Cryptocurrencies are pushing higher.
Since bottoming out around $29,807 in July, Bitcoin, for example is back to $47,971. From here, there’s hope it could test prior resistance around $63,503.
Helping, Cathie Wood, CEO and founder of ARK Invest says Bitcoin “will be in the six figure range,” as reported by Investing.com. “She anticipates that Bitcoin prices will more than tenfold and trade nearly $500,000, up from nearly $47,000 now. She did, however, emphasize the importance of institutional investors allocating at least 5% of their portfolios to digital assets.”
Even better, crypto adoption is on the rise, with the AMC theatre chain to accept Bitcoin, and other cryptocurrencies by the end of 2021.
Plus, according to Changpeng Zhao, founder and CEO of Biannce, “global financial institutions and investors have already realized the digital assets’ merits. With that said, they have started jumping on the cryptocurrency bandwagon, with bitcoin being their primary interest.”
In short, the crypto boom is alive and well – with plenty of interest.
Even the billionaires are excited. In fact, according to Reuters:
“Billionaire investors Steven Cohen and Ray Dalio have joined the cryptocurrency craze by putting cash to work and saying at a conference this week that bitcoin and other digital currencies are an interesting way to diversify their holdings.”
Dalio reportedly said he has more crypto than gold. Cohen said he hopes not to miss out on current crypto opportunities.
While investors can always jump into individual cryptocurrencies, like Bitcoin, another great way to gain exposure to digital currencies is with the miners.
Some of the top ones include:
Riot Blockchain (RIOT), which just reported August 2021 numbers.
“In August 2021, Riot produced 441 BTC, an increase of approximately 451% over its August 2020 production of 80 BTC. Year to date through August 2021, the Company produced a total of 2,051 BTC, an increase of approximately 221% over its production during the same 2020 period of 639 BTC. As of August 31, 2021, Riot held approximately 3,128 BTC, all of which were produced by its self-mining operations,” they noted.
Marathon Digital Holdings (MARA), which just reported it, “Produced 469.6 new minted bitcoins during August 2021, increasing total bitcoin holdings to approximately 6,695 with a fair market value of approximately $316.4 million. Received approximately 21,584 top-tier ASIC miners from Bitmain year to date with an additional 5,916 ASIC miners currently in transit.”
Bit Digital (BTBT), which recently reported that, “Revenue from bitcoin mining was $28.3 million. The number of bitcoins earned was 562.9. We owned 32,500 miners, with 3,515 miners acquired in the second quarter of 2021.”
The post This is Why Billionaire Investors are Jumping on the Bitcoin Bandwagon appeared first on Morningology.
