Jackie Wilson once sang, “Your love keeps lifting me higher,” and this week, the collective love for Bitcoin has sent its price soaring to new heights!
I spent a rare few days this week braving the cold and rainy weather in London to attend the Finance Magnates London Summit.
While the Summit itself might not hold much appeal for someone like me – who prefers discussing markets and price movements – those who enjoy exploring high-tech trading platforms packed with “bells and whistles” likely found plenty to admire. It was a prime opportunity to window shop and compare the latest innovations.
I attended as part of the SGT / trademakers team, and in my admittedly slightly biased opinion, the tools and advantages offered by the trademakers platform for portfolio managers are as strong as anything else I saw showcased. (But don’t just take my word for it – do your own research!)
For me, the main draw of this event is catching up with the team and reconnecting with long-time friends I seldom see. From that perspective, the trip was a resounding success.
On a more market-relevant note, with Bitcoin continuing its remarkable surge, the atmosphere at the event was far more upbeat than last year.
One recurring topic of conversation was the beneficial impact of Donald Trump’s return for the investment industry. Many attendees expressed similar sentiments, often qualifying their views with statements like, “I don’t like him, but he’s good for the economy and our business.” Fair enough.
The crypto enthusiasts were especially energized, thanks in part to Trump’s positive remarks about Bitcoin and his suggestion that the Federal Reserve should add significant holdings of it. While I’m not sure we can hang our hats on that idea, the buzz around Bitcoin’s potential was unmistakable. As usual during a rally, speculations about how high BTC could go were rampant – some were even tossing around the eye-watering figure of $1 million within five years.
While I don’t know how high Bitcoin’s price can climb, the current momentum is undeniable. With institutions of every kind scrambling to secure a piece of digital gold, one would need to be very bold to stand in the way of this rally.
In fact, this report is a day late because I was hoping to discuss BTC breaking the $100,000 mark – double its price at the start of August. As I write, it hasn’t quite reached that milestone yet, but with no apparent resistance above current levels, it may only be a matter of time.
Of course, with such meteoric rises come heightened risks and volatility. Wild swings in this market are almost guaranteed. The sentiment in London, however, was overwhelmingly bullish. What we need now is meaningful buying from major institutional players to cement the rally. Understandably, many individuals remain cautious about committing personal funds at these elevated levels.
Elsewhere in the markets, gold has been quietly making its own rally toward historic highs. Whether it will break into uncharted territory remains uncertain. It’s possible in euros, given the currency’s weakness, but less likely in dollar terms. Personally, I suspect there’s still some downside risk, but given the current economic climate, I wouldn’t sell bullion just yet.
As for the dollar, it seems poised to continue strengthening over the coming weeks. I wouldn’t bet against EUR/USD dropping below parity, and in fact, I believe the euro could decline by another 10% in the months ahead—a grim outlook for those of us on this side of the Atlantic.
On a personal note, I’m still in the UK and battling a bug I picked up in London. But I’m looking forward to returning to warmer Portugal next week, hopefully with news of BTC breaking past the $100,000 barrier.
Before I sign off, I encourage you to explore some of the programs on trademakers, especially the Gold and Crypto Index. With the bright future our industry seems to have ahead, if you’re looking to upgrade your portfolio management operations, consider reaching out to the team. They may have the solutions you need to accelerate your growth and help take you where you want to go.
Until next week!
The post As Bitcoin soars, is crypto finally breaking through to the mainstream? first appeared on JP Fund Services.
The post As Bitcoin soars, is crypto finally breaking through to the mainstream? appeared first on JP Fund Services.
The post As Bitcoin soars, is crypto finally breaking through to the mainstream? first appeared on trademakers.