A prominent cryptocurrency analyst says he’s making a hard pivot to Bitcoin (BTC) with about five days to go until the much-anticipated halving.
“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC.”
Bitcoin Vs the Stock Market for the month of April. pic.twitter.com/1N4q92VvNi
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 1, 2020
Greenspan says the 50% drop in new supply will buoy the price of BTC even if the rate of adoption remains the same.
“The annual inflation of #bitcoin will go from 3.65% to just 1.8%… approximately half of the global annual inflation rate. At this point, adoption doesn’t even need to grow to sustain the price anymore.
Satoshi either knew what he was doing or got really lucky.”
He also cites recent comments from former SEC Chairman Arthur Levitt on a renewed, global focus on inflation.
“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”
Raise your hand if you're spending your stimulus check on bitcoin! 🙋♂️
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 26, 2020
Despite his bullish outlook, Greenspan notes that BTC remains in a descending channel dating back to July of 2019.
Bitcoin is currently at the top of that channel, facing resistance at the $9,300 level.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Larina Marina