WEALTHTRACK Cryptocurrencies Are Suddenly Going Mainstream
Beware the headline makers! According to Wall Street lore when a financial asset hits the front pages it can signal a turning point, either a recovery if negative, or a fall if positive.
What’s making headlines today? Bitcoin and other cryptocurrency-related investments, including dogecoin, a meme-inspired cryptocurrency created as a joke in 2013. “This is absurd,” said Billy Markus, the co-creator of dogecoin. “I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.”
Dogecoin however is not the real story. Bitcoin, the world’s first and largest digital currency is, as well as Ethereum, the second largest and the blockchain networks they support.
And there are other players emerging. Coinbase Global Inc, the largest market exchange for digital currencies went public on the Nasdaq this week and its $85 billion market value easily surpassed that of the Nasdaq itself and ICE, the parent company of the New York Stock Exchange.
The cryptocurrency world has gone from fringe to close to the mainstream since our last conversation a year ago. Hougan will explain what’s driving the transformation, who the key players are, where the industry is going and the implications for investors.
There is no question that Bitcoin and Coinbase and a few other cryptocurrency-related investments have arrived. As we write this Bitcoin’s market value is over one trillion dollars.
On Wall Street money talks. Major firms including Goldman Sachs, Morgan Stanley, and BlackRock are now offering Bitcoin products to clients.
Our guest this week had the foresight and guts to get involved in ETFs in their early stages and more recently, in 2018 he threw his energy and career into cryptocurrencies believing they would become the next big, positive innovation for investors.
WEALTHTRACK #1743 originally broadcast on April 23, 2021
Matt Hougan in April of 2020: https://wealthtrack.com/flows-into-etfs-and-long-term-returns-on-bitcoin-are-staggering-matt-hougan-is-an-expert-on-both/