CNN REPORTS: Bitcoin prices have surged nearly 60%, “Bitcoin going legit”

CNN has joined the other main stream medias and news networks referring to the new Bitcoin movement a leget and not bubbly asset to trade. “The cryptocurrency is still far from its all-time highs of just under $20,000, which it hit in December 2017. But crypto investors are increasingly optimistic that the bitcoin (XBT) bounce of 2019 is real and that it and other cryptocurrencies may enjoy a steady march higher. It may be tempting to declare this year’s bitcoin rebound as another sign of investor insanity. “Uh-oh: Investors are doing it again. Cue the sounds of a bubble being inflated. All we’re waiting for now is the inevitable pffft as the bubble pops.” But bitcoin may finally be trading at an appropriate price.”

“Bitcoin going legit”

“The huge crash in 2018 was a correction after a speculative mania. The gains in 2017 were astronomical,” said Everett Millman, an analyst with Gainesville Coins, an investment firm specializing in precious metals and cryptocurrencies. Should investors own any bitcoin in their portfolio? Should investors own any bitcoin in their portfolio? Millman thinks some traders are still buying bitcoin because of “hopes and dreams.” But he’s cautiously optimistic that the worst days for bitcoin and other cryptocurrencies are behind them.

“The selling in bitcoin got exhausted last year and people started to come back in around $4,000,” said Tyrone Ross, managing partner with NobleBridge Wealth Management.
“You are now starting to see more people cite bitcoin as a credible asset that you can use to diversify your portfolio. People are looking at bitcoin as a type of digital gold,” Ross added.
But many speculative investments remain tied to bitcoin and blockchain, the digital ledger that tracks cryptocurrency transactions as a public record.

Institutional Investors Getting Into Crypto Fidelity Survey Finds , Bloomberg Reports

  • Nearly half of investors said digital assets worth owning
  • Concerns include volatility, lack of rules and no fundamentals

Fidelity, which began a custody service to hold Bitcoin for its customers earlier this year, is trying to gauge how pensions, family offices, hedge funds, endowments and foundations feel about owning cryptocurrencies as it builds out its Fidelity Digital Assets business. According to the survey, which questioned 441 institutional investors from November to February, 72 percent prefer to buy investment products that hold digital assets, while 57 percent choose to buy them directly.

“That’s interesting because I’d argue that no one owns dollars or euros in a fund,” Tom Jessop, president of Fidelity Digital Assets, said in an interview. Survey participants said they were concerned about volatility, regulatory uncertainty and a lack of fundamentals to use in determining the right price for Bitcoin, Ether and other digital assets. Jessop noted the survey was done during a bear market in which cryptocurrencies have dropped substantially from their highs in late 2017.”

More and More MAINSTREAM:

The popular investing app Robinhood now offers investors the ability to buy bitcoin and several other cryptocurrencies. Fidelity and ETrade (ETFC) are reportedly getting ready to launch more crypto investing options for larger clients too.
And ICE (ICE), the owner of the NYSE, has launched Bakkt, a futures exchange for bitcoin and other cryptos. All of this adds legitimacy — and perhaps stability — to bitcoin. It no longer has to be the 21st century market equivalent of the Wild West.
“These solutions will provide infrastructure and services immensely superior to what is currently available in virtually all areas of the cryptocurrency industry. From payments to trading and custody, everything is improving at an impressive rate,” said Fabio Canesin, co-founder of Nash, a cryptocurrency exchange.

 

Tags:

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Source:

https://www.bloomberg.com/news/articles/2019-05-02/fidelity-survey-finds-institutional-investors-are-eyeing-crypto?srnd=cryptocurrencies

https://www.cnn.com/2019/05/07/investing/bitcoin-prices/index.html

Mohsen Daemi
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