Replies to post #17724 on Bitcoin (BTCUSD)

[Investors3]

Rich Dad Poor Dad author explains why Bitcoin will see $50,000 next year
JOSEPH YOUNG
10 HOURS AGO

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” says Bitcoin is heading to $50,000 in 2021.

https://cointelegraph.com/news/rich-dad-poor-dad-author-explains-why-bitcoin-will-see-50-000-next-year

The Bitcoin (BTC) price is heading to $50,000 in 2021, says the best-selling author of Rich Dad Poor Dad, Robert Kiyosaki.

Kiyosaki pinpointed that a “wall of institutional money” is coming to Bitcoin in 2021, which could push the price up further.

Why is Kiyosaki talking about institutional interest in Bitcoin?

Kiyosaki, who is also a real estate mogul and an investor in precious metals, has historically liked various stores of value including silver.

Based on the institutional inflow into Bitcoin, Kiyosaki noted that BTC below $20,000 is ideal, as $50,000 is the next target. He said:

“Glad I bought Bitcoin. Next stop $50k. Wall of institutional money coming 2021. Buy below $20k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”

If Bitcoin hits $50,000, its market cap would reach $928 million, which is around 10.3% of gold’s market cap compared to the current 2.9%.

Bitcoin is in a favorable position to rally in the upcoming months because of its low correlation with the stock market.

Traditional safe-haven assets, like gold, often pull back when U.S. equities rally. In the case of BTC, it has shown a relatively low correlation with U.S. stocks. Hence, Bitcoin has seen sharp uptrends even when equities increase in value.

For instance, over the past 24 hours, Bitcoin price has increased by around 4.5%, recording a 6.5% gain at the day’s peak.

BTC rallied in tandem with gold, while the Asian markets slumped and U.S. stocks slightly retreated. Holger Zschaepitz, a market analyst at Welt, said:

“Asian stock retreated w/European and US Futures after a mixed Wall St session, amid caution over econ risks from virus-related curbs and ongoing US fiscal stimulus talks. Bonds gain w/US 10y yields [are less than] 0.9%. Dollar steady w/Euro at $1.2153. Gold rises to $1839. #Bitcoin at $19.1k.”

The lack of correlation between Bitcoin and U.S. stocks likely comes from two factors. First, when risk-on assets increase, BTC benefits from an overall rise in investor appetite.

Second, stocks have increased in recent months due to unprecedented central bank liquidity injections. Relaxed financial conditions benefit Bitcoin because investors move to hedge against inflation.

CME and Grayscale trading activity continue to surge

The CME Bitcoin futures market’s open interest is hovering at $1.07 billion, just behind OKEx and Binance Futures.

The data shows that institutional demand for Bitcoin is high to the point where institution-focused platforms are surpassing major retail exchanges in open interest and trading volume.

Grayscale has also surpassed $13 billion in assets under management on Dec. 15, indicating a large increase in institutional inflow into Bitcoin.

Institutions appear to be rapidly accumulating Bitcoin following the high-profile publicized investments from the likes of MicroStrategy, Square and MassMutual. Consequently, as Cointelegraph reported, this has led to aggressive dip-buying in both the futures and options markets.

[Investors3]

Bitcoin is a ‘convex bet’ says CEO of institution with $600M BTC exposure
BENJAMIN PIRUS
6 HOURS AGO

Another mainstream giant unveils its bullish position on Bitcoin.

https://cointelegraph.com/news/bitcoin-is-a-convex-bet-says-ceo-of-institution-with-600m-btc-exposure

2020 has been a big year for mainstream Bitcoin (BTC) adoption. One of the most recent entrants to the space is One River Digital Asset Management, a hedge fund headed up by CEO Eric Peters.

The firm expects to own approximately $1 billion in Ethereum (ETH) and BTC by the first half of next year, and has already accumulated roughly $600 million worth of the asset, said a Bloomberg report on Wednesday. Alan Howard, Brevan Howard Asset Management’s co-founder and a known billionaire, is also involved in the endeavor.

Peters’ position on Bitcoin lines up with other players', who view Bitcoin as a potential gold-like inflation hedge during uncertain economic times. Taking interest rates, money printing, and other factors into account, Peters told Bloomberg:

“There definitely are more risks to this than gold, which has been around for thousands of years, but there’s also way more convexity [...] There are very few convex bets that’ll help your portfolio when these macro forces start playing out.”

Peters has boarded a thought leadership train that sees BTC becoming more and more prevalent in the days ahead. He explained:

“There is going to be a generational allocation to this new asset class [...] The flows have only just begun.”

One River did not just buy the $600 million in BTC and ETH yesterday, however. According to the article from Bloomberg, Peters completed the purchases in November, sneakily acquiring stacks of the assets without stirring public hype.

Bitcoin's price recently cracked $20,000, and remains above this level at time of publication.

Tyler Winklevoss: 'Smartest people in the room buying the Bitcoin quietly'

Big name financial players continue buying into Bitcoin.

https://cointelegraph.com/news/tyler-winklevoss-smartest-people-in-the-room-buying-the-bitcoin-quietly

[Investors3]

Fidelity's bitcoin fund has raised more than $100 million from investors
by Michael McSweeney
May 26, 2021, 4:19PM EDT · 1 min read

In August 2020, the Fidelity-backed Wise Origin Bitcoin Index Fund I went public, providing a means for the Boston-based asset management giant's clientele to gain exposure to bitcoin.

Roughly nine months later, the passively-managed fund has raised approximately $102 million from investors, a filing with the Securities and Exchange Commission published Wednesday shows. Per the document, the first sale in connection with the fund took place on August 31, 2020. Since then, 83 investors have bought into the fund, per the filing.

Fidelity is one of a number of U.S. firms seeking to bring a bitcoin exchange-traded fund to market, as previously reported. Fidelity's similarly-named Wise Origin Bitcoin ETF was detailed in a March 24 regulatory filing.

Last month, Fidelity unveiled a digital asset data and analytics tool aimed at institutional investors.

https://www.theblockcrypto.com/linked/106208/fidelitys-bitcoin-fund-has-raised-more-than-100-million-from-investors?utm_source=coinbase&utm_medium=rss

[Investors3]

MassMutual-owned fintech Flourish launches a new service to connect financial advisory clients with bitcoin
by Michael McSweeney
September 30, 2021, 9:00AM EDT · 4 min read

Quick Take

* Flourish Crypto was launched Thursday by Flourish, a fintech startup
owned by insurance giant MassMutual.

* The service, in partnership with crypto startup Paxos, is aimed at
financial advisors whose clients want to invest in bitcoin.

A fintech company owned by MassMutual is launching a service that lets registered investment advisors (RIAs) and their clients tap into bitcoin investments.

Flourish’s new service, dubbed Flourish Crypto, reflects the growing intersection between traditional finance and the digital asset space, and it’s a bet on what the company says is growing demand among financial advisory clients for bitcoin.

The offering is being launched in partnership with Paxos, which is supporting the execution and custody side of things. The New York-based startup has inked key relationships with payments and financial services firms in recent months, including last year’s landmark deal with PayPal and, more recently, a deal with Interactive Brokers. Paxos announced a $300 million funding round this past spring.

Ben Cruikshank, head of Flourish, said that the new service grew out of conversations with its customer base of financial advisors. “We’ve heard from countless advisors that they are fielding questions about crypto on a daily basis — and that they don’t have the right solutions to meet this growing client demand or to compete with offerings from retail trading platforms and wirehouses,” he said.

Cruikshank also told The Block that the company’s work on crypto was enhanced personal interest among the firm’s workforce that stretches back years — an interest that dovetailed with MassMutual following the insurance giant’s acquisition of Flourish in February.

Flourish operates independently from MassMutual, but the insurance giant made waves in December when it bought $100 million in bitcoin through NYDIG. At the time, MassMutual also became an equity investor in NYDIG.

In conjunction with today’s announcement, MassMutual chief investment officer Tim Corbett penned a blog post outlining the insurance company’s views on digital assets and bitcoin in particular.

“We have come to view bitcoin as a potential store of value over the long-term,” Corbett wrote, referring to last year’s $100 million investment. “Bitcoin’s unique characteristics — including digital scarcity, known supply growth, transfer characteristics, and hard cap on the total number of tokens — open the possibility that it may serve as a kind of “digital gold,” with the potential for significant price appreciation.”

“At the same time, the asset class is new and still undergoing price discovery, with significant volatility, uncertainty, and risk,” Corbett continued. “We believe that the volatility will decrease as more institutions take positions in the space, but it will take multiple market cycles before we have robust data to further describe the characteristics of the investment, such as correlations to other asset classes or whether it will serve as an inflation hedge.”

Corbett added: “In our position as a leading mutual life insurance company, we have the ability to take that long view.”

That Flourish is moving to capture a piece of the demand for bitcoin among clients of financial advisors is perhaps unsurprising, given that recent years have seen other financial services firms, including those focused on retirement accounts, making similar forays. Choice by Kingdom Trust, for example, explained recently to The Block’s Ryan Weeks how the company aims to help clients buy bitcoin within their retirement accounts.

Flourish’s approach is to offer a one-stop spot for advisors to help their clients access bitcoin. Though bitcoin has been considered a commodity by U.S. regulators since 2015, tax reporting hurdles and a lack of familiarity among some advisors -- and those fielding calls from prospective clients specifically -- opens the door for firms like Flourish to make those processes simpler.

“We listened to our clients and built Flourish Crypto with the flexibility advisors need around integrations, trading, branding, and compliance,” Cruikshank siad. “Advisors can now keep these assets within their orbit and offer a crypto solution as part of each client’s holistic financial plan.”

Cruikshank added that the firm is watching the broader crypto space closely. He said that Flourish intends to offer support for ether, the native cryptocurrency of Ethereum, in the months ahead, based on the same signs of demand that led to its support for bitcoin.

Corbett’s blog post also suggested that MassMutual is eyeing the proverbial pond for possible services around cryptocurrency and blockchain tech more broadly.

“We believe there will be numerous success stories as the technology matures, and we will continue to explore ways of integrating cryptocurrency into different areas of our business,” he wrote.

https://www.theblockcrypto.com/post/119140/massmutual-owned-fintech-flourish-launches-a-new-service-to-connect-financial-advisory-clients-with-bitcoin?utm_source=coinbase&utm_medium=rss