Wall Street’s love/hate relationship with Bitcoin caused some rumblings in the investing world this weekend as Bitcoin numbers rose to a near record high of $60,000. This is up 116% from the yearly low of $27,734 reported this past January.
Officials believe this sudden market interest in Bitcoin stems – in part — from a supply and demand issue that’s currently being predicted to occur as wider adoption of the cryptocurrencies market takes off in the months ahead.
As we all know, most people want what they can’t get and if there’s a Bitcoin shortage in our future, you’d better believe consumer demand will go up. It’s during this “high demand” situation where early investors hope to take advantage.
One of the leading components in the recent widespread popularity of Bitcoin and cryptocurrencies in general is their general acceptance in the mainstream as of late. Once considered a bit of a novelty, Bitcoin and the cryptocurrencies market has started to make its mark with companies like Tesla and Microstrategy Inc recently making a strong pro-Bitcoin stance and even going as far as investing in the company themselves.
In addition, credit card company Mastercard Inc recently backed the cryptocurrencies markets and Morgan Stanley has even gone as far as to offer their wealth management clients access to Bitcoin funds. All of which gives more support to the industry, taking cryptocurrencies further away from their “novelty” roots and solidifying their standing with the public as a serious contender for investment in the markets.
What do you think?
Could the future hold good things for the cryptocurrencies sector or is this just another spontaneous market bubble that is bound to pop?
Join DTI founder and head trader Tom Busby below as he dives into his thoughts on the weekends Bitcoin action and what steps he’s advising everyone take to make sure you’re on the winning side of the Bitcoin argument…
P.S. – You’re just a few minutes away from learning about a new strategy that’s been designed to be effective in any market health, but in order to achieve results you must act quickly!