The crypto market demonstrates true strength as Bitcoin has finally (and decidedly) broke through the $12,000 price mark.
When the negative news like BitMEX criminal charges, Trump coronavirus infection, and the UK financial regulator’s ban of crypto derivatives for retail investors don’t crash the market, you can be sure that we are in a bull market. October is also the most positive month in terms of Bitcoin adoption.
Paypal announced that its clients would be able to buy and sell cryptocurrencies, which is huge, considering that they have over 340 million users worldwide.
On top of that, corporations have decided to allocate part of their treasury into Bitcoin. It all started in August, as the Nasdaq listed Microstrategy decided to put most of their treasury into Bitcoin.
This month, the move was followed by several other companies.
Bitcoin is by far the best performing asset in 2020, and we expect its outperformance to increase in the coming months.
MVIS CryptoCompare Digital Assets 25 Index
09/30/19-09/30/20
Timotej Bodlaj is a portfolio manager at Solidum Capital (www.solidum.capital) and a member of its Investment Committee. He has an extensive technological background in blockchain and finance. He holds a Master’s degree from Rome Business School, as well as Oxford Blockchain Strategy Certificate from Saïd Business School. In his free time, he likes to do outdoor sports, such as running and biking.
The article and link above are an opinion of the author and does not necessarily reflect the opinion of MV Index Solutions or its affiliates.