âĄïž Leverage OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
Pantera: Bitcoin in Early Stages of Large Bull Market Fueled by Powerful Macro Tide â Hereâs How High THE BTC PRICE Could Go This Cycle
Executives at the crypto-focused venture firm Pantera Capital think future inflation will drive up the prices of Bitcoin and other crypto assets.
In a new market report, Dan Morehead, Panteraâs CEO and co-chief investment officer, and Joey Krug, the firmâs other co-chief investment officer, highlight the Federal Reserveâs new policy of allowing inflation to support the labor market, which they say is going to kick off a new bull run for digital assets.
âAssets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals â like cryptocurrency.
Cryptocurrency has out-performed most/all other asset classes this year. We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.â
Morehead has placed his BTC price target at $115,000, which he thinks will likely happen by next summer.
Despite their confidence, however, they still warn that Bitcoin is volatile and risky, and remains a âmassive hype cycle roller coaster.â
In terms of their own investments, Pantera recently sunk money into YFI and Terra (LUNA), according to the executives.
YFI is a two-month-old governance token for the decentralized finance (DeFi) protocol yearn.finance.
The asset has been largely immune to the September slump that plagued other cryptocurrencies and is trading at almost $40,000 at time of writing, according to CoinMarketCap.
Terra is a network of stablecoins pegged to some of the worldâs major currencies. LUNA, Terraâs native staking asset, can be traded or staked to earn rewards in the network generated from transaction fees.
It is trading around $0.32 at time of writing.
In other tending Bitcoin News today:
Nasdaq-Listed Microstrategy Raises Bitcoin Holdings to $425 Million After Second Purchase
âOn September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.â
This follows an update the company provided the SEC about its bitcoin investment plan.
In the filing dated Sept. 11, the Nasdaq-listed company revealed that its board of directors has adopted a new Treasury Reserve Policy âthat updated the companyâs treasury management and capital allocation strategies.â
Under this new policy, the companyâs treasury reserve will consist of two types of assets.
The first type comprises âcash, cash equivalents, and short-term investments ⊠held by the company that exceed working capital needs.â
The second type consists of âbitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.â
Microstrategy clarified:
âAs a result of this new policy, the companyâs holdings of bitcoin may increase beyond the $250 million investment.â
Michael Saylor, Microstrategyâs CEO, has not always been pro-bitcoin.
He tweeted back in 2013: âBitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.â
Follow Us:
đ„ Blog/Podcast: http://CryptoNewsYes.com
đ„ Subscribe on YouTube: http://CryptoNewsAlerts.net
đ„ Subscribe on iTunes: http://itunes.cryptonewsalerts.net
đ„ Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
đ„ Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
đ„ Follow on Twitter: https://twitter.com/CryptoNewsYes
đ„ Join our Private Crypto FB group: âș http://fb.cryptonewsalerts.net
đ„ Join our Private Crypto Telegram group: âș http://telegram.cryptonewsalerts.net
đ„ Binance â Buy, Sell or Trade Over 400 Altcoins: âș http://binance.cryptonewsalerts.net
đ„ [IMPORTANT] â Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
â Michael Saylor (@michael_saylor) September 15, 2020
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
Game on
â Barry Silbert (@barrysilbert) September 15, 2020
MicroStrategy is adopting a #bitcoin standard. Other companies will follow. Finally, central banks will follow (Switzerland likely to be the first.) A new gold standard for the digital age. A neutral store-of-value will create more check and balances for governments.
â Datavetaren (@Datavetaren) September 16, 2020
https://news.bitcoin.com/nasdaq-microstrategy-bitcoin-425-million/
https://cointelegraph.com/news/other-companies-will-follow-mstr-stock-up-9-after-buying-bitcoin
