The Week To Be In Crypto [02/18/2019]
Market Overview
Per usual, I take a week off and we see some green. What has me excited about this move is that there doesn’t seem to be one event that has triggered the turnaround. It feels a little bit like most of the people left are true believers that are tired of selling. There is still massive investment coming into the space and real progress being made (especially in the ethereum decentralized finance space).
Two similar sounding pieces of news that I see as bullish but for totally different reasons
I don’t understand how JP Morgan thinks this is going to play out. They forked ethereum, built a ripple-like payment/settlement mechanism for cross-border and inter-bank transactions. There is no benefit to a blockchain if it is just for internal transaction settlement (its just a slower database) and I don’t see other banks wanting to use the JP Morgan system and let them earn the profits from replacing SWIFT so I expect other banks to come out with similar systems. I think this reduces the chances that some 3rd party system like Ripple/XRP catches on with the existing large financial systems but hastens the demise of the existing system and ascension of a new decentralized global financial infrastructure.
Pension funds have A LOT of money. They are also generally very conservative. This is a great signal for the industry that smart money is seeing the value in these assets (hedge funds aren’t really “smart money”, you lose everything you just disband, re-brand, and get funded again, a pension fund loses it all and they have some explaining to do).
What I’m Buying
We are starting to see some low market cap coins make some pretty big moves but nothing that has been maintained so it is a good time to make some more BTC if you have the time to play the swings but it can be very dangerous if you aren’t in front of it all day. Any token with a lower marketcap (under 5mil) with a solid team, an actual product, and is on an OK exchange is a defensible place to be right now. If you see a major move though make sure to take some off the table because it will probably come back down pretty quickly.
Recommended Media
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From the Slack
A collection of content from The Bitcoin Podcast slack group the past week
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