CNBC is one of the major television channels that focuses on Bitcoin’s fundamentals and trading of cryptocurrencies. On Wednesday this week, the channel aired its episode on CNBC Futures Now discussing the recent surge in Bitcoin’s price.
Bitcoin (BTC) is gradually gaining followers and adoptees who want a piece of the ‘digital gold’. The pioneer cryptocurrency is a social movement creating an ecosystem of freedom, security and efficiency while settling transactions across the world. The “Bitcoin fever” is spreading to all industries and people due to the boost in technical developments on the platform and the industry’s exposure to the mainstream media lately.
Financial talk shows, conferences and guest speaks have mostly been dominated by the risks involved in the industry and the possibility cryptographic assets are a scam among other negative stuff. However, this particular episode is unique as it brought about a ‘boring’ discussion on Bitcoin. This discussion however signaled a change of attitude on Bitcoin – a bullish signal.
CNBC Futures Now “boring” Discussion
GRZ Energy’s Anthony Grisanti and Equity Armor Investment’s Brian Sutland had a mature and educative discussion on the recent boost of Bitcoin’s price. The interviewees did not speak on Bitcoin becoming a scam or going to zero or any other cliché negative assumption on Bitcoin.
Anthony Grisanti, GRZ Energy on CNBC’s Futures Now
The discussion followed a clear educative argument on the current state of Bitcoin and further on how and why you need to add a portion of BTC to your portfolio.
While the overall discussion can be termed as outright boring, the way Bitcoin was analyzed in the episode shows a marked improvement on how the public views the crypto asset.
Adding Bitcoin to your Portfolio!
The discussions made by the two gentlemen remained civil and focused on the technical developments in the industry and further stretched to the issue of portfolio allocation of Bitcoin. The two agreed on the principle that investors should be having a small fraction of their assets invested in Bitcoin.
“Usually in a portfolio, gold is about 5-10% of the portfolio so there’s nothing wrong with saying bitcoin couldn’t be 5-10% of a portfolio right now.” – Anthony Grisanti
Grisanti advocated that traders allocate 5-10 percent of their portfolio to bitcoin while Sutland advocated for a ‘reasonable’ amount of investment on Bitcoin. The latter however warns against investing too much on Bitcoin and asks investors to diversify their investments.
“I would not move all my money into bitcoin as a safe haven, so you’re right about that. But a fraction of somebody’s portfolio when they’re worried about what’s going on in the world; as long as you size it appropriately.” – Brian Sutland, Equity Armor Investment.
Bitcoin’s price forecast
BTC is having a wild ride at the moment after a $3,000 USD spike in price in less than 3 months to trade at $8,000 across major exchanges. According to Anthony however, the price of Bitcoin is set to consolidate in the short term to around $7,000 USD before an eventual bullish momentum.
After realizing yearly volume traded highs in the past few weeks, the market daily trading volume of Bitcoin is shrinking which signals a slowdown in the number of buyers in the market. Anthony further said,
“I think consolidation for this market is actually very healthy, very good for it. I’ve noticed over the last few sessions that the volumes have come back down a little bit. And to me that means that the market does want to consolidate. That you’re not getting the buyers coming into the market with the strength that they did a couple of weeks ago.”
Future of Bitcoin’s widespread adoption
Despite the skepticism from various sections of the public and critics constantly bashing BTC’s volatility, the coin is slowly making its way into the traditional finance world. According to Brian, Bitcoin is moving towards replacing gold as a safe haven asset. The easy movement of Bitcoin from one person to the other, as opposed to gold, is a big factor influencing the exodus of the masses to ‘digital gold’.
Since turning 10 earlier this year and doubling its value in three months, the coin is receiving accolades and attention from the mainstream finance media outlets once again. The last time the media dwelled so much on Bitcoin was back in 2017 when BTC hit an all-time high of $20,000 USD. Furthermore, the talk on Bitcoin among traditional investors has greatly improved. Both these factors are very important to develop the ecosystem and globally spread the adoption of Bitcoin.
- Source: First Appeared Here
- Published Time: 2019-05-22 22:58:40
The views and opinions expressed in the article “Bitcoin Should be 5% to 10% of Your Portfolio” do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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