Cryptocurrencies are still exploding.
All thanks to retail and institutional interest. Bitcoin is now up to $52,015. Ethereum is up to $1,920.52. Binance Coin is up to nearly $200. Tether is up to $1.
Analysts including Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, as noted by CNBC, says Bitcoin could rally to $5,000 by the end of the decade. From there, it could rally to $1 million per coin. “I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much, much larger than the gold market cap,” he told CNBC.
Even Mike Venuto, co-portfolio manager of the Amplify Transformational Data Sharing ETF, as noted by Business Insider, says we could see Bitcoin hitting $250,000 in the next three years.
Major Institutions Have Just Started to Jump In
NY Mellon said it would begin financing Bitcoin and other digital currencies.
“Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, as quoted by CNBC.
Elon Musk announced Tesla bought $1.5 billion worth of Bitcoin in January. He also said Tesla would start accepting Bitcoin as payment for its products. Even Bridgewater founder Ray Dalio just said his firm may soon buy Bitcoin. Even Apple could buy in soon.
If cryptocurrencies aren’t your thing, consider the crypto mining stocks, like Riot Blockchain (RIOT), Marathon Patent Group (MARA), HIVE Blockchain (HVBTF), and Bit Digital (BTBT).