#Bitcoin looking strong. Poised for a breakout bull run into the New Year.— Tyler Winklevoss (@tyler) October 13, 2020
Positive SentimentThe positive sentiment in the bitcoin market lately has been fueled in large part by the participation of corporate America in the space, including MicroStrategy, which got the ball rolling its $425 million investment in bitcoin for its treasury. On Oct. 13, Stone Ridge, a $10 billion asset management firm, revealed that it purchased 10,000 bitcoins, which is worth more than $100 million and which is being custodied by its subsidiary, NYDIG.
This is the latest move in what many expect will be a wave of corporations gaining exposure to bitcoin on their balance sheet. Crypto Twitter can hardly contain itself.
"As the Fed's balance sheet has increased $3 trillion since the beginning of 2019, the U.S. dollar has depreciated 70% against #BTC." – Ross Stevens – Executive Chairman of NYDIGhttps://t.co/iWHXlu43Fl— Michael Saylor (@michael_saylor) October 13, 2020
Bitcoin is going to explode when all the suits start buying it— Pomp 🌪 (@APompliano) October 13, 2020
Bulls & BearsIf you look hard enough, there are also some bearish outlooks on the BTC price, if only for the near-term. Keith McCullough, CEO of Hedgeye Risk Management, raised eyebrows recently when he announced that the firm had sold its bitcoin investment. McCullough has been cheered and jeered throughout his bitcoin journey as he changes his position and outlook to suit his “risk management process.” Most recently, that strategy has left him on the sidelines as the BTC price has been racking up gains, which has placed somewhat of a target on his back by the crypto community. McCullough has been defending his decision, saying he sold the last of his position at $10,600. Most recently, in response to a question on a Twitter thread, he explained that he is “long-term bullish” and “short (to potentially intermediate-term) bearish” on the bitcoin price. of more than 67% trounce those of gold and the S&P 500.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.