$150 Billion Cryptocurrency Boom Is Here

Bold Profits Daily
November 29, 2019

Paul Mampilly: It’s Paul on the Iancast again. I’m hijacking this permanently.

Ian Dyer: Fine with me. We have good discussions.

Paul: With Market Talk I’m always trying to keep it tight down to three to five minutes. I have a lot of competition between Hudson and Amber. On this one, we’re going to do it long. How about that?
Ian: Sounds good.

Paul: Let’s start with dramatic news. You and I never sleep. I know you were up watching Bitcoin hit $6,500.

Ian: The whole time, yes. It bounced. The Bakkt futures we talked about last week, the expiration date came into play there. Bitcoin fell to below $7,000, then it bounced and went a little lower.

Again, around these expiration dates in the futures, all these new Bitcoins are being sent out from the actual futures company to all the investors. It creates an immediate supply that can have an effect on price.

Paul: Long term, I don’t know anybody who would ever want to be short those futures. You’d have to deliver something of a fixed quantity. I remember seeing analysis that something like 30-40% of Bitcoin are being HODLed. Hold on for dear life, that’s what HODL means.

The crypto world has its own language. We have HODL. We have FUD.

Ian: That’s fear, uncertainty and doubt, right?

Paul: Time to lambo for time to move. So 40% of all Bitcoin approximately is being HODLed. I read analysis on The Block, which is a website where they do crypto analysis, that hedge funds are short Bitcoin. This sounds crazy to me.

Ian: Me too. There’s a lot of questions around it. When you look at all these hedge fund managers that are into traditional investments like 60% stock and 40% bonds. Bitcoin doesn’t fit anywhere in there and they don’t know what to do with it. They don’t’ think it will ever overtake gold as a safe haven asset.

There’s a lot of naysayers out there still which is surprising considering it’s survived for 10 years now — almost 11 — and it…

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