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Death, Taxes, Crypto: Fmr. $13 Billion Asset Chief Certain Every Investor Will Own Bitcoin

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By CCN: Travis Kling, a former L/S Equity Portfolio Manager at Point72, a hedge fund with $13 billion in assets under management (AUM), has said in the long-term, every investor will have some exposure to crypto assets like bitcoin.

Kling, who founded crypto asset management firm Ikigai Asset Mangement, said:

Every investor will have crypto asset exposure in their portfolio eventually. All of them. How early or late each of them are will matter a lot for that portfolio.

The statement of Kling comes after the bitcoin price has risen 66 percent in the past month, breaching $8,000 and recovering to late 2018 levels.

What would push every investor to own bitcoin and crypto?

In an essay published on Kana & Katana, a research platform operated by the Ikigai team, Xapo CEO Wences Casares made a case for every $10 million portfolio holding at most 1 percent in bitcoin.

Although crypto assets remain a high-risk asset class, the potential reward of owning bitcoin in the case it succeeds in becoming an alternative store of value over the long run is worth a small risk of 1 percent of a portfolio.

“I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio,” Casares wrote.

For large portfolios, family funds, and institutional investors to allocate capital into the crypto market, the presence of trusted custodial solutions is key especially concerning an emerging asset class like crypto.

Institutions would favor a wide range of custodial solutions provided by reputable companies to ensure their capital is invested in a regulated, protected, and insured environment.

bitcoin price is up $3,000 in 30 days as crypto recovers

The bitcoin price has risen from $5,000 to $8,000 in the past 30 days against the U.S. dollar (source: coinmarketcap.com)

Over the past five months, the crypto sector has arguably seen more progress in institutionalization than in the past five years, with companies in the likes of ICE and Fidelity making moves to solidify the custodial infrastructure supporting bitcoin.

On May 13, Kelly Loeffler, the CEO of Bakkt, a bitcoin futures market launched by the New York Stock Exchange’s parent company ICE, said that the platform is in the process of obtaining an approval fro the Commodities and Futures Trading Commission (CFTC) and is set to open bitcoin futures custody in July.

“We’ve worked closely with the CFTC to develop contracts that both meet our customers’ needs for trading, transparency, and market certainty, and are also compliant with Federal regulations,” said Loeffler.

An abundance of regulated custodial platforms and services offered by financial institutions with decades of track record in the finance sector would provide certainty to institutions and asset managers in regards to the structure of the crypto market, raising the probability of crypto assets being considered a major asset class in the long run.

Institutional interest is already on the rise

Already, as seen in the achievement of record volumes by the CME bitcoin futures market and Grayscale’s $1.8 billion Bitcoin Investment Trust (GBTC), the institutional interest towards bitcoin and the rest of the crypto market has increased in recent weeks.

CME recorded a daily volume of over $1 billion on May 13 as the bitcoin price surged from $7,000 to over $7,800. At the time of reporting, the bitcoin price remains above $8,000.

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As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

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As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

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As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Top 5 Crypto Performers: XEM, XLM, XTZ, BNB, IOTA

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data provided by HitBTC exchange.

After the strong recovery of the past few weeks, this week saw some profit booking at the highs. However, unlike previous occasions, the dip has been shallow and some buying is visible close to support levels. This shows that the market sentiment is changing from sell on rallies to buy on dips. After the sharp move from the lows, a few weeks of consolidation is also possible.

In its report, the European Central Bank said that the impact of cryptocurrencies on the real economy is limited, as only a handful of merchants accept them due to their high volatility. However, they find some value in the stablecoins. We believe that the uses of cryptocurrencies have been increasing in the real world, and this is likely to penetrate further in the next few years. The launch of a cryptocurrency by Facebook will also speed up the adoption among the masses.

Though many people want to invest in cryptocurrencies, they are wary of the negative propaganda surrounding them. Some might even find the technology aspect of it a little difficult to understand in the beginning. To address this issue, Coinbase had started its Coinbase Earn program at the end of 2018, which was by invite only, but the exchange has now opened the program for the public.

XEM/USD

Nem (XEM) was the best performer among the major cryptocurrencies. Though it has given up some of its gains, it is still significantly higher for the week. While part of the gains would have come due to the positive sentiment across the asset class, the fundamental news also helped. The markets cheered the Catapult update, which will improve the overall NEM platform and make it more user-friendly and convenient to use. Another piece of positive news is that Zeux will add XEM on its digital payment wallet, after which its users can pay with the cryptocurrency at the merchants that accept Apple Pay and Samsung Pay. Can it continue its recovery?

XEM/USD

The XEM/USD pair is attempting to breakout of the overhead resistance of $0.085. If successful, it will complete an inverse head and shoulders pattern that has a target objective of $0.135946775. The digital currency has a horizontal resistance at $0.13125258. We expect a stiff resistance between these two levels.

A breakout of $0.14 is likely to start a new uptrend that can carry the digital currency to $0.45 with a minor resistance at $0.20. Our bullish view will be invalidated if the bears defend the overhead resistance. In such a case, a few more days of range bound action is likely. The bears will gain an upper hand on a breakdown of $0.045.

XLM/USD

On May 15, the Stellar (XLM) network briefly stopped: during the period of downtime, the network did not process any transaction. Though no one lost any money, it shows that the network needs some improvements. In separate news, the Stellar Development Foundation announced the release of a new ticker API that will provide the latest data about markets and assets on the network.

XLM/USD

The XLM/USD pair broke out of the long-term downtrend line this week, which is a bullish sign —iIt signals the end of the downtrend. The pair has also formed an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance of $0.14861760.

Though the bulls had scaled this level during the week, they could not sustain the breakout as sellers stepped in close to the 50-week SMA. The price has again retreated back below $0.14861760. If the bulls fail to ascend the overhead resistance, the pair might enter into a consolidation for a few weeks.

But if the price breaks out and closes (UTC time frame) above $0.14861760, it will complete the bullish reversal pattern that has a target objective of $0.22466773. Above this level, it can move to $0.2885. Our positive view will be invalidated if the digital currency plunges below the right shoulder.

XTZ/USDT

The Tezos (XTZ) community is currently voting to accept or reject the Athens A Upgrade. The voting process will close on May 29. If the upgrade is accepted, will the price move higher? Let’s see what charts project.

XTZ/USDT

The XTZ/USDT pair has broken out of the 50-week SMA, which is a positive sign. It is currently close to the overhead resistance at $1.85. A breakout and close (UTC time frame) above this level will complete a rounding bottom pattern that has a target objective of $3.37. Both the moving averages are close to completing a bullish crossover that will indicate the start of a new uptrend. The next level to watch on the upside is $4.2424.

On the other hand, if the bulls fail to ascend the resistance, the pair might consolidate between $1.85 and $1.295480 for a few weeks. A break below the moving averages will break the positive momentum that is building up.

BNB/USD

Withdrawals and deposits that had been temporarily suspended after this month’s hack of more than 7,000 BTC restarted this week. A major system upgrade was also completed during the week. Sports blockchain venture Chiliz has also announced a partnership with Binance Chain, and Binance Launchpad announced the sale of the harmony token via the lottery format on May 28. Can binance coin (BNB) extend its up move? Let’s find out.

BNB/USD

The BNB/USD pair continues to be in a strong uptrend. The 20-week EMA is sloping up and the RSI is in the overbought zone: this shows that the bulls have the upper hand. The buyers aggressively purchased the dip and propelled the price to new lifetime highs again this week, which shows that every dip is being bought.

The next level to watch on the upside is $33, which is close to the resistance line that has acted as a stiff resistance on previous occasions. If this level is also crossed, the rally can extend to $40.2919564. A drop below the recent low of $17.7997862 will turn the pair negative.

IOTA/USDT

Iota (IOTA) wants to make the ecosystem easy to use and safe for organizations, large token holders and liquidity providers. It is exploring various measures by which these players, who form an important part of the ecosystem, can be supported adequately. Iota will sponsor the first inaugural Texas Smart Cities Summit that aims to bring various visionaries to discuss the actions needed to accelerate smart city efforts across the state. Luxury fashion brand Alyx will also partner with IOTA to improve the transparency of its supply chain.

IOTA/USDT

The IOTA/USDT pair has been range bound between $0.244553 and $0.385033 for the past few weeks. The bulls had broken out of the range during the week, but failed to sustain the higher levels. If the price fails to close (UTC time frame) above the range, the consolidation will extend for a few more weeks.

On the other hand, if the price ascends the overhead resistance, it is likely to start a new uptrend that can carry the price to $0.50 and above it to $0.80. The pair will weaken if the bears sink the price below the support of the range.

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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My Bank Account Was Frozen for Bitcoin – And It Only Made Me Love Crypto More

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Mike the HODL Guy describes his first experience buying Bitcoin and the resulting freeze on his bank account.

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NEO Price Prediction: Long-term (NEO) Value Forecast – May 19

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  • NEO/USD still in a bullish trend outlook in spite of a notable line of declines in its market valuation.
  • The two SMAs have now formed together to define the NEO/USD trade’s movements to the north direction.

NEO/USD Long-term Trend – Bullish

  • Distribution territories: $16, $18, $20
  • Accumulation territories: $8, $6, $4

In spite of a notable decline that occurred between May 16 and 18 in the NEO/USD market valuation, the crypto-pair’s trend is yet in a bullish outlook. After a slight kind of erratic price movements in the crypto-trade on May 13, the market eventually got push to test a price value at $14 mark on May 16.

Shortly, the crypto-trade began to make a retracement move to touch the two SMAs at their touching point located a bit over $10 horizontal line. Presently, the crypto has been seemingly striving once again to regain its momentum around the touching location of the 14-day SMA and the 50-day SMA indicators. The Stochastic Oscillators are now attempting to close hairs at range 60.

Most of the trading indicators still point to the north to suggest that the bulls are in control of this crypto-market. The two trading SMAs have slightly joined together at a point a bit over $10 mark to seemingly end the correction from a high value at $14 mark. Therefore, the market is now expected to surge northwards further past its aforementioned high point.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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