What amazes me is how quickly awareness changed from ignorance and hatred to adoration and unbridled bullishness.
Less than three months ago, the list of Bitcoin haters included Wall Street heavyweights like JP Morgan’s CEO Jamie Dimon, emerging-markets guru Mark Mobius and Nobel-winning author Robert Shiller.
Fast-forward to today, though, and leading Wall Streeters are now embracing cryptocurrencies whole hog.
Just last week, hedge fund legend Michael Novogratz told CNBC that Bitcoin could “easily” top $40,000 in 2018.
Now Bitcoin has topped $11,000 — up more than 1,300% in 2017.
And according to Google Trends data, Bitcoin has surpassed the bombastic president of the United States when it comes to web searches.
So I don’t blame you for reflexively believing that we’re in bubble territory.
But fight the response!
Cryptocurrencies are still just babes.
The combined market cap of all digital currencies is a mere $300 billion. That compares with U.S. stocks at $20 trillion.
In other words, there’s plenty more demand to be awakened as the crypto craze continues.
That move could begin in earnest on Dec. 18, thanks to a pivotal decision by key market participants that “has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” according to Nikolaos Panigirtzoglou, a global markets strategist at JP Morgan.
The countdown is on!
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