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Investors Dumping Gold For Bitcoin?

Investors are dumping gold in favor of Bitcoin, according to analysts in a recent interview on CNBC. One of them, Phillip Streible of RJO Futures stated boldly that “Bitcoin has stolen a large market share of gold.”

To explain how they are tracking this shift, Larry McDonald of The Bear Traps Report, stated that generally when bond rates go down, gold goes up. However, in recent weeks, the yields on bonds have decreased, and gold has simultaneously dropped by two percent – an event that is

quite rare.

Analysts think the change is the result of increasing investments in Bitcoin, among other cryptocurrencies. According to McDonald:

“Over the last two years, every time rates have come down, and this week rates have moved lower, you had gold go up. Almost every time, there has been an 82 percent correlation between gold and bonds. This week, for the first time, that correlation broke down, and I do think it has something to do with Bitcoin.”

While the price of gold has been traditionally stable, the recent declines show the investment pool has begun moving into cryptocurrencies. In fact, according to McDonald, the total market cap of all cryptocurrencies as a fraction of liquid tradeable gold is already up two or three percent from last year, stating “cryptocurrencies are definitely eating into the gold play.”

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Traditional Investors Reveal Their Opinions on Bitcoin

Several traditional investors have issued their opinions about Bitcoin as it continues to soar to record highs. During morning trading on December 8, 2017, the currency traded above $16,000 per token and even reached more than $18,000 in one market.

Due to its phenomenal trading performance, several billionaire investors have voiced out their thoughts about the top-dog digital currency Bitcoin focusing on the idea that it lacks intrinsic value.

Skepticism on its intrinsic value

In his comment, legendary activist investor Carl Icahn says he cannot understand Bitcoin’s performance and he thinks that it is a bubble.

“I don’t understand it… If you read history books about all of these bubbles…this is what this is.”

Meanwhile, billionaire Warren Buffett, who is considered as the best value investor of all-time, has advised investors to stay away from the most popular virtual currency because it is just a ‘mirage’ and it is leading towards bubble territory.

”Stay away from it. It’s a mirage… the idea that it has some huge intrinsic value is a joke.  It’s a way of transmitting money.”

Prominent billionaire and founder of one of the biggest hedge funds in the world, Ray Dalio, is still taking a cautious stance:

“Bitcoin is a bubble… It’s speculative people, thinking they can sell it at a higher price…and so, it’s a bubble.”

Still undervalued at current price

However, former Wall Street and hedge fund manager Michael Novogratz claimed that Bitcoin and other cryptocurrencies are real and Bitcoin could be an alternative or replacement for gold. He added that the price of Bitcoin could go up to $40,000 before the year ends.

“The whole market cap of all of the cryptocurrencies is $300 billion. That’s nothing. This is global. I have a sense this can go a lot further.”

PayPal co-founder and investor in financial technology Peter Thiel, however, considers Bitcoin as having ‘great potentia.l. In his interview with CNBC, he explains that Bitcoin is more than just a cryptocurrency:

“I’m skeptical of most of them (cryptocurrencies), I do think people are a little bit … underestimating bitcoin especially because … it’s like a reserve form of money, it’s like gold, and it’s just a store of value. You don’t need to use it to make payments.”

The growing skepticism towards Bitcoin did not stop Russian oligarchs from investing in it either, as traditional Russian billionaires such as Roman Abramovich, Aleksandr Frolov and Aleksandr Abramov are reportedly investing large chunks of their money into cryptocurrencies, particularly Bitcoin, through a European fund called Blackmoon Crypto.

Finally, the Winklevoss twins, the classic Bitcoin poster boys who started investing in the digital currency in 2013, remain bullish about cryptocurrencies as their holdings made them the first ever Bitcoin billionaires.

Time will tell who among these investors are right. No matter which side you’re on, keeping yourself informed and exercising due diligence will allow you to form your own judgment and investment decisions.

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Bitcoin is Today’s Silver, Says Renowned Trader

There have been more than a few comparisons between Bitcoin and gold, along with many lines of thought, but regarding the current rush, renowned trader Mark Fisher sees this like the silver run of 40 years ago.

Silver spiked in demand through the 70s and 80s as it became an asset that the regular man on the street could be involved in. There was no Wall Street elitism and its price was reasonable, it was an exciting time for common investors.

This is what Fisher sees at the moment with Bitcoin. The red tape and the egalitarianism of high-level investing is absent, and it is spurring a new wave of adoption with individuals.

Moved dramatically

“The reason people are so attracted to Bitcoin is because people want something that’s actually moved dramatically, that there’s no Wall Street to it,” said Fisher. “The thing that every cab driver is talking about all day long.”

“Bitcoin was what silver was back in the late ’70s and ’80s — for sure,” Fisher added. “No rhyme or reason.”

Indeed, Bitcoin has made its mark for individuals as it flies in the face of the institutionalized money and investing systems. Its decentralized network is what attracts many, and its functionality away from red tape and arbitrary rules are what keep people in.

With silver, it was a similar situation as those investors in the 70s and 80s were finding an opportunity to invest in something that was far more in their hands than an asset like gold, at the time.

The run is only beginning

Through the waves of adoption, it has ebbed and flowed between individuals, and the ‘Wall Street’ types. The most recent run towards $10,000 and above was attributed to market growth and mass adoption, especially in Asia.

However, the next level of this adoption metric will be when expected Wall Street whales enter the water through the power of soon-to-be-released futures.

Fisher predicts the launch initially is “going to be the Wild West.”

“It’s going to be great volatility,” he said. “And for someone like me, who cares what it is, as long as it moves, right?”

More Valuable than Gold and Silver…

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Bitcoin is an Economic Miracle: Cambridge Professor

Dr. Garrick Hileman, an economic historian at the University of Cambridge and the London School of Economics, explained in an interview with CNN that Bitcoin is nothing short of an economic miracle.

Hileman stated:

“Many economists dismissed it as a flawed form of money, something that could never achieve the level of adoption that it has. Today we estimate 5 to 10 million unique active users of cryptocurrencies, and in my opinion that’s nothing short of a minor economic miracle.”

What Bitcoin represents

Bitcoin is the world’s first form of decentralized money; a store of value that is censorship-resistant and that is immutable against manipulation by central entities, authorities and governments.

The decentralized structure and peer-to-peer protocol of Bitcoin are unique in that they allow the Bitcoin network to operate as its own economy, without intermediaries and third party service providers. While some central banks and financial institutions have begun to fear such aspects of Bitcoin, the Bank of Finland encouraged economists to study the “marvelous structure” of Bitcoin.

In a paper entitled “Monopoly without a monopolist: An economic analysis of the Bitcoin payment system,” Bank of Finland researchers wrote:

“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.”

Global impact

As mentioned above, Hileman described Bitcoin as an economic miracle, but a “minor” one. However, at this stage in which the market valuation of Bitcoin has surpassed that of major banks at $166 bln and the liquidity of Bitcoin is higher than that of most stock markets, it is difficult to justify any aspect of Bitcoin as “minor.”

Bitcoin has had a major impact on the global financial system over the past eleven months, and it will continue to transform the finance industry at a rapid pace. Already, institutional investors have begun to move into the Bitcoin market. Coinbase CEO Brian Armstrong revealed that approximately $10 bln in institutional money are awaiting to be invested in digital currencies such as Bitcoin.

“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets (including family offices, sovereign wealth funds, traditional hedge funds, and more). By some estimates there is $10 bln of institutional money waiting on the sidelines to invest in digital currency today,” wrote Armstrong.

Economic miracle

Naturally, as major hedge funds and large-scale investment banks shift towards Bitcoin, general consumers and casual investors will follow. Then, Bitcoin will no longer be a minor economic miracle but a major one, which will inevitably shape the finance sector in the long-term.

Leading economies like the US, Japan and South Korea have already recognized Bitcoin as a legal currency and store of value, providing regulations to cryptocurrency exchanges, businesses and investors.

As a currency, Hileman also noted that Bitcoin is increasingly being used in the luxury markets, to process or settle large transactions without the expensive and inefficient services of banks.

“If you’re only paying a $2 transaction fee on a piece of art that’s worth tens of thousands, the fee is basically zero. But if you’re paying two or three percent on a piece of art of that value, then the numbers can go up quite a bit,” added Hileman.

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Individuals Flock to Bitcoin and Asian Demand Soars, Pushing Price to All Time High

Bitcoin seems to be going from strength to strength, recording a new all time high of $9,500 on Sunday. While this is impressive in itself, investors who held Bitcoin before August 1 are doing even better, as the combined price of Bitcoin and Bitcoin Cash has crossed $10,000.

New all time high

After a relatively quiet few days, Bitcoin seems poised to resume its uptrend. The price jumped on Saturday up from a low of $8,200 to cross $8,700 in under 12 hours. The rally seemed to be driven by retail investors in Asia, with the largest volume being traded on Bithumb and Bitfinex. Bitcoin seems to have shrugged off the $30 mln hacking of Tether, which some had speculated could destabilize Bitfinex and by extension Bitcoin itself. Bitcoin bulls like Ronnie Moas and Mike Novogratz who predicted that Bitcoin would reach $10K in 2017 may be proven correct shortly.

Growing demand from individual investors

The number of users of the popular exchange Coinbase has been growing in leaps and bounds in 2017. Many in the digital currency world have been monitoring the speed with which Coinbase has been adding users, since that can be taken as a measure of Bitcoin’s retail adoption. According to data compiled by Alistair Milne, of the Altana Digital Currency Fund, the number of users of Coinbase has increased from about 5 mln at the start of 2017 to 13.1 mln today.

Over 100k users were added in 24 hours at the start of November, when CME announced that it would launch Bitcoin futures trading. During Thanksgiving weekend, Coinbase again crossed that mark, with another 100k users signed up in 24 hours.  Individual investors seem to be afraid of missing out on buying Bitcoin, which might become unaffordable once the institutional money starts flowing in.

Bitcoin + Bitcoin Cash crosses $10K

Bitcoin and Bitcoin Cash proponents may not see eye-to-eye on a scaling solution, but they share significant overlap among their user base. Most Bitcoin users, who didn’t actively trade after the August hard fork, hold equal amounts of Bitcoin and Bitcoin Cash. The combined value of Bitcoin and Bitcoin Cash has now crossed $10k. If we include the value of other forks like Bitcoin Gold and Bitcoin Diamond, the value would be even higher.

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Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

Bitcoin has officially hit the $9,000 mark today, as the massive user adoption from hedge funds, soon-to-be-released futures markets and further increases in the number of users.

Ironically, many on the /r/BitcoinMarkets subreddit expected the price to drop over the Thanksgiving weekend, in part due to US banks being closed. However, over the past week the price had shown strength, consolidating in the low $8,000s. Twice the price briefly dipped into the $7,800 range, but those dips were rapidly bought.

Apparently people didn’t merely take advantage of Black Friday to buy TVs and electronics, but also stocked up on Bitcoin. The price began trending up yesterday as the market began adding volume, and today broke the next major psychological hurdle of $9,000.

More to come?

Thought many mainstream finance pundits regard Bitcoin as a bubble, the market has not shown any signs of a so-called “blow off top,” meaning a sudden and major reversal is unlikely at the moment. Bubble cycles often end with a massive spike in prices that’s almost immediately followed by an even larger sell-off.

The next major hurdle, and arguably the largest psychological barrier of all, is $10,000. However, that may not be as hard to breach as one might think, considering that the combined price of Bitcoin and Bitcoin Cash already well exceeds $10,000. That is to say, anybody who owned Bitcoin prior to August 1 and didn’t sell their Bitcoin Cash is already enjoying prices in excess of the next major target.

Analysts such as the normally bearish Tom Lee, founder of Fundstrat, are turning bullish. Lee recently indicated that his near term price projection is $14,000. He explains away the brief dip that followed the cancellation of SegWit2x as a shaking out of weak hands. At press time, Bitcoin’s price on the GDAX exchange was $9,439.

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Former US Presidential Candidate Ron Paul Promotes Bitcoin-based Retirement Investments

Former Republican Congressman and US presidential candidate, Ron Paul, was hired as an endorser of Bitcoin-based retirement instruments. In his endorsement for the cryptocurrency firm, which is a subsidiary of Goldco, Paul touted to Americans the benefits of entrusting their savings to the Bitcoin-based retirement account provider.

In a video that accompanied an article titled “Ron Paul Is Shilling for a Bitcoin Retirement Fund Exactly Where You’d Expect” that was published by Mashable as of mid-November 2017, Paul urged Americans to contact cryptocurrency company to know more about the various investment options that are based on Bitcoin.

Paul also claimed that he is excited about the various options that Bitcoin opens up in the retirement sector.

“As a firm believer in currency competition, I’m excited to see the options that Bitcoin opens up.”

Other companies are offering Bitcoin-based retirement account services

Aside from the promoted company, other firms are providing full services for Bitcoin-based retirement accounts. The companies provide assistance to their customers in purchasing Bitcoin and other cryptocurrencies through their individual retirement accounts (IRA) or 401Ks. These firms claim that digital IRAs allow Americans to invest in virtual currencies such as Ethereum and Bitcoin.

“Digital IRAs are unique retirement accounts that allow you to invest in digital currencies (also known as cryptocurrencies) like Bitcoin and Ethereum, in addition to the conventional assets that you utilize already.”

Such solutions are not new. In fact, one company previously shared that has raised over $2 mln within six months of its launch. As millennials tend to shy away from traditional investment options, many investors in their twenties actually prefer to diversify their investments despite the supposed risks.

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Fiat Currency Will be Laughable in Five Years Says Billionaire Tim Draper

Tim Draper has every reason to be bullish on Bitcoin as he has seen his $20 mln investment in the digital currency grow by over 1,000 percent in just three years. Draper is now predicting that in five years fiat will be so obsolete, it will be laughable.

The tech investor has made a fortune backing companies like Skype, Tesla and Twitter. He first got involved in Bitcoin after he bought 30,000 of them in 2014 in a government auction of assets seized from Silk Road.

Don’t be a laughing stock

While Draper may be on the defensive after his ICO baby Tezos became embroiled in scandal, leading to a class action lawsuit, he is still highly bullish about the future of the grand-daddy of digital currencies. Draper told Forbes:

“In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant … there will be no reason to have the fiat currencies.”

Bitcoin, and the rest of the cryptocurrency market, recently made it over $200 bln in a rally that saw Wall Street again add fuel to the fire by announcing trading in Bitcoin futures. This pales in comparison to the trillions of dollars in global fiat currency supply. Nonetheless, the fact that Bitcoin has appreciated over 600 percent this year is reason enough to believe it is on a rocketing trajectory, aiming at the fiat market.

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4 Things That Can Push Bitcoin to $5,000 and Beyond

Those with even the shortest memory will recall that Bitcoin price just about broke the $5,000 mark in early September, before a substantial sell-off coincided with some vitriol from Jamie Dimon, and China cracking down on ICOs.

4 Things That Can Push Bitcoin to $5,000 and Beyond

Now, however, the digital currency has bounced back and is well on its way to $5,000 again. There are a few factors that’ve got it here – none more so than the fact it was the best performer through the third quarter.

However, there are still a few factors that are pushing it, and a few reasons why $5,000 is on the horizon, if not even higher.

The return of the buzz

There is no doubting the fact that China’s approach, and Jamie Dimon’s attack, caused a perfect storm for Bitcoin belief. It was the coming together of the digital currencies’ two big enemies – institutionalised money and regulators – who were flexing their muscle in a show of perhaps fear.

However, those attacks have come and gone, and Bitcoin is none the worse for them, as there’s a buzz returning. What will really catalyse it will be a rollback of China’s ban – something that’s possible with an upcoming Communist party election – or perhaps Jamie Dimon to have a change of heart.

Financial crisis

Bitcoin has already shown that it laughs in the face of impending global disaster when the global market fell almost a percent as tension between the US and North Korea spiked.

“Bitcoin is a safe haven that is unaffected by normal market factors, and as these factors continue to escalate there could be a bigger trend towards digital currencies.”

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Wall Street stamp of approval

While there’s a major dividing line on the allegiances of Wall Street bankers and institutions, many more are coming over to the digital currency side, leaving Dimon and Jordan Belfort stranded.

It was the arrival of institutionalized investors after the Aug. 1 split that saw Bitcoin tear off on another rally, and another big boost of endorsement from these trusted investors could be a tipping point.

Free money

At the end of October there is another fork coming to Bitcoin in the form of Bitcoin Gold, however, the term ‘fork’ is used quite lightly in this instance.

“It’s more of an air-drop than a chain split. Everybody that owns Bitcoin will also own Bitcoin Gold once the network goes live, but transactions on the Bitcoin Gold network won’t affect Bitcoin’s network, or vice versa.”

Thus, many think that Bitcoin is booming – and altcoins declining – because there’s a chance of doubling your haul when this fork comes at the end of the month.

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Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

Digital currency hedge fund BlockTower Capital cofounder Matthew Goetz claimed that Bitcoin and other cryptocurrencies are like the Internet in the 1990s. He said that bets during the early days of the Internet were risky just like the investments in the digital currency market as of October 2017.

Cryptocurrency Hedge Fund Cofounder Matthew Goetz Compares Bitcoin to the Internet in the 1990s

According to Goetz, the claims that the virtual currencies are one of the disruptive technologies of today are correct. He also compared the cryptocurrencies to the Internet in the 1990s.

“You could be right on the thesis that cryptocurrencies are transformative and you could make what you think is the right bet at the time, but remember one time you had Yahoo and then this thing called Google came along.”

Goetz’s other comments and predictions

The digital currency market worldwide has registered a meteoric rise in 2017, with more than 1,000 cryptocurrencies already in circulation. Bitcoin, the leading virtual currency, posted a significant price increase as it rose by over 450 percent to almost $4,400 per token.

Goetz, however, argued that Bitcoin will not remain as the top-dog digital currency forever despite its phenomenal rise. He added that Bitcoin and the other virtual currencies can be toppled by a cryptocurrency with superior technology.

“Bitcoin is the most entrenched, it has very stable protocol, it doesn’t change a lot, and it has a very strong developer base, but at the end of the day, it is still software. There is some chance that something an order of magnitude better than Bitcoin, technologically, could come along.”

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Goetz, however, claimed that in order for a rival cryptocurrency to replace Bitcoin, it should have significantly better capabilities than the crypto top dog. He cited as an example how Facebook has toppled MySpace as the favored social media site. <Continue Reading>