Bitcoin - Now See This - Now!
Bitcoin is halving this coming Tuesday May 12.If you switch off at the merest mention of Bitcoin or crypto, then change, at least for now, and keep reading.
Bitcoin halving is a significant event alone, but what could prove to be an even more significant event happened yesterday, when the CEO of one of the worlds' biggest hedge funds told the press that it was time for his fund to get into Bitcoin.
There is a link to the Bloomberg article covering this at the bottom of this post. The man that made the statement is Paul Tudor Jones of Tudor Investments.
Here is a direct quote from the Bloomberg piece:
“The best profit-maximizing strategy is to own the fastest horse,”
Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’
“If I am forced to forecast, my bet is it will be Bitcoin.”
This move from a hedge fund manager with clout moving away from the "establishment" stance on crypto must have a ripple effect on Bitcoin buying and will push the price up.
There is no guarantee that this will happen but to my knowledge there has never been two absolute positives (for Bitcoin) that converge like this before.
The time to act upon this potential asset grab, if you agree that halving coupled with hedge fund involvement is likely to push up the price, is RIGHT NOW.
Bloomberg Article
https://www.bloomberg.com/news/articles/2020-05-07/paul-tudor-jones-buys-bitcoin-says-he-s-reminded-of-gold-in-70s
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Disclaimer I am not an investment advisor. This could all turn out a damp squib. It may be possible that, even though Bitcoin halving alone has created dramatic increases in the Bitcoin price previously, it may not this time. And whilst those previous increases have come about even without hedge fund managers telling us they are getting some money in themselves, it is possible that the expectation of big increases now prove to be misguided. Only speculate/invest, what you can afford to lose, is the Golden Rule
With the economic situation in the world today, I think it makes some sense to have at least a little invested in Bitcoin. I'm not an investment advisor either! Like you said, only invest what you can afford to lose. That's the best advice!
Thank you kenny. I think it is worth a punt within personal limits. I would be more confident to invest - in addition to my Steemit earnings - if i could see some sign of it being taken up by the general public to spend on everyday things in the shops.
In the Bloomberg article, Paul Tudor Jones doesn't say why he thinks Bitcoin will be the winning Crypto horse? Fascinating, but worrying times.
Transaction times need to be quicker before people will be using it to buy things in shops, I believe. But there is this Lightning Network I am hearing about, as well as something called Schnorr Signatures, so when these are implemented we may have what you described. In the mean time, its a pretty good hedge against fiat currency although a lot more volatile.
I think it's a good hedge against fiat because we all know exactly how many Bitcoin are being "printed" every day, and that number halves every 4 years. The latest halving happens in the next few days. Meanwhile, the fiat printing presses go brrrrr, as a recent popular meme reminds us. Paper money is being cranked out at record rates and I don't think that is sustainable. History shows what happens in places like the Weimar Republic, Zimbabwe, and lately Venezuela.
By the way, are you aware of HIVE and did you know you own some? https://peakd.com/@ijavee/wallet
Stay safe and healthy!
Thank you kenny.Oh yes,I'm pleased I have some Bitcoin.It gives me an interest in the technology of the future,albeit on the fringe.
Hive?- that's a case in point.steevec brought it to my notice,and provided a link to join.It seemed to involve installing a Chrome extension,which is when my 'Can't be bothered' kicked in - my concentration and patience limits are much shorter these days I've noticed.
I also see that I have Hive in my Bittrex account. That is where I am with it.
Cheers.
Ivor.
There is an extension but you can also sign in with peak lock at peakd.com using the same name and posting key as on steemit. Just "For Your Information" should you ever want to get in there. Cheers!
Thank you. I will try tomorrow,
Dear @ijavee
Solid read. It's clear that we're sharing similar interests towards blockchain technology and crypto.
Perhaps you would like to check out this contest / challenge done by my good friend hardaeborla: "What is Bitcoin Halving ?".
Enjoy your weekend,
Yours, Piotr