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Bitcoin Surge: 73% of Millionaires Already Invested or Plan to Invest in Cryptocurrencies

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Bitcoin - Investors King

As Bitcoin hits $17,800 – near all-time highs – nearly three-quarters of high net worth individuals will be invested in cryptocurrencies before the end of 2022, reveals a new global poll.

The survey, carried out by deVere Group, one of the world’s largest independent financial advisory organisations, finds that 73% of poll participants are now already invested in or will make investments in digital currencies, such as Bitcoin, Ethereum and XRP, before the end of 2022.

The findings come as the price of Bitcoin rallied to $17,858 – almost at the $19,763 all-time high reached in December 2017.

The surge takes the leading cryptocurrency’s total market capitalisation to over $315 billion, just below its $335 billion record.

The 700-plus respondents are clients who currently reside in North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America.

‘High net worth’ is classified in this context as having a more than £1m (or equivalent) in investable assets.

Of the survey, deVere Group CEO and founder, Nigel Green, who launched the pioneering deVere Crypto app in 2018, said: “The price of Bitcoin is up 125% year-to-date, making it once again one of the best-performing assets of the year.

“As the survey shows, this impressive performance is drawing the attention of wealthy investors who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past.”

The same poll undertaken last year found that 68% of high net worth individuals are now already invested in or will make investments in digital currencies before the end of 2022, meaning there has been a jump of 5% year-on-year.

He continues: “No doubt that many of these HNWs who were polled have seen that a major driver of the price surge is the growing interest being expressed by institutional investors who are capitalising on the high returns that the digital asset class is currently offering.

“They – including some of the biggest Wall Street banks amongst others – are now aware that the world’s biggest and most influential decentralised currency isn’t going anywhere.

“This will mean that they are set to bring even more of their knowledge and capital into the already booming sector – and this is unlikely to have been overlooked by wealthy retail investors.

Mr Green goes on to add: “Nor too will the recent decision by one of the biggest payment companies in the world, PayPal, to allow customers to buy, sell and hold Bitcoin, have gone unnoticed.”

In addition, the deVere CEO says that investors are being attracted to bullish Bitcoin as it is a “legitimate hedge against longer-term inflation concerns which have come to the fore due to stimulus packages” – more of which are promised by major governments and central banks around the world.

“These emergency measures, like the massive money-printing agenda, reduce the value of traditional currencies like the dollar.

“Other inherent characteristics of cryptocurrencies are piquing interest too. These include that they’re borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people; that they are digital, making them perfectly suited for the increasing digitalization of our world; and that demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.”

Mr Green concludes: “High net worth individuals are not prepared to miss out on the future of money and are rebalancing their portfolios towards these digital assets.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Ethereum

Experts Predict Ethereum Price to Hit $19,842 by 2025

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Thirty-five experts have come together to predict the price of ethereum, the second-largest cryptocurrency after bitcoin. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28 percent say to hodl.

The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says: “By 2025, the panel expects Ethereum to hit $19,842 on average.”

The ethereum price, after beginning the year at under $1,000 per ether token, has smashed through $4,000—climbing alongside bitcoin and most other major cryptocurrencies.

Now, an expert panel has predicted ethereum is set to soar to almost $20,000 by 2025, an increase of 400 percent from its current price, with “major upgrades” to the ethereum network potentially pushing it higher.

The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained.

One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850.

The report continues: “The majority of panelists (59 percent) say now is the time to buy ethereum, while 28 percent say ‘hodl’ and 13 percent say it’s time to sell.”

As for the price prediction for the year 2021, the report notes that the “Panellists predict that the price of Ethereum will hit $4,512 on average by the end of the year. That’s a 234% increase from December’s end-of-year prediction of $1,351.”

One of the highest forecasts came from YAP Global founder and CEO Samantha Yap who noted that the price of ether would be $10,000 at the end of this year, emphasizing that “once BTC is mass adopted, ETH will be next on people’s list.”

Paul Ennis, a lecturer and assistant professor at the University College of Dublin, arrived at the same forecast of $10K for ETH this year, “arguing ethereum is highly undervalued and has far more uses than bitcoin.”

LMAX Group’s cryptocurrency strategist, Joel Kruger, gave a more moderate forecast of $2,000. He is also convinced of “ethereum’s potential, viewing the currency as the major hub of innovation on the blockchain.” He described that “As crypto adoption continues, most of that innovation will therefore be hosted on Ethereum, which we expect will translate into a much higher valuation.”

The panelists include Bitriver CEO Igor Runets; Thomson Reuter’s technologist Joseph Raczynski; Okcoin COO Jason Lau; Etoro analyst and senior account manager Simon Peters; Consensys head economist Lex Sokolin; Coinmama CEO Sagi Bakshi; Unocoin CEO Sathvik Vishwanath; and Origin Protocol co-founder Josh Fraser.

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Bitcoin

Tesla Suspension Won’t Derail Bitcoin, It’s Still a Buy- Says Bloomberg’s McGlone

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Bitcoin

Elon Musk’s concern that bitcoin might be bad for the environment isn’t enough to derail the cryptocurrency’s potential for further price gains, said Bloomberg Intelligence commodity strategist Mike McGlone.

McGlone in a new report on Thursday wrote “Elon Musk saying Tesla is suspending purchases using bitcoin doesn’t shake our thesis that the crypto is in early price discovery days on its way to becoming the global digital reserve asset in a world of accelerating digitalization and electrification.”

The report follows a 13 percent drop in the price of bitcoin, the most in a single day in almost four months. The drop was prompted by Musk, Tesla’s CEO, saying late Wednesday the electric-car company was ending its bitcoin-for-cars offer made earlier in the year. That Feb. 8 announcement drove up bitcoin’s price so dramatically – by 19 percent – that it was lionized by some fans of the cryptocurrency as “Elon’s candle,” in a reference to the resulting pattern on price charts.

Now, bitcoin analysts are scrambling to adjust their price forecasts and respond to concerns about bitcoin’s energy needs contribute to fossil-fuel burning, making it a climate threat at a time when environmental, social and governance concerns are becoming more important to institutional investors.

McGlone is considered a hot hand in cryptocurrency markets because he accurately forecasts bitcoin’s price rise to $50,000 last year, at a time when it was trading at just a fraction of that level.

What matters the most, according to McGlone, is the source of the Bitcoin network’s energy.

“The source of electricity is increasing from solar and wind, which are cost effective,” according to the report. “On a global scale, electricity is going renewable.”

Musk’s remarks about the crypto’s electricity consumption are “odd” coming from an automaker whose product is “fed solely by electricity,” the analyst wrote.

McGlone wrote that bitcoin “shows comfort at the whole-number level around $50,000, which was our initial call on a 2021 target resistance value.”

“The rule of money flowing to where it’s treated best looks like an enduring tailwind for bitcoin,” he wrote.

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Cryptocurrency

Coinbase Take Steps To Add DOGE

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Dogecoin

Coinbase, known for being particularly choosy in the cryptocurrencies it allows to list, has decided to be a lot more inclusive, potentially bringing in a flood of new revenue as a result.

As part of the new policy, the leading U.S. exchange will be listing meme-based cryptocurrency dogecoin in the next six to eight weeks.

Coinbase sat on the sidelines this year as competing exchanges raked in untold millions of fees as trading in dogecoin, a cryptocurrency that was started as a joke, exploded in popularity.

Speaking on the company’s Q1 earnings call, CEO Brian Armstrong said Coinbase is also changing its process for listing coins to include digital assets that have just been minted. In the future, the company will start listing what are called “debut” coins or cryptocurrencies that have just been minted and are seeing their first day of trading volume.

Currently, the company evaluates cryptocurrencies based on the security of the digital asset and whether or not it could potentially be deemed a security. This is the first time the exchange’s executives have said they would list coins with no volume.

“We’re going to have to do this in the future–be the first to list a number of these coins,” CEO Brian Armstrong said.

Currently, there is a backlog of assets that the exchange needs to get to, and it’s working on accelerating its coin listing process, Armstrong added.

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