Crypto asset strategies adam sharp
I continue to believe that Bitcoin is the safest way to play this market. Interest in these alternative assets is absolutely soaring. Apparently Iran has changed its laws to allow cryptocurrency to be used for purchasing imports.
Last Friday I wrote a piece for Early Investing about how bitcoin was in a very sweet spot. I covered the bullish institutional case, along with other factors leading to a very positive environment. OKEx has suspended withdrawals — apparently due to at least some of its holdings being held by police.
This is not great news. Let me tell you why. Jim Cramer is bullish on bitcoin. But its dominance has waned over time. The main reason for this was increased awareness of and capabilities for alternative coins. For example, Ethereum has emerged as a formidable competitor to Bitcoin because of a boom in decentralized finance DeFi.
New cryptocurrencies are introduced daily. CoinMarketCap maintains a list of recently added coins. Other cryptocurrencies that continue to be introduced have surged in popularity. Even though they have siphoned some away investment dollars from the Bitcoin ecosystem, competition has attracted investors to Bitcoin. As a result, demand and awareness about cryptocurrencies have increased.
As a standard-bearer of sorts for the cryptocurrency ecosystem, Bitcoin has benefited from the attention, and its prices have remained high. Regulations and Bitcoin's Price Bitcoin was released in the aftermath of a financial crisis precipitated by the loosening of regulations in the derivatives market. The cryptocurrency itself remains unregulated and has garnered a reputation for its border- and regulation-free ecosystem.
The absence of regulation means it can be used freely across borders and is not subject to the same government-imposed controls as other currencies. However, governments and interested parties are continuing to push for cryptocurrency regulation.
Investors also influence prices when they become overly excited over an asset, causing it to be overvalued. They can also cause it to drop when they panic about possible losses. The development of a regulatory framework is only a matter of time, and the effects it will have on Bitcoin's price are unknown. Mining farms in China were forced to pack up and move to cryptocurrency-friendly countries. Social media postings from well-known people or celebrities can effect how investors feel about on Bitcoin, which affects its price.
Bitcoin's Price and the Media In an attempt to keep investors and interested parties informed, the media and news coverage work both for and against Bitcoin's price. Any changes in any of the factors previously discussed are quickly published and disseminated to the masses.
As a result, good news for cryptocurrency investors tends to send Bitcoin's price up, while bad news sends it down. The combination of supply, demand, production costs, competition, regulatory developments, and the media coverage that follows influences investor outlook, which is one of the most significant factors affecting cryptocurrency prices. Are Bitcoins a Good Investment? Bitcoin has been very volatile in its short time as an investment asset. It's best to speak to a finance and investment professional about your specific situation before investing in Bitcoin.
There isn't a Bitcoin stock, but you can purchase shares of companies that invest in blockchain technology or cryptocurrency. Are Bitcoins Illegal? Bitcoins are recognized as a form of currency in many countries, but only a few consider them legal tender. However, your bitcoin may be worth more. If you're buying it as an investment, you should consult a finance and investment professional about your specific financial circumstances. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Article Sources Investopedia requires writers to use primary sources to support their work.
These include white papers, government data, original reporting, and interviews with industry experts.
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