After this year’s huge rally, many investors are wondering if bitcoin is ready to crash again.
But if you’ve been following the news closely, there’s an important difference this time around…
It seems like every week another hedge fund, asset manager, or similar institution comes out in support of bitcoin.
It’s a bullish sign for the largest and most popular cryptocurrency.
It’s also a big change. Over the past decade, skeptics have criticized bitcoin mercilessly. They’ve described it as a Ponzi scheme and a fraud. They’ve said it’s mainly used to make purchases on the dark web.
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Despite the criticism, bitcoin is nearing a new all-time high. For the first time since 2017, it’s sitting just below $19,000 a coin. That’s up nearly 300% from its March lows (below $5,000).
One thing that’s certain with bitcoin and other cryptocurrencies is volatility. And after another run at record highs, it’s normal to expect a pullback in prices.
But investors should use any pullback as a buying opportunity…
The current rally is different.
Big institutions are lining up to support bitcoin
Last week, Guggenheim Partners, an asset manager with over $290 billion in assets under management, said it plans to begin investing in bitcoin through its funds. In a recent filing with the U.S. Securities and Exchange Committee (SEC), Guggenheim said it will invest up to 10% of its Macro Opportunities Fund into bitcoin.
AllianceBernstein, another asset manager with over $600 billion in assets under management, recently changed its mind on bitcoin. Two years ago, the firm told its clients that bitcoin did not have a role in asset allocation. Today, AllianceBernstein has reversed its opinion.
I expect to see more and more asset managers offer clients the ability to invest in bitcoin and other cryptos. There are two main reasons for this…
One, the volatility generates massive opportunities for high returns. As I mentioned earlier, bitcoin is up nearly 300% from its March lows.
The second major reason is fees. You see, asset managers can collect hefty fees on products that give clients exposure to cryptocurrencies.
This institutional support should create a strong tailwind for bitcoin. The more money investors and institutions throw into the bitcoin pot, the higher prices must go. And the easier it is to buy and sell bitcoin, the more investors will gain exposure to it.
The institutional support extends beyond the investment industry, too. Many businesses are already offering customers the chance to use bitcoin…
Payment processing giants Square (SQ) and PayPal Holdings (PYPL) both allow customers to buy, sell, and send bitcoin through a smartphone. These two companies have hundreds of millions of users. And they’re making it easy for their users to invest or make purchases using bitcoin.
If you don’t have exposure to bitcoin or digital assets, it’s not too late. Don’t be intimidated by the new all-time highs. We’re still in the early innings of this massive trend… and prices could skyrocket from current levels.[bioine-block]
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