Sunday, May 28, 2017

Mainstream business analysts finally get on board with Bitcoin as they start to advocate ownership of cryptocurrencies in clients portfolios

It is ironic that as mainstream business shows such as CNBC, Bloomberg, and Fox Business News vilified Bitcoin and all cryptocurrencies for years, they are all of a sudden now getting on board once the digital currencies showed themselves to be the best performing assets of 2017.


Yet this acknowledgement of Bitcoin, Ether, Ripple, and many other crypto's being a viable investment appears to be only the beginning as more and more investment managers are advocating to their clients that cryptocurrencies need to be a vital part of their investment portfolios.

Boris Schlossberg of BK Asset Management has joined the cadre of investment advisors who see bitcoin as a way for investors to hedge their bets against market uncertainty. Schlossberg, according to CNBC, sees bitcoin as an addition to an investment portfolio in the wake of political uncertainty. 
Schlossberg sees parallels between bitcoin and gold, and he noted that bitcoin is being called the “new gold,” due to its ability to retain value over time. 
He noted that bitcoin is holding steady following its 92% rally this year. Speaking Wednesday on “Trading Nation,” Schlossberg said the cryptocurrency is holding at steady highs, and that when there is a big move for any type of instrument, there is usually some continuation. 
Bitcoin is clearly signaling more demand, Schlossberg observed. He favors it as a hedge play moving forward. – Crypto Coins News
Additionally, a contributor to CNBC on May 28 analyzed Bitcoin the same way he would an investment and highlighted the risk - reward potential that it and other cryptocurrencies offer.
"I wish I’d invested in Bitcoin," is a response I usually hear when I tell people how much they could have made off the cryptocurrency if they had bought it at the start. Just to be clear, if you bought US$100 worth of Bitcoin in 2010 when it was worth 0.003 cents each, you’d be sitting on more than $88 million. 
It all sounds so easy. But for regular investors in Bitcoin – those not heavily involved in the cryptocurrency world – Bitcoin has a confusing reputation. It’s known to be highly volatile with wild price swings, but at the same time some, such as Bobby Lee, the co-founder and chief executive of Bitcoin exchange BTCC, have called it a safe-haven asset. 
"When the existing money system has problems, people turn to Bitcoin, sort of like people used to go to gold in the old days," Mr Lee told CNBC in a recent interview. - The National AE
While most in the crypto world believes Bitcoin is a currency, most of Wall Street and the rest of the mainstream financial world believes it to be a security.  And with more and more brokers and institutions starting to advocate its purchase and ownership of cryptos in personal and joint portfolios, the volatility will continue to be high, and everyone who owns a cryptocurrency must respect this and trade accordingly.

1 comments:

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