MACRO GURU RAOUL PAL FIGHTING THE URGE TO SELL ALL HIS BITCOIN FOR ETHEREUM – HERE’S WHY!!

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Kraken CEO Jesse Powell says Bitcoin is on track to hit $1 million per BTC as governments continue to adopt loose monetary policies.

In a new interview on the H3 podcast, the Kraken head believes that there’s still time to jump on the Bitcoin bandwagon as it is en route to an increase of nearly 1,720% in the coming years.

“It’s still early. I think so, I think Bitcoin is going to be $500,000 easily within the next few years. Look at how much money printing’s going on. Easily we’re going to hit a million dollars in Bitcoin…

At least dabble in it… Put 1-10% of your portfolio, I wouldn’t say go all in, don’t bet your rent money, don’t bet your food money on Bitcoin, but if you have a portfolio of investments you should absolutely have some Bitcoin in there.”

When asked about the thousands of other cryptocurrencies on the market, Powell says that the average investor can look at it like the stock market where it’s often best to stick to the biggest, most well-known names.

“There are thousands of stocks that could buy. There are a lot of ****** stocks that you could buy. Some are like really strong brand names, household names, like Apple, Google, Facebook. I think if, just like with the stock market, if you don’t really know what you’re doing, if you’re not some super deep Wall Street analyst, don’t buy crazy stock #5900, stick to the top guys that you know, that you have a personal connection to the brand. You’re using Apple devices every day so you probably think Apple is a pretty good company. I’d say do that with crypto as well. Don’t pay attention to all the new things coming out constantly.

Just stick to Bitcoin and Ether. If you want to be super safe, I think Bitcoin and Ether are super safe bets. Everything else, it gets more exotic and you get higher returns with more risk, but I wouldn’t look at other things.”

In other trending Bitcoin News Today:

Digital asset manager QR Capital reveals that it received the green light to launch the first-ever Latin American Bitcoin exchange-traded fund (ETF).

In a series of tweets, QR Capital says the Comissão de Valores Mobiliários (CVM), Brazil’s Securities Exchange, approved the Bitcoin ETF which will be listed on the Brazilian Stock Exchange (B3) under the ticker QBTC11. 

According to QR Capital, the goal of the ETF is to give investors a secure and easy way to gain exposure to the number one cryptocurrency without the need for self-custody.

“Easy because you will soon no longer have to worry about wallets or private keys to gain exposure to Bitcoin. Just type ‘QBTC11’ in the terminal of your favorite broker to invest in the asset with the highest appreciation of the decade. Safe because the ETF is authorized by CVM and traded on B3.”

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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:

Brazil Approves First Bitcoin ETF in Latin America

https://cointelegraph.com/news/bitcoin-may-take-out-previous-53k-lows-before-bulls-regain-control-says-trader

➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net

A narrative has formed over recent months that the Bitcoin price is closely correlated with gold.

But according to a recent analysis shared by a crypto trader, BTC may actually be closely correlated with silver.

The issue with this correlation is, silver’s price action is preceding that of Bitcoin by a few weeks.

The trader in question shared the chart on August 23rd.

The chart shows that should Bitcoin’s trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000.

After hitting $20,000, the fractal also suggests that the BTC price will move to $30,000.

Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months.

But many analysts and investors, like BitMEX’s Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.

The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoin’s trend of volatility suggests an uptrend is intact:

“Stuck between 3-9x over the past few years, the price of Bitcoin per ounce of gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoins’s volatility has dropped relative to gold.”

McGlone has been touting the Bitcoin bull case for months now.

Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:

“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”

McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.

In other trending Bitcoin News today:

Fed, futures and fundamentals: 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts another week in a bullish mood as hurdles line up to shape price trajectory.

Here are five factors determining where BTC/USD may go in the coming days, and what traders should look out for.

1 – All eyes on the Fed and U.S. inflation

Stocks saw records last week with the S&P 500 hitting all-time highs.

Despite a lower overall impact on Bitcoin, moves on macro markets are still more than capable of spilling over into cryptocurrency.

2 – Analyst eyes $9,600 for BTC price “buy the dip”

In a transaction analysis video on Sunday, van de Poppe added that in the event of a breakdown, the “buy the dip” level to look out for would nonetheless fall below $10,000.

“The real level I’m watching for buy the dip levels if we do break out is between $9,600 and $9,900,” he summarized.

3 – Bitcoin difficulty hits a new record

A mixed bag for Bitcoin fundamentals saw network difficulty adjust upwards 3% to hit new all-time highs, but hash rate trend lower.

According to data from monitoring resource BTC.com, difficulty increased by 3.6% on Monday to hit 18.17 trillion.

4 – $730 million options expire

62,000 BTC ($730 million) worth of Bitcoin options will expire on Aug. 28, reminiscent of the end-of-month action from June.

5- “Extreme greed” reigns supreme

Bitcoin investor sentiment is “extremely greedy” and getting greedier. 

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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:

This Eerie Silver Fractal Predicts Bitcoin Will Soon Shoot Towards $20k

https://cointelegraph.com/news/fed-futures-and-fundamentals-5-things-to-watch-in-bitcoin-this-week

➡️ TEEKA TIWARI – Investment of the Decade: http://2020.cryptonewsalerts.net

Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.

This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.

Analysts at the multinational financial institution found that through their analysis of Bitcoin’s intrinsic value, BTC is currently trading “25% below what the intrinsic price would be after the halving.”

The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.

While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.

As it stands according to JP Morgan analysts, Bitcoin’s intrinsic value sits somewhere around $11,500 — over $2,500 higher than the current market price.

While this price may seem miles away, it’s attainable due to fundamental trends.

Blockchain insights firm Santiment shared on May 21st that Bitcoin’s Network Value to Transactions Ratio (NVT) remains “healthy,” suggesting prices may soon resume higher despite the recent drop:

“In spite of BTC’s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,” Santiment wrote.

BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.

In a note, the firm said that the “macro case” for BTC has “never been more obvious.”

It attributed its optimism to multiple trends, such as growing distrust in central banks, the world’s adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.

JP Morgan’s latest report about Bitcoin comes as JPMorgan & Chase — the banking division of the firm — has begun to service “crypto-native” clients for the first time ever.

As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.

“People familiar with the matter,” said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.

“The bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchanges’ U.S.-based customers, according to the people.”

According to Mike Novogratz — CEO of Galaxy Digital and a former partner at Goldman Sachs — this news is a massive deal, a “big deal” in fact.

The Wall Street investor remarked that the firm’s acceptance of cryptocurrency clients is a sign of “recognition that the future will include crypto currencies, digital assets, and blockchain based systems.”

In other trending Bitcoin News today:

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”

A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.

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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:

The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.

— Michael Novogratz (@novogratz) May 12, 2020

Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential “Big Short”