A huge surge in buyers has the world’s most popular cryptocurrency skyrocketing. Why now isn’t the time to jump onboard.
Back in November of 2017, standing in front of a crowd of about 60 attendees at an entrepreneurial conference in San Diego, I made a bold prediction.
I told them that Bitcoin would eclipse $50,000.
At the time, Bitcoin was just starting to gain widespread attention and was only trading for around $7,000. It hadn’t yet experienced the massive up and down movements that it would over the next few years.
This week, after more than three years, that prediction came true when Bitcoin surpassed $50,000 yesterday.
But now that it’s happened, people are starting to ask me what’s next for Bitcoin?
Here’s what I think…
Where’s the money?
In the years since that conference, Bitcoin has experienced a wild ride.
After rising to almost $20,000, it fell again to round $3,200 before bouncing around between $5,000 to $10,000 during the course of 2019 and 2020.
But it didn’t really take off until late 2020 into 2021.
And it’s not because a bunch of stores have now decided to accept it as payment or anything like that.
The real reason for the recent boom in Bitcoin is something we talk about a lot here.
When buyers outweigh sellers, the price of anything in the market will go up.
The influx of new investors over that last year has driven the price of certain stocks and cryptocurrencies to dizzying heights.
And if you were late to this party, I have a word of caution for you…
How do I get some?
Look, Bitcoin is here to stay.
Its popularity among retail investors and Wall Street institutions alike would make it very difficult for the government to outright ban or heavily regulate at this point.
But if you’re just now looking to jump in to take part in the king of crypto’s success, I would advise you to think twice.
In the short-term, I think Bitcoin is overbought and it will pull back.
I’m not sure, but its recent spike was just too much, too fast and I don’t think we will see major companies shift to accepting Bitcoin any time soon.
That’s why I’m holding off on buying Bitcoin at its current valuation.
But there is another way to make serious money in the world of cryptocurrency…
This Opportunity Could Be Better than Bitcoin
I’m not the only one that predicted big things for Bitcoin.
My colleague Tom Gentile – a legend in trading circles and an absolute cryptocurrency expert – saw the same writing on the wall.
At the end of 2019, when Bitcoin sat at about $8,500, he predicted it would hit $20K by the end of 2020. And he was absolutely right.
Now, Tom is taking it a step further and making his biggest prediction to date. We’re talking over 2,000% in 10 years. Click here to learn how you can cash in.
In the Spotlight: A New Player Has Entered the Game
We’ve talked before about the massive success that video game makers have experienced over the past year.
But now, the industry has gotten the attention of some very big players.
The Public Investment Fund – Saudi Arabia’s sovereign wealth fund – purchased billions of dollars’ worth of shares in video gaming stocks in Q4 2020.
Most notable among the purchases were 15 million shares of Activision Blizzard, Inc. (ATVI), 7.4 million shares of Electronic Arts Inc. (EA), and 4 million shares of Take-Two Interactive Software, Inc. (TTWO).
Each of these stocks are still a great buy in my opinion, and I’ll be on the lookout for more opportunities in a video game industry that still has lots of room for growth. Stay tuned.