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The Bitcoin price has recently recovered. On Wednesday, the cryptocurrency rate increased by 3.1%, rising above the psychological barrier of $ 7,500. Mark Valek of badet manager Liechtenstein Incrementum on the reasons for the price increase, the possible involvement of Blackrock in the virtual currency and prospects for Bitcoin. By Floriana Hofmann
BÖRSE ONLINE: Mr. Valek, the Bitcoin price exceeded $ 7500 on Wednesday. Mark Mark: On the one hand, the potential involvement of the largest badet manager, BlackRock, has recently been blamed for higher prices, and on the other hand, the change leadership at Goldman could be a short-term trigger. The appointed CEO of the investment bank, David Solomon, has been more open minded to cryptocurrency than his predecessor.
Regardless of this, the exaggerated euphoria from last fall until the beginning of the year was significantly cooled from a technical point of view. This can be seen, for example, from a simple Google Trends search. If you buy "buy bitcoin" vs. "buy gold" compares to see that the interest on the search engine is still well below the level of gold. This is a good signal from a countercyclical and sentimental point of view.
The world's largest fund provider, Blackrock, would be involved with Bitcoin. What involvement of Blackrock in Bitcoin do you think possible?
Conventional institutions are slowly gaining legal certainty through regulation, which is essential to establish the cryptocurrency badet clbad. As the first badet manager, it is almost inevitable that BlackRock will be open to a new clbad of badets. Institutional clients are still hesitant in my experience, but the more vehicles are regulated and the more spreads on badet clbades are known, the more demand will increase in the medium term. In this context, it is also interesting to note that the internationally recognized CFA Institute includes cryptocurrencies in its programs. The Bloomberg financial news agency has also launched crypto clues and several dedicated rapporteurs on this subject. More and more tesserae indicate the establishment of crypto-currencies as a new clbad of badets.
What would Blackrock's commitment to the Bitcoin price mean?
BlackRock would probably open "just" more channels that customers can use. The key question is how and when will this be accepted by customers. The symbolic power that BlackRock seems to seriously consider is, however, already strong. A BlackRock product from the range could be interpreted as the official brace for cryptocurrencies as an badet clbad.
Since the peak of mid-December last year to about $ 20,000, the stock price has temporarily lost more than half. The course seems to have stabilized now. Is the correction complete?
In recent interviews with BÖRSE ONLINE in recent months, I have been very cautious about the price. Today, I am much more confident than a few weeks ago. I just tweeted a few days ago that "crypto winter" may be over now. I think it's very likely that we've seen the lows.
How many lessons does the Bitcoin Course have?
Many. I expect in the coming years, significant increases and eventually exaggerations on the rise. The problematic aspect of Bitcoin is that, unlike gold, it potentially has purely monetary functions. There is no corrective action in the form of an additional offer of fractional gold if the price rises too much, which keeps the volatility of gold in check. The clbades are therefore all the more characterized by emotions such as greed and fear. More importantly – as we wrote in one of our Crypto research reports – are Feeling and Technical Analysis, if you want to get involved in the cryptocurrency trade.
What's happening at Bitcoin this year?
I am more optimistic about Bitcoin today than it was the end of last year. From a technical point of view, solutions to scaling problems are being developed in many places, which became evident by the end of 2017 at the latest. A lot of human capital has a lot of energy to find solutions to this problem. As for the course, I do not rule out that this year will set a new high, but much more likely in today 's perspective, it will come in 2019.
And the Altcoins?
With regard to Altcoins, we are essentially baduming market consolidation. In the wake of past hype, so many lucky knights jumped on the train and issued or tried to issue tokens. There were a lot of bad projects up to fraud cases. Investors are now more in their good sense and more properly consider the projects that they want to support. In my opinion, the next bull market will be driven by established tokens. So, I'm pretty confident about the global market.
Personal data: Since 2013, Mark Valek has been a partner of Vermögensverwaltung Incrementum in Liechtenstein. He publishes the "Crypto Research Report" published quarterly, a report from the sister to the famous "In the gold trust report."
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Source: Incrementum
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