LLG was asked to present a Zoom lecture to a Palm Beach, Florida Country Club recently. The title of the presentation was, "Bitcoin and the Cryptocurrency Asset Class - A Deep Dive into a Nascent Market." We decided to post David’s closing remarks...
This cryptocurrency sell-off marks the first significant retracement since Thanksgiving's 17% decline. 2021 has seen a relatively straight line move up. After the recent OCC statement allowing banks to clear public blockchain transactions, the move from roughly $27,000 to $42,000 has been more or less without pause.
LLG believes this to be tacit approval for banks to settle transactions on public blockchains. Add to this the fact that the SEC has deemed Bitcoin and Ethereum not to be securities, and this release gives permission to banks to engage with customers in certain cryptocurrencies.
Institutional adoption of Bitcoin has just begun, but the needle has yet to move. The Bitcoin revolution spurred on by the global manipulation of all major markets and the fast and furious debasement of fiat currency is in its second inning...
The price of Bitcoin fell from $19,500 to $16,200 on news that the Trump administration, in a parting gift to the crypto community, is considering regulating exchanges in such a way as to demand private wallet counterparty addresses. We think this is a temporary selloff that will be met with investors "buying the dip."
The word "bubble" has not been associated with Bitcoin in this latest run-up. Bitcoin has progressed in the collective psyche from a misunderstood technological "tulip bulb", to a market-dominant cryptocurrency, and a legitimate, digital-gold type of investment.
We have been talking about Bitcoin as an important asset allocation for the next one to five years, or longer. The current rally is, in our opinion, the start of a move to significantly higher prices...
Nearly 400 million active users now have access to the cryptocurrency asset class through a familiar platform: PayPal. This includes over 26 million merchants who can accept crypto in exchange for their goods and services, providing an answer to the question, "what can you spend cryptocurrency on?"
The Office of the Comptroller of Currency (OCC) has encouraged banks to embrace cryptocurrency. This is bullish for the crypto market, adding to the thesis that Bitcoin (BTC) is here to stay as a new, alternative asset class.
LLG was invited to present about the crypto asset class in a Zoom call with The Harmonie Club of New York. This was the kickoff of our virtual roadshow called, "The Dawn of a New Asset Class", an interactive session with a component of slides and Q&A, including a follow-up deck that we send to audiences.