The world’s largest cryptocurrency just came within 1% of reaching six figures for the first time ever…
Bitcoin (BTC-USD) rallied as high as $99,500 this morning – pulling back just before breaking through the $100,000 level. From a technical perspective, $100k isn’t that important. But on a psychological level, it’s a huge milestone.
A few analysts – including myself – have been calling for bitcoin to reach $100k for several years now. But just as many analysts and talking heads believe that bitcoin is a worthless scam.
That’s what makes the bitcoin market so interesting.
People like me believe the crypto could hit $250,000 in a couple years. Others believe it won’t be worth the paper cup I’m drinking my tea out of today.
So as bitcoin approaches $100k, more and more “experts” are weighing in with their opinions…
I’m all about free speech. But not every opinion is worth trusting. Now isn’t the time to start listening to random people who never covered bitcoin before and suddenly have an opinion on it today.
Here’s one example. This headline was published on CNBC yesterday. The author, Ron Insana, is calling bitcoin one of the biggest manias (bubbles) ever.
But Insana has been referring to bitcoin as a bubble for years. And obviously, he has been wrong. Of course, even a broken clock is right twice a day. But Insana may never be correct. So I’m not paying much attention to his opinion.
Believe it or not, even one of the greatest investors of all time has been dead-wrong on bitcoin – Warren Buffett. But we’ll cut him some slack considering his age and wealth. He hasn’t needed to take the time to educate himself on the topic.
On the flip side, we also have the “bitcoin believers” who are now taking to social media calling for bitcoin $100k. But these calls aren’t as impressive with bitcoin less than 10% from its target.
The bottom line is that education is your best friend in the stock market. You should educate yourself on bitcoin and the world of cryptocurrencies before taking a headline at face value and using it as the basis for an investment decision.
I have a decent size position in bitcoin in my portfolio. It has been that way for years. So before I leave you to enjoy your weekend, let me share my personal view the crypto…
There are a few reasons why bitcoin has been moving higher lately, and I believe those same catalysts could push it higher well into 2025.
Options trading began this week on bitcoin exchange-traded funds (ETFs).
The current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, said he will step down on January 20 – and thank goodness.
We’ve also seen more pro-crypto rhetoric from the incoming Trump administration. The end result is less regulation and a more friendly environment for large financial firms to operate in the crypto industry.
Bitcoin won’t go straight up over the next year. But I do believe $100,000 will be the first of many milestones to come by the end of 2025.
Here’s to the future,
Matt McCallEditor, Market Insights
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