Tag: cryptocurrency

Behind Wells Fargo's Crypto Report

Posted on by Wayne Burritt

As you know, if you've been visiting here over the past year, we've had a ton of fun looking at how some of the biggest financial powerhouses are approaching cryptocurrency and blockchain investing.

Most recently, investment banking behemoth Goldman Sachs said that Bitcoin (BTC) was likely headed to $100K and above in 2022. When I used a similar calculus to what they did, my numbers were even higher.

We also looked at the bombshell crypto report from Bank of America that said in no uncertain terms that crypto was "too large to ignore." And we also did a deep dive into what consultancy giant Deloitte found when it asked businesses how they felt about the crypto and blockchain space. And the bottom line from that report was that if you're in business and you ignore crypto, you do so at your own peril.

Now, banking giant Wells Fargo has thrown their hat in the ring with what they think about the future of cryptocurrency for investors. And I think you'll be as surprised as I was when I looked under the hood of the report.

So, let's get down to business! Continue reading "Behind Wells Fargo's Crypto Report" →

Major Cryptos Enter Bullish Mode

Posted on by Aibek Burabayev

Bitcoin

The price of Bitcoin has built two large legs down that perfectly fit the slightly up-sloping trend channel (orange). It means these legs are equal in size. It is a good sign as we could consider the large consolidation as completed then.

Since January 24, 2022, the sharp move up advanced rapidly to hit the new high of $46k last month, breaking above the earlier minor top established on January 13, 2022, at $44.5k. However, despite such good progress, that move could be just a “dead cat bounce.” Later last month, the strong collapse almost proved that. However, it turned out to be a deep retracement as there was no new low. Continue reading "Major Cryptos Enter Bullish Mode" →

Crypto Regulation Takes A Much-Needed Step

Posted on by Wayne Burritt

As I told you back in October, one of the best ways to make sure that blockchain and cryptocurrency continue to mature as assets is for moderate and sensible regulation to take place. And I stand by what I said back then:

"Right now, it's still the Wild West when it comes to crypto regulation. Rules are uncertain, murky, and poorly constructed. And while that lack of regulation may appeal to the egalitarian spirit of crypto, it scares investors. And when they're scared, they'll likely put their money in other asset classes. And that's bad for the whole sector."

But I wasn't alone in my call for regulation. Later that same month, I talked about the nitty-gritty behind the bombshell crypto report from financial behemoth Bank of America. And if you dig into the report, you can see that they feel like regulation is a good thing as well:

"Regulatory uncertainty is the largest near-term risk in our view, but regulation may drive increased investor participation over the long term once the 'rules of the road' for digital assets are established."

While there has been lots of talk about doing something from a regulatory standpoint, it looks like regulators are finally putting their money where their mouths are.

Here's what I mean. Continue reading "Crypto Regulation Takes A Much-Needed Step" →

Lessons From BTC Price Action

Posted on by Wayne Burritt

If you hang around the markets long enough, you learn a couple of lessons about how they behave really fast. And this holds for BTC:

    1. The first lesson is that things work out like you thought they would.
    2. The second lesson is that things don't work out like you thought they would.
    3. And the third lesson is that things work out like you thought they would, but not when you thought they would.

So, when I took a look at what was happening from a technical standpoint to Bitcoin (BTC) over the past couple of weeks, I have to admit that lesson 3 was in full swing.

Here's what I mean. Continue reading "Lessons From BTC Price Action" →

Behind Goldman's Huge Bitcoin Prediction

Posted on by Wayne Burritt

I don't have to tell you that financial powerhouses are quickly realizing that Bitcoin (BTC) and blockchain technology are revolutionizing the way we do just about everything, from conducting business to making financial transactions.

In fact, we took a deep dive into Bank of America's bombshell crypto report that pointed out in no uncertain terms that crypto is simply "too large to ignore." The report also made clear the transformative power of blockchain, where use cases are seemingly endless.

We also broke down the details behind Deloitte's Blockchain Survey, where blockchain made compelling business cases across the board. The report also made it apparent that if businesses don't get into the blockchain game, they did so at their own peril.

So, I wasn't exactly surprised when I found out that financial powerhouse Goldman Sachs was making some bold predictions about where Bitcoin prices are headed. But when I did a deep dive into the numbers, I found their predictions could even be on the low side. Continue reading "Behind Goldman's Huge Bitcoin Prediction" →