Tomorrow’s LIVE Bitcoin IPO event is going to be HUGE.
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Bitcoin is surging . . . again. This morning, it’s decisively broken through $10,000 and is within striking distance of the $11,000 level.
One fund manager named Mike Novogratz was on CNBC with a new target price:
Bitcoin $40,000. That’s a fourfold increase.
He also thinks that the less expensive Ethereum – now trading just above $500 – could triple in price.
Now, this may SOUND crazy for those of you who are new to cryptocurrencies. But we’re seeing a mad rush of folks who are jumping on the bandwagon and buying cryptos.
One little company is “mining” for bitcoin and Ethereum – and it’s now offering shares to early investors. Go here for the full story – before it takes off.
Here are three reasons why this bull market still has legs in the near term, and the long term.
#1: Coinbase Tops Mobile App Downloads
Coinbase is the most popular broker for folks buying and selling popular cryptocurrencies like Bitcoin, Ethereum and Litecoin.
Within the last week, Coinbase has added more than 300,000 accounts. It now has more active brokerage accounts than Charles Schwab.
It looks like bitcoin was a popular topic at the Thanksgiving table. Now that a flood of new people opened accounts and deposited funds, they are buying more cryptos. This is driving up the price this week – and it could continue from here.
#2: Bitcoin Futures and ETF – Coming in December
CME Group (NYSE: CME) is planning to launch futures trading for bitcoin before the end of 2017.
Futures will allow traders to make bets on the future price of bitcoin – in the same ways that they speculate on the price of commodities such as gold, copper, oil and oranges.
The Securities & Exchange Commission (SEC) has previously cited a lack of derivatives for bitcoin as a reason for rejecting proposals for a bitcoin ETF. Therefore, CME trading of bitcoin futures could pave the way for a new ETF in 2018.
We know that there is considerable interest in buying bitcoin through conventional brokerage accounts. That’s why the ONLY publicly traded bitcoin fund – Bitcoin Investment Trust (OTC: GBTC) trades at a 62% premium to the value of bitcoin!
#3: Institutional Investors Will Flood the Market in 2018
Once both bitcoin futures and ETFs are available, we’re going to see a rush of institutional funds flowing into the sector.
Right now, it’s not easy for institutional investors to buy and sell large quantities of cryptocurrencies. As a result, many large investors are sitting on the sidelines, and it’s the small investor who has been cashing in.
That’s likely to change in early 2018. And when you have billions of dollars of new capital flowing into a limited market, the prices of cryptos could multiply.
Those are the top three reasons that I’m expecting crypto prices to move higher from here.
It’s worth pointing out that in a recent survey, American investors were asked at what price they would sell all of their bitcoins. The average response?
$196,166 per bitcoin.
That tells me that most folks who own cryptos think the prices are going to multiply by 5x, 10x or even 15x.
Meanwhile, 83% of those who took the survey plan to hold their coins for more than one year.
Prices are moving higher. And that makes now a good time to get invested.
Go here to join me for tomorrow’s Bitcoin IPO event– Thursday @ 8 pm ET / 5 pm PT.