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Bitcoin is making headlines left and right on media outlets everywhere, but none more so than CNBC. According to a well respected journalist, during a segment on CNBC it was said that gold would be trading at $3,000 an ounce if it wasn’t for Bitcoin.
Here’s why that statement is probably true, and why the cryptocurrency will continue to take market share away from the aging shiny rock.
The digital narrative worked like a charm, and Bitcoin is now stealing any capital looking to park somewhere resistant to inflation.
Gold has traditionally served that purpose, and as the economy first began treading on thin ice, the ages old asset that was once the “standard” began to uptrend again.
Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin
Gold eventually reached more than $2,000 an ounce at the height of its bull market. Natural profit-taking caused the price per ounce to pull back, but rather than go for another leg higher, capital well suited for gold made its way into Bitcoin instead.
Because Bitcoin exists, and money is pouring into the scarce cryptocurrency instead of gold, has prevented gold from trading at $3,000 an ounce, according to a statement overheard on CNBC today.
Statement on @CNBC today : if there was no #bitcoin , #gold would be trading at $3k today.
— Daniela Cambone-Taub (@DanielaCambone) February 19, 2021
The statement was shared in a tweet, fingering the blame on Bitcoin as the culprit for gold’s lack of price appreciation.
Charts don’t lie, fortunately, and comparing gold against Bitcoin definitely shows a correlation between when gold peaked and the cryptocurrency really took off.
The change took place just days after gold had topped, and publicly traded companies began buying BTC to add to company reserves.
That trend has now extended into the likes of Tesla, and more corporations are expected to follow suit and could be responsible for Bitcoin’s price appreciation.
Other reasons, however, are undeniably due to gold outflows from hedge funds and other investors. Even retail are now getting back into crypto, but are focused more on altcoins as the price per BTC becomes out of reach for the average person.
Related Reading | Chart Comparison Demonstrates Effectiveness Of Bitcoin Digital Gold Narrative
But even altcoins absorbing some of the capital that could have made its way into gold, is ultimately Bitcoin’s doing. It is because of the first ever cryptocurrency that the rest of the market exists, and according the the statement made on CNBC, is responsible for gold trading at under $2,000, let alone the $3,000 it would be otherwise.
Featured image from Deposit Photos, Charts from TradingView.com
While US ants (individual investors) are waging a war with hedge funds that sold short to Gamestop, the next battleground is likely to become a cryptocurrency (virtual currency) market such as bitcoin, according to the US economic media CNBC on the 1st ( Local time) reported.
The common thing between Reddit ants and bitcoin investors, who gather on Reddit, an SNS preferred by young Americans, and wage a war with the short selling forces is that they reject the existing system.
In addition, some hedge funds are betting short on cryptocurrencies such as bitcoin. Short selling refers to selling stocks in anticipation of a fall in stock prices. When the stock price falls, it buys the stock at a low price and pays it back. It is profitable as the stock price declines. Conversely, if the stock price rises after selling the borrowed stock, loss is inevitable.
Bitcoin data company’The Block’ estimates that hedge funds are betting short of about $1 billion (1,117.5 billion won) of bitcoin.
Hedge funds are betting short on bitcoin, but ants are constantly buying bitcoin.
The atmosphere is ripe for a war between ants and hedge funds that sell short.
In fact, such signs are showing. On the 29th, Elon Musk, the idol of ants around the world, changed his profile to’#bitcoin’. It means to support Bitcoin. Since then, Bitcoin has soared about 20% thanks to the ants’ buying trend.
Musk is a person who hates short selling. This is because Tesla was a intensive target of the short selling forces in the early days of Tesla’s founding.
In various circumstances, CNBC predicted that the next stage when Reddit ants will wrestle with the short selling forces is likely to be a cryptocurrency market such as bitcoin.
Jim Cramer, the host of CNBC’s Mad Money, said he is still “playing with the house’s money” after selling off some of his crypto before the recent price crash.
In an interview with TheStreet, Jim Cramer said he still believed in Bitcoin (BTC) despite a $10,000 price correction over the past three days. However, he added he was unlikely to buy more unless the price goes under $20,000.
“My goal was to get my cash out so I don’t have to think about it,” said Cramer. “If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock.”
The CNBC host reported he had “sold enough Bitcoin” last week to cover his initial stake in the crypto asset. Cramer reportedly purchased his first Bitcoin in mid-December when the price was in the $17,000s, at the time calling it a “decent level.”
The price of Bitcoin has fallen more than 23% since reaching an all-time of more than $42,000 on Friday. It is currently trading at $32,192.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Turner Wright
Bitcoin has seen strong adoption on Wall Street over recent weeks and months. It began earlier this year with Paul Tudor Jones, a billionaire investor, announcing that he thinks the cryptocurrency will be the fastest horse in the race in the current macro environment.
This has been followed by other prominent names such as Stanley Druckenmiller and Anthony Scaramucci, both of which have announced that they think the cryptocurrency is extremely viable as the U.S. dollar drops.
Jim Cramer is the latest Wall Street household name to have thrown his weight behind Bitcoin. The CNBC anchor and former hedge fund manager recently told the outlet he founded, The Street, that he is buying more Bitcoin.
Jim Cramer recently announced to Twitter and his own news outlet that he is buying or has recently bought more Bitcoin.
He thinks that the cryptocurrency makes sense as a diversifier, noting that the cryptocurrency isn’t a “big position for me” but is still part of his balance of assets. Cramer added that he owns gold as well, presumably referencing how both assets are both seen as hedges.
Cramer added that he bought at current prices due to historical precedent, referencing how Bitcoin moves largely unpredictable but higher over longer periods of time.
i think i will buy some https://t.co/RjcBFQLCcg
— Jim Cramer (@jimcramer) December 11, 2020
As aforementioned, Cramer is the latest Wall Street bull to have doubled down on Bitcoin.
Paul Tudor Jones, the billionaire investor that bought BTC earlier this year, dictated his opinion on the leading crypto asset in a May research note. He said that he thinks Bitcoin’s halvings gives it unprecedented power as a store of value:
“One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”
What makes the recent comments from Wall Street bulls interesting is that there is a growing contingent of investors that think BTC is better than gold.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com CNBC's Jim Cramer Doubles Down on Bitcoin Despite Criticism
Image Credit: Refer to Source
Author: Refer to Source Nick Chong
CNBC Anchor Joe Kernan EXPLODES On Bitcoin Bull Mike Novogratz! Mike Novogratz Also Shares His Thoughts On Bitcoin’s Future POST Election.
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Timestamp:
0:00 – Intro (Watch The Whole Video)
0:29 – CNBC Anchor GOES OFF!
1:44 – Full Clip
3:03 – US Presidential Election Has People ‘Unsteadiness’
3:29 – Bitcoin Holding Very Strong
3:48 – Question 1: Bitcoin’s Future Post Election
5:14 – Question 2: Is Bitcoin A Currency Or Investment?
6:27 – Question 3: Won’t a CBDC HURT Bitcoin?
7:59 – Bitcoin Buyer Influx Started BEFORE Paypal News
8:37 – Big Picture Final Thoughts
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
This is NOT an offer to buy or sell securities.
Investing and trading in cryptocurrencies is very risky, as anything can happen at any time.
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
Most of my crypto portfolio is Bitcoin, but I hold many cryptocurrencies, possibly ones discussed in this video.
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CNBC Anchor REVEALS His Bitcoin Holdings! This Is A Big Change From Last 12 Years | Amazing For Cryptocurrency!!! ☝️☝️☝️
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Timestamp:
0:00 – Intro (Watch The Whole Video)
0:40 – CNBC Anchor Reveals His Bitcoin Holdings
1:38 – Clip #1
2:57 – Remember How It Used To Be?
3:19 – Clip #2
3:47 – Has Melissa Lee Changed Her Mind?
4:13 – Clip #3 [Main CNBC Segment]
6:13 – Get Ready For A Great Bull Run!
6:58 – Happy 12 Birthday Bitcoin! 99% Of Hodlers In Profit!
7:43 – Best Way To Buy Bitcoin:https://www.swanbitcoin.com/aarontarnold/
8:26 – Final Thoughts!
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
***********************************************************************
🏺Support The Channel!!🏺(We Get A Kickback From These Affiliate Links)
Support us on Patreon here 👇 and be a part of exclusive content and voting power
https://www.patreon.com/AltcoinDaily
Protect and store your crypto with a Ledger Nano:
https://www.ledger.com?r=4b0f6c5711dc
Get $10 Sign-Up & Buy Bitcoin With Swan👇
https://www.swanbitcoin.com/aarontarnold/
Buy Bitcoin with Cash App:
Try it using my code and we’ll each get $5. MMQHWLG
https://cash.app/app/MMQHWLG
Sign up for Coinbase & get $10 in free Bitcoin:
https://www.coinbase.com/join/arnold_a2r
Earn Bitcoin For everyday online purchases:
https://lolli.com/ref/3fFthESfAq
Fold App: Get 20,000 sats by using my referral code: “RNAKA4MF”
https://use.foldapp.com/r/RNAKA4MF
🏺Buy Me A Beer 🏺
►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4
►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4
***********************************************************************
Altcoin Daily, the best cryptocurrency news media online!
#bitcoin #cryptocurrency #news #btc #ethereum #eth #cryptocurrency #litecoin #altcoin #altcoins #forex #money #best #trading #bitcoinmining #invest #trader #cryptocurrencies #top #investing #entrepreneur #business #success #investment #finance #motivation #coinbase #stocks #wallstreet #investor #wealth #bullish #bearish #cryptolive #altcoindaily
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
This is NOT an offer to buy or sell securities.
Investing and trading in cryptocurrencies is very risky, as anything can happen at any time.
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
Most of my crypto portfolio is Bitcoin, but I hold many cryptocurrencies, possibly ones discussed in this video.
bitcoin, cryptocurrency, crypto, altcoin, altcoin daily, news, best investment, top altcoins, ripple, ethereum, xrp, crash, bull run, bottom, crash, rally, tone vays, ivan on tech, chico, macro, price, prediction, podcast, interview, trump, finance, stock, investment, too late, when, bitcoin good investment, how do i buy bitcoin, buying bitcoin united states, cryptocurrency news, bitcoin news, cryptocurrency news media online, defi, 2021, end of year,
Huge Thank You To Our Patreon Family:
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#cryptocurrencynews #bitcoinnews #cryptocurrencynewsmediaonline #bitcoin
Recently, CNBC’s Mad Money show host Jim Cramer stated that he might invest 1% of his net worth in Bitcoin (BTC). The famous investor compared Bitcoin and gold and mentioned the importance of hedging inflation.
In Anthony Pompliano’s podcast, Cramer stated that he would “try to invest 1% of his net worth in Bitcoin.”
Since the Bitcoin bull market in 2017, CNBC, Bloomberg and institutional analysts have been extremely dissatisfied with digital assets. Most people claim that cryptocurrencies are Ponzi schemes, scams, or unsustainable, but this statement began to change in April 2019, when Bitcoin rebounded from a low of less than $4,000.
Most investors regard safe-haven assets such as gold as a hedge against inflation, but they have not invested in these assets in hopes of obtaining a handsome return.
In an interview with Pompliano, Cramer said that Bitcoin can both appreciate and hedge against inflation, which attracted him. He says:
“I mean, people often say that cryptocurrencies are hacked, do you know what’s really bad? It’s when your kids can’t find your gold. By the way, it’s not uncommon. So , This is why I am obsessed with the need to own my own cryptocurrency, because I am afraid of huge inflation, and I don’t have (any cryptocurrency). Gold will get better, and real estate will get better. These will keep me normal It works. The idea of real money, okay, my goodness, I’ll try it with 1%.”
It’s not just Cramer holding a long position in Bitcoin. Billionaire investors like Paul Tudor Jones and even multi-billion dollar public companies have begun investing in Bitcoin.
On September 16, MicroStrategy CEO Michael Saylor stated that the company currently holds 38,250 BTC. Based on the current price of Bitcoin ($10,800), the total value is $413.1 million. Saylor said:
“On September 14, 2020, MicroStrategy bought 16,796 bitcoins for a total price of US$175 million. To date, we have purchased 38,250 bitcoins for a total purchase price of US$425 million, including fees and expenses. ”
Large companies and well-known investors are increasingly investing in Bitcoin because it can serve as an inflation hedging tool as well as being portable. Over time, the Bitcoin infrastructure and ecosystem have improved exponentially, and this digital asset has also received huge returns.
Some investors believe that Bitcoin has all the characteristics of gold because it is easy to carry and its supply is fixed. In fact, billionaire investor and Gemini Exchange co-founder Tyler Winklevoss believes that Bitcoin can act as gold more than precious metals themselves. Winklevoss said:
“It turns out that Bitcoin has an order of magnitude or 10 times advantage over gold.”
Cramer said gold is dangerous and wants to gain exposure to cryptocurrencies
In the interview, Cramer specifically expressed his concerns about gold storage. He said that gold is dangerous for children, which makes Bitcoin more attractive. Cramer said:
“They (my children) will never understand gold. The reason they never understand gold is because they think gold is dangerous. It’s dangerous because it can be stolen, it’s dangerous because they don’t want to take it out of the bank. , It’s dangerous because they might forget where it is.”
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