Ethereum Spikes To Record High, Thiel Says “Just Buy Bitcoin”

Ethereum Spikes To Record High, Thiel Says “Just Buy Bitcoin”

Cryptos just took a modest spill this morning as the USDollar popped but the overall picture overnight appears to be one of rotation.

“A supercycle is happening in Bitcoin, which appears in early price-discovery days, positioning the cryptocurrency to outperform commodities in 2022,” wrote Bloomberg Intelligence strategist Mike McGlone

Having stolen all the headlines in the last few days, Bitcoin’s strength gave way to Ethereum’s catch up.

Source: Bloomberg

Ethereum ripped up to $4372 this morning (just shy of the $4379 high from May)…

Source: Bloomberg

And Bitcoin is still hovering around its prior record high…

Source: Bloomberg

Will BITO’s open bring a new energy to crypto this morning?

The BITO launch, which saw the highest-ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note.

Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds has bee gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”

Additionally, CoinTelegraph reports that as Bitcoin marked a new all-time high above $67,000, PayPal co-founder and billionaire venture capitalist Peter Thiel said he should have bought more Bitcoin.

Thiel spoke of cryptocurrencies, central banks and artificial intelligence during an interview in Miami hosted by policy think tank Lincoln Network, Bloomberg reported on Wednesday.

“You’re supposed to just buy Bitcoin,” Thiel said, adding, “I feel like I’ve been underinvested in it.”

The tech investor noted that his only concern about buying Bitcoin was that the investment “secret was already known by everybody.” “I think the answers are still to go long. Maybe it still is enough of a secret,” he added.

Tyler Durden
Thu, 10/21/2021 – 08:13

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