen to his entire interview with me in this American Consequences With Trish Regan podcast.) And perhaps one of the biggest visionaries in the world today, Elon Musk, founder of Tesla, is also backing the currency. In an interview on the social app Clubhouse, Musk said he should have bought the currency eight years ago. “I’m late to the party,” Musk said, “but I am a supporter of bitcoin.” Late he is... In 2012, bitcoin was considered volatile because it fluctuated between a low of $100 and a high of $1,200. Almost a decade later, it’s now trading between $40,000 and $50,000.
Indeed, the chief investment officer of multibillion-dollar investment firm
Guggenheim said this month in a television interview that his firm’s fundamental research suggests “bitcoin may climb as high as $600,000 per coin.” Meanwhile, the cryptocurrency is increasingly
The bitcoin bulls make an important point about the crypto’s fundamentals, arguing the technology behind bitcoin is so revolutionary that it could someday be the currency of the world. going mainstream – with BlackRock, the largest asset manager in the world with $9 trillion (or nearly half the size of the entire U.S. economy) under management, also
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