Rising Bitcoin moon, zodiac signs in BUY constellation and a parabolically rising chart
Bitcoin is struggling with the $19,000 mark – yet Gemini boss Winklevoss considers the current value a good entry opportunity. Meanwhile, gold fan Peter Schiff tries to dampen Bitcoin’s enthusiasm on Wall Street.
It has taken almost three years for the Bitcoin course to swing back into all-time highs. It is quite possible that the next all-time high will soon be set up beyond the 20,000 US dollars. The Bitcoin whales could at least not chase the course correction of the past week out of the pool. How high the BTC price can rise in the medium and long term, however, also depends on who you ask.
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Bitcoin stock exchange boss Tyler Winklevoss, for example, is certain that BTC will increase many times over. The Gemini boss considers a Bitcoin exchange rate of 500,000 US dollars to be quite realistic.
Our thesis is that Bitcoin is Gold 2.0 and that it will disturb Gold. If it does, it must have a market cap of $9 trillion. So we think that one day Bitcoin could fetch a price of $500,000 per Bitcoin. So at $18,000, Bitcoin is a hold or, if you don’t have one, a buying opportunity, because we believe there is a 25x from here,
a job-related bullisher Tyler Winklevoss calls for the purchase of BTC in the CNBC show Squawk Box.
This is what Michael Sonnenshein would probably sign: As Managing Director of Grayscale Investments, operator of a Bitcoin fund that has grown to almost half a million BTCs, Sonnenshein sees the big bull run still to come:
If the inflow [of capital] into Grayscale is any indication of the types of investors now interested in this asset class or the size of the allocations being made, then we are only at the beginning,
Bitcoin Rally without substance? Peter Schiff remains skeptical about BTC
As expected and as experience has shown, the major investor Peter Schiff has other ideas. As an avowed gold fan, he still has little to gain from what many see as the digital value storage counterpart to precious metals. His attempts to drive the Bitcoin bull into the parade are just about routine on Krypto-Twitter. Even the recent price rally, which is attributed among other things to the possible Bitcoin entry of the investment giant Guggenheim Partner, has not turned the gold evangelist into a Bitcoiner.
The news that Guggenheim is considering investing up to $500 million in the GBTC has pushed the price of #Bitcoin to a new high. I doubt that Guggenheim is stupid enough to actually do this, but they might be smart enough to start the rumor to help pumpers manipulate the price,
Schiff was skeptical in a tweet on November 30.
Alleged gold exodus on Wall Street
On Wall Street, however, Bitcoin is no longer being talked about as a substitute for gold at arm’s length. As the news portal Bloomberg found out, the Bitcoin price rally was accompanied by a large sell-off in gold ETFs.
Bitcoin’s transparency promotes interest. Gold [on the other hand] is a kind of black box, you have to trust that the custodians will keep you informed of all market movements,
explains former hedge fund manager Jean-Marc Bonnefous to Bloomberg.
Schiff also expresses doubts here. According to him, it is not the gold market but the gambling market that is losing shares in BTC:
Bitcoin does not take away #gold’s market share. This hype is only a part of the pump so that the whales can dump. The only markets where #Bitcoin is taking market share are lottery, sports betting, casinos, penny stocks and some overpriced large cap momentum stocks,