I received this email and thought I would share it with you guys. The writer is some big shot investment guro... on TV a lot.
April 13, 2018
Bitcoin Rockets Past $8,000 as Value Investors Swoop In
Dear Altucher Report Reader,
This week, the price of bitcoin exploded by more than 16% in a 30-minute window as value investors swooped in to buy the low-priced cryptocurrency.
The price gains reflect a positive change in momentum following a difficult first quarter for cryptocurrency investors. Last week, bitcoin hit a low of nearly $6,600 — down nearly 70% from its all-time high of $20,000 in December.
However, it now appears that the tide is turning as professional investors begin taking their seats at the table. As Kamal mentioned in last week’s Crypto Trader, institutional investment appears to be ramping up.
In the past few weeks, several deep-pocketed investors have begun investing in cryptocurrency, including George Soros, the fund that manages money for the Rockefeller family, and other well-known names.
Apart from the low price, institutional investors appear to be motivated by the technological innovation happening with cryptocurrencies.
As I’ve mentioned in the past, bitcoin (and cryptocurrency in general) is currently undergoing an important evolution from an unregulated, get-rich-quick casino game into a useful, reliable and powerful tool for facilitating trade and commerce.
With the implementation of new capabilities like the Lightning Network only months away, bitcoin could be poised for a massive run-up.
I also expect the usefulness of bitcoin to increase as it becomes a standard part of investor portfolios.
Despite the recent rebound in cryptocurrency prices, I believe the current price still represents a great entry point for new investors and those looking to add to their position.
Takeaway: This past week’s rally indicates mounting interest in cryptocurrency from major institutional investors.
Although cryptocurrency had a challenging first quarter, I expect the price of bitcoin (and other cryptocurrencies) to rise as technological innovation drives new investments from institutional investors.
I continue to remain bullish on both ethereum and bitcoin and advise readers to buy dips.
Sincerely,
James Altucher
Editor, The Altucher Report
