We’ve heard a good number of calls for Bitcoin bottoming out.
For example, Galaxy Digital CEO, Michael Novogratz said prices have bottomed in September 2018. In fact, he noted the Bloomberg Galaxy Crypto index, which measures the performance of the largest digital currencies traded in dollars, “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble.”
Fundstrat’s Tom Lee said cryptocurrencies have bottomed, too. According to the Tom Lee survey of 25 institutions, 54% say Bitcoin has bottomed, as well.
If we hear it often enough, it has to be true.
Blockchain Capital’s Bogart Believes the Bitcoin Downtrend will Reverse
For example, He says Bitcoin could rally to $10,000 this year, especially after last week’s news.
For one, TD Ameritrade is backing a new cryptocurrency market.
In fact, derivatives market, Eris Exchange is opening a new cryptocurrency market. It’ll be backed by DRW Holdings, Virtu Financial, and TD Ameritrade Holding.
Two, billionaire Ric Edelman announced his investment in Bitwise Asset Management, a crypto-index fund. “There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications,” said Edelman, as quoted by Financial Advisor magazine. “Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients.”
Yale Endowment Fund Invests in Cryptocurrency Funds
Three, David Swensen at Yale University’s Endowment Fund invested in two cryptocurrency funds. Those include Andreessen Horowitz and Paradigm.
The endowment already invested in Andreessen Horowitz’s $300 million crypto fund, for example.
In addition, Yale also invested in Paradigm, a cryptocurrency fund founded by Coinbase co-founder, Fred Ehrsam. Sequoia Capital partner Matt Huang and Pantera Capital’s Charles Noyes are also investors on the project. Paradigm has plans to invest in early-stage projects that are focused on crypto, blockchain technology, and exchanges, for example.
Such an endorsement of assets is significant. Remember, Swensen is one of the top money manager pioneers, having managed one of the best-performing college endowments. No wonder other endowments have tried to replicate his investment model.
With such sizable interest coming to the table, we could see bigger moves from institutions, too. After that, adoption may be quick.
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