- Bitcoin (BTC)Wall Street Underestimating Bitcoin
- Investors are complaining and dumping S&P market
- Bitcoin could takeover Stock
- More Problems for the US
The present trend in the market shows that Bitcoin is having a break between 8K and 9K. Even though the 9% rise during the weekend, which shifted Bitcoin from $8,000 to $8,800, is a great sign of recovery, no one can affirmatively predict the next direction of the wave.
This year, Bitcoin displayed 135% growth in the market, and it was rated the best performing asset in 2019 and in the last 10 years. Also, the impressive move displayed by the crypto asset since its creation revealed that it was unprofitable for only three months since a decade, making it have higher yields than government bonds in 18 countries at 0% level.
The hip of adoptions from the likes of Bakkt, Fidelity, Microsoft and AT&T and others are also among the year’s remarkable news that signal mainstream adoption for the asset class, yet the Wall Street, a financial and investment community which encompasses stock exchanges, brokerage, banks security and more, still underestimate on the crypto asset’s strength and influence in the finance industry.
Cofounder at Morgan Creek, Anthony Pompliano in a statement said: “Wall Street is completely underestimating Bitcoin.”
The cofounder proclaimed the Wall Street is yet to value the eminent features of the virtual asset. He said they view its brand, scarcity, computing power and decentralization as nothing.
Wall Street is completely underestimating Bitcoin.
They don't recognize the value drivers of network effects, branding, scarcity, computing power, decentralization, etc.
The bankers' lack of understanding is the average citizen's opportunity.
— Pomp 🌪 (@APompliano) June 2, 2019
S&P 500 on the Slope, Any Opportunity for Bitcoin?
The 6.6 percent drop witnessed in the S&P 500 stock market records the worst performance of the stock in the month of May since seven years and the second worst since 1960s, however, many are yet to see the plummet as a message signaling change.
A number of analysts are predicting more bears for the market as the year unfolds. The chief executive officer at Morgan Creek Capital, Mark Yusko, why speaking with CNBC noted that S&P bear market which began since September 2018 would likely go down further with double digit by the end of 2019.
The CEO’s made the prediction owing to the economic depression which aroused due to the US-China ongoing trade war.
Really enjoyed this session w/ #TheJudge @ScottWapnerCNBC and the Investment Committee on @HalftimeReport today.
Nothing like some spirited dialogue & debate about markets to end the week
Morgan Creek Capital CEO maintains $SPX going down double digits https://t.co/ZhtH4tXU0d
— Mark W. Yusko (@MarkYusko) May 31, 2019
Similarly, the RBC Capital Markets in a Bloomberg report warned that more sell off might be experienced in the U.S. stocks as the trade war worsens, especially during the time the market is far from cheap.
A Wall Street premier investor, Scott Minerd, told MarketWatch that by US summer end, the stock market would see a “lower lows than those produced during a withering fourth-quarter selloff that culminated in the ugliest Christmas Eve trading session in history.”
“The trade tensions are likely to get a lot worse because we have never in modern times had a trade war like this,” Minerd said.
US to Face More Problems
As the situation continues to linger, many have envisioned that US might be facing a tougher situation, and a value drop in the US Dollar might soon surface. A number of people including Scott Minerd have started dumping the S&P market.
While the US continues to stiffen its regulation on cryptocurrency, and number of countries are embracing the new technology. Thus, it is believed that it would be a two way loss for the US when the proposed recession begins and other countries adopt crypto fully.
