Summary
BTC has steadied after the recent Bitfinex exchange hack.
BTC touched lows near $480 on the crash but has now again traded over $600.
We think BTC will continue its ascent toward $1000
By Scott Tzu
Many people were unsure about the future of bitcoin after the most recent Bitfinex hack. Now, the price action pushing BTC over $600 yet again confirms to us bitcoin's viability for the immediate future. There is unwavering confidence behind the digital currency now and a clear bid for it at current prices. With the price now heading back in the same direction it was prior to the hack, we believe that confidence in bitcoin is again high and we expect The price of the financial asset to begin an assent to $1000.
Our thesis for bitcoin has been relatively simple from the get-go. We believe blockchain technology is here to stay, as it has been acknowledged by numerous central banks. We think bitcoin has the advantage of being the first mainstream digital currency, so it is going to be the most liquid and most sought after out of all of the digital currencies going forward. We think there is a need for a currency outside of the realm of central banks and we think the limited supply of bitcoin will eventually drive the price significantly higher. We don't have an enormous position in bitcoin, less than 1% of our portfolio allocation at this point, but we believe the potential for exponential gains outweighs the risk involved at this point.
Remember that the Bitfinex hack is the second most meaningful "crash" in BTC history, after the Mt. Gox exchange hack that occurred in 2014. Bloombergreported,
Bitcoin plunged after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.
Bitcoin slumped 5.5 percent against the dollar as of 2:30 p.m. on Wednesday in Tokyo, bringing its two-day drop to 13 percent. Prices also sank 6.2 percent on Monday, although it was not clear if that initial move was related to the hack.
Hong Kong-based exchange Bitfinex said Tuesday it halted trading, withdrawals and deposits after discovering the security breach. The exchange said it was still investigating details and cooperating with law enforcement, but acknowledged some bitcoins were stolen from its users.
BTC has steadied after the recent Bitfinex exchange hack.
BTC touched lows near $480 on the crash but has now again traded over $600.
We think BTC will continue its ascent toward $1000
By Scott Tzu
Many people were unsure about the future of bitcoin after the most recent Bitfinex hack. Now, the price action pushing BTC over $600 yet again confirms to us bitcoin's viability for the immediate future. There is unwavering confidence behind the digital currency now and a clear bid for it at current prices. With the price now heading back in the same direction it was prior to the hack, we believe that confidence in bitcoin is again high and we expect The price of the financial asset to begin an assent to $1000.
Our thesis for bitcoin has been relatively simple from the get-go. We believe blockchain technology is here to stay, as it has been acknowledged by numerous central banks. We think bitcoin has the advantage of being the first mainstream digital currency, so it is going to be the most liquid and most sought after out of all of the digital currencies going forward. We think there is a need for a currency outside of the realm of central banks and we think the limited supply of bitcoin will eventually drive the price significantly higher. We don't have an enormous position in bitcoin, less than 1% of our portfolio allocation at this point, but we believe the potential for exponential gains outweighs the risk involved at this point.
Remember that the Bitfinex hack is the second most meaningful "crash" in BTC history, after the Mt. Gox exchange hack that occurred in 2014. Bloombergreported,
Bitcoin plunged after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.Bitcoin slumped 5.5 percent against the dollar as of 2:30 p.m. on Wednesday in Tokyo, bringing its two-day drop to 13 percent. Prices also sank 6.2 percent on Monday, although it was not clear if that initial move was related to the hack.Hong Kong-based exchange Bitfinex said Tuesday it halted trading, withdrawals and deposits after discovering the security breach. The exchange said it was still investigating details and cooperating with law enforcement, but acknowledged some bitcoins were stolen from its users.
