Bitcoin, the king of cryptocurrency is neared an all-time high again in relation with Bloomberg on Monday as bullish strong sentiments gather steam ahead of listing by the top cryptocurrency exchange in the U.S.
The king of cryptocurrency rose as much as US$51,229.00 or 2.6%, the highest gains in nearly a month. Last March 13, 2021, bitcoin reached a record of US$61,742.00. Having almost ninefold in the past year, incoming towers above that of more familiar assets such as equities or bullion.
In contrast to the backdrop of Wall Street’s growing attention to crypto, the listing of the said digital-token exchange Coinbase Global Inc. is gaining interest. Coinbase will be publicized on the Nasdaq this coming April 14, 2021, the first ever listing of its kind for a major cryptocurrency company and a trial of investor appetite for other new undertakings in the sector.
Nick Jones the CEo and co-founder at cryptocurrency wallet Zumo states that “A crypto company moving to IPO is a big milestone”. Its motion is like making the consumers feel safer with cryptocurrency and genuinely boost confidence in the space.
An increase in terms of numbers in the list of companies are looking at or even investing in Bitcoin, drawn by supply and demand, price momentum and arguments that it can be hedged in a risky manner such as faster inflation. Tesla Inc. earlier in this year announced that they have a US$1.5 billion worth of investment in Bitcoin and more recently started accepting bitcoin as means of payment for their electric cars.
And so, Goldman Sachs Group Inc. said that it’s close to offering investment vehicles for cryptocurrencies like bitcoin and other digital assets to private wealthy clients. The investment banking company Morgan Stanley even plans to give rich clients access to three funds that enable cryptocurrency ownership. Paypal Inc. and Visa Inc. have begun using digital assets as part of the payment process while the deck of exchange-traded funds tracking the token expands.
Robeco the Dutch asset manager studied that despite its high volatility, a 1% allocation to Bitcoin when applied in a diversified manner in dealing with a multi-asset portfolio could be beneficial given its similarity to gold and its near zero correlation to other assets.
Ethereum, ranking as second in the cryptocurrency race, is also climbing. CoinGecko tracked more than 6,600 coins that recently surpassed US$2 trillion.
Investments such as digital currency surging right now as we are in the middle of the tech revolution and people are drawn to engage in it. In order to enjoy your full cryptocurrency and bitcoin news experience and update, watch the latest news on a good TV like Apple TV 4K HD 32GB or Apple iPad Pro (32GB, Wi-Fi, Space Gray) 12.9in Tablet (Renewed).