Topline
Amid a pandemic that's seen the U.S. dollar tank in value, the price of bitcoin has exploded nearly 150% this year and 15% in the past week alone, sparking a wave of renewed attention from Wall Street as the pioneering cryptocurrency nears its all-time price peak from late 2017 (before the crypto market infamously crashed).
Bridgewater Associates founder Ray Dalio at Fox Business Network Studios in New York City. (Photo by ... [+] Roy Rochlin/Getty Images)
At a New York Times conference on Wednesday, JPMorgan Chase's billionaire chairman and CEO Jamie Dimon, who in 2017 regrettably called bitcoin a fraud, said he's a "believer" in blockchain technology (JPMorgan has its own token) and "properly backed, properly regulated" cryptocurrency, but that bitcoin isn't his "cup of tea" and too many questions remain around its regulation.
But Bitcoin's resurgent price prompted billionaire hedge fund manager Ray Dalio to question his own skepticism on Tuesday: "I might be missing something about Bitcoin so Id love to be corrected," Dalio tweeted before launching into a slew of perceived downfalls, echoing much of the bearish sentiment on Wall Street.
As a medium of exchange, bitcoin still isn't widely accepted by merchants, which Dalio postulates is because of its volatilitysomething that also makes it "not very good as a store-hold of wealth," he added.
"Bitcoin has made me an honest man in 2020," DoubleLine Capital CEO Jeffrey Gundlach said at Forbes' Wealth Management Summit last week touting his January prediction that prices would eclipse $15,000 this year; in October hed noted that bitcoin was a lie.
He also said bitcoin has been soaring in tandem with gold, a sign investors are flocking to the cryptocurrency as a hedge against inflation.
The CEO of $12 billion wealth advisory DeVere Group, Nigel Green, agreed with that in a note on Wednesday, saying inflation fears spurred by massive government spending during the pandemic have investors "piling into safe-haven assets, in particular those not tied to any specific country, such as bitcoin and gold, as a shield against the turbulence."
Many investors are now taking to bitcoin as a legitimate hedge against longer-term inflation concerns, which have come to the fore due to stimulus packages," Green further noted on Wednesday. "These emergency measures, like the massive money-printing agenda, reduce the value of traditional currencies like the dollar, and other inherent characteristics of cryptocurrencies are piquing interest [in bitcoin] too," he added, pointing to trends like increased global trade, digitalization and younger consumersall of which bode well for bitcoin.
DeVere Group said on Wednesday that 73% of the more than 700 of its millionaire clients who responded to the firm's annual cryptocurrency survey said they are already invested in or will invest in cryptocurrencies by 2023, up from 68% last year as high net worth individuals rebalance their portfolios toward crypto, Green said.
"Unlike gold, which is the third highest reserve assets that central banks own, I cant imagine central banks, big institutional investors, businesses or multinational companies using [bitcoin]," Dalio tweeted on Tuesday, but past volatilityand the lack of day-to-day transferabilityhasn't stopped a cadre of institutional investors and corporations from at least warming up to bitcoin this year. Through the first half of 2020, more than 20 financial institutions, ranging in assets from $10 million to more than $5 billion, revealed they owned bitcoin via the Grayscale Bitcoin Trust, a publicly traded investment vehicle that owns bitcoin and loosely tracks its price. In October, payments company Square invested $50 million in bitcoin in order to diversify its largely USD-denominated balance sheet, becoming the latest large institution plowing big money into the world's first cryptocurrency.
Regulation. "My experience with the government is they can regulate whatever they want, when they feel like it and if [bitcoin] gets bigger and bigger, it will be regulated," Dimon said on Wednesday. "Around the world, it's already starting to happen," he added, likely referencing enhanced regulation in countries like South Korea, India and China, which bars financial institutions from facilitating cryptocurrency transactions. The SEC, meanwhile, has largely cracked down on crypto-fundraising through "initial coin offerings," but it's been hesitant to issue guidance on the industry as a wholethough that could soon change. "There is more and more interest from a wide spectrum of people, both inside the crypto space as well as inside the traditional financial institutions who are asking us for guidance," an SEC Commissioner told CoinDesk last month. "I think we're going to be forced to confront that more and more in the coming years."
$19,783. That's the price bitcoin peaked at in late 2017 after climbing 15-fold that year amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase. But that bubble proved unsustainable, and bitcoin's price crashed 80% by the end of 2018. Bitcoin's rise this year has boosted prices to about 90% of peak levels.
A Major Tesla Investor Has Predicted Bitcoin Will Be Worth More Than $1 Trillion In Under 10 Years (Forbes)
20 Institutional Bitcoin Investors Revealed, But Soon The List May Vanish (Forbes)
Billionaire-Founded Square Invests $50 Million In Bitcoin, Pushing Shares To All-Time High (Forbes)
Continued here:
As Bitcoin Surges 15%, Here's What Wall Street's Saying About The Cryptocurrency's Meteoric Resurgence - Forbes
- Bitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times - March 10th, 2024 [March 10th, 2024]
- Is Bitcoin headed for $100k? What it could mean for US dollar. - IG - March 10th, 2024 [March 10th, 2024]
- Bitcoin Rallies To Record $70K, Prompts Coinbase Upgrade; BlackRock To Add BTC Exposure To $17.83 Billion Fund - Investor's Business Daily - March 10th, 2024 [March 10th, 2024]
- What Is Bitcoin 'Halving' and Does It Push Up the Cryptocurrency's Price? - Bloomberg - March 10th, 2024 [March 10th, 2024]
- What to Know About Bitcoins Record High in Latest Crypto Surge - The New York Times - March 10th, 2024 [March 10th, 2024]
- SEC's Gensler says crypto 'rife with abuses and fraud' as bitcoin surges to new all-time record - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin 'on Fire' BTC Headed for $300K This Year Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin can top $150000 in the next 12-18 months, says Fundstrat's Tom Lee - CNBC - March 10th, 2024 [March 10th, 2024]
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- Bitcoin spikes above $70K, a record high, before fading - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
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- Bitcoin vs. Ethereum: Which Is the Better Buy? - U.S News & World Report Money - March 10th, 2024 [March 10th, 2024]
- Crypto Analyst Predicts Bitcoin Could Surpass $330000, Breaking Historical Growth Patterns Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin is running out of enemies - Fortune - March 10th, 2024 [March 10th, 2024]
- Why is Bitcoin at an all-time high? - BBC.com - March 10th, 2024 [March 10th, 2024]
- Bitcoin tops $68,000 as it nears 2021 all-time high - CNBC - March 10th, 2024 [March 10th, 2024]
- BlackRock's Global Allocation Fund Eyes Spot Bitcoin ETFs, Expects Institutional Uptake to Drive BTC Above $600k - TradingView - March 10th, 2024 [March 10th, 2024]
- FT Cryptofinance: This time isn't different for bitcoin rally - Financial Times - March 10th, 2024 [March 10th, 2024]
- Coinbase Stock vs. Bitcoin: Which Should You Invest In? - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- ETC Group CEO on Bitcoin's wild ride to a new high and why Ethereum could be the next big thing - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Miners continue money-conscious moves ahead of the Bitcoin halving - Blockworks - March 10th, 2024 [March 10th, 2024]
- Warren Buffett's danger to Apple, the truth about Bitcoin's record, and Nvidia's bubble: Markets news roundup - Quartz - March 10th, 2024 [March 10th, 2024]
- Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World He Considers Crypto 'Rat Poison' And ... - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin breaks record: Will the crypto rally sustain? - DW (English) - March 10th, 2024 [March 10th, 2024]
- Bitcoin Hit a Record High. Here's What Might Happen Next - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin down 20% since ETFs approval, but may still see record high this year - MarketWatch - January 25th, 2024 [January 25th, 2024]
- Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitcoin trims its losses after breaking below $39,000 to lowest level in 7 weeks - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock's - Blockworks - January 25th, 2024 [January 25th, 2024]
- AI Agents Are Coming For CryptoPalantir Cofounder Issues Very Important Bitcoin, Ethereum, Solana And XRP Price Prediction - Forbes - January 25th, 2024 [January 25th, 2024]
- This Investing Phenomenon Could Be Why Bitcoin Prices Are Down After ETF Approval - Money - January 25th, 2024 [January 25th, 2024]
- Bitcoin Under $39K as ETF Debut Continues to Be a Sell-the-News Event - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Aren't There Options on the New Bitcoin ETFs Yet? - The Wall Street Journal - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs to Likely Divert Users and Trading Volumes Away from CEXs, Says Anthony Bevan Bitcoin News - Bitcoin.com News - January 25th, 2024 [January 25th, 2024]
- Retail investors are worried bitcoin will plunge below $20000 this year, Deutsche Bank survey says - CNBC - January 25th, 2024 [January 25th, 2024]
- China's Currency Woes to Weigh on Bitcoin: Crypto Observer - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETF fee war spreads to Europe - Financial Times - January 25th, 2024 [January 25th, 2024]
- Bitcoin Bulls Buoyed by Report of FTX's $1B GBTC Sale - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Despite the Bitcoin ETF Hype, Survey Says Investors Are Still Skeptical - Barron's - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Bitcoin's 'relentless' selling will end in weeks - DLNews - January 25th, 2024 [January 25th, 2024]
- Bitcoin recovers above $40k amidst GBTC outflows, other ETF inflows - CryptoSlate - January 25th, 2024 [January 25th, 2024]
- These two drivers will fuel Bitcoin's rebound: 'It's happened often before' - DLNews - January 25th, 2024 [January 25th, 2024]
- Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin - The Crypto Basic - January 25th, 2024 [January 25th, 2024]
- Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times - January 25th, 2024 [January 25th, 2024]
- Bitwise releases wallet addresses of spot Bitcoin ETF holdings - Cointelegraph - January 25th, 2024 [January 25th, 2024]
- Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan - crypto.news - January 25th, 2024 [January 25th, 2024]
- Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says - Yahoo Finance - January 25th, 2024 [January 25th, 2024]
- Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch - NewsBTC - January 25th, 2024 [January 25th, 2024]
- Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend - The Daily Hodl - January 25th, 2024 [January 25th, 2024]
- Franklin Templeton expects its spot bitcoin ETF to gain traction as financial advisors become more familiar with product - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs: The Good, the Bad and the Ugly - RealMoney - January 25th, 2024 [January 25th, 2024]
- Cathie Wood Thinks Bitcoin Could Skyrocket 3,356% By 2030. Is She Right? - The Motley Fool - December 19th, 2023 [December 19th, 2023]
- JPMorgan says ether to outperform bitcoin next year - The Block - Crypto News - December 19th, 2023 [December 19th, 2023]
- XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic - December 19th, 2023 [December 19th, 2023]
- Bitcoin Must Hold $32K Support to Prevent Bears from Taking Over: Analyst - CryptoPotato - December 19th, 2023 [December 19th, 2023]
- BlackRock Has Quietly Opened The Door To A Trillion-Dollar Plus Wall Street Game-Changer Amid The $700 Billion Bitcoin, Ethereum, XRP And Crypto Price... - December 19th, 2023 [December 19th, 2023]
- Bitcoin Bounces Over $43K, Altcoins, Crypto Stocks Burst Higher as Fed Projects Rate Cuts Next Year - CoinDesk - December 19th, 2023 [December 19th, 2023]
- 10 Best Bitcoin Stocks To Invest In - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Why 2023 Is Like 2020 and Bitcoin Is Set to Head Towards $50k - CoinDesk - December 19th, 2023 [December 19th, 2023]
- Bitcoin About To Take Center Stage Again After BTC Holds $40,000, According to Analyst Heres His Outlook - The Daily Hodl - December 19th, 2023 [December 19th, 2023]
- Bitcoin rises as investors await vote on tentative debt ceiling agreement - CNBC - May 31st, 2023 [May 31st, 2023]
- 'Bitcoin Millionaire' Found Dead a Week After Going Missing - Decrypt - May 31st, 2023 [May 31st, 2023]
- US Debt Crisis: Gold and Bitcoin to Soar, Predicts Gromen - CryptoGlobe - May 31st, 2023 [May 31st, 2023]
- Why Bitcoin Is Falling Today - The Motley Fool - May 31st, 2023 [May 31st, 2023]
- At bitcoins annual convention, few feel the chill of crypto winter - Marketplace - May 31st, 2023 [May 31st, 2023]
- Bitcoin Association for BSV to Serve as Steward of Bitcoin Protocol - PR Newswire - May 31st, 2023 [May 31st, 2023]
- Former Operator of Payza.com Charged with Laundering 450 Bitcoin - Department of Justice - May 31st, 2023 [May 31st, 2023]
- Bitcoin is on a collision course with 'Net Zero' promises - Cointelegraph - May 31st, 2023 [May 31st, 2023]
- Using Bitcoin to build a business - The Unilateral Contract - CoinGeek - May 31st, 2023 [May 31st, 2023]
- ChatGPTs Bitcoin Price Prediction is $35,000, Also Backing Wall ... - Finbold - Finance in Bold - May 31st, 2023 [May 31st, 2023]
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