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Fly News Breaks for November 29, 2017
BITCOIN, BTC
Nov 29, 2017 | 13:58 EDT
Standpoint Research analyst Ronnie Moas raised his 2018 price target for bitcoin to $20,000 from $14,000. The current price is around $10,720 and the split-adjusted price is now $12,740 when factoring in Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond, Moas tells investors in an intraday email. There is "no way to justify" gold investments equaling 40 times than that of bitcoin, the analyst argues. He thinks an argument can be made that bitcoin will be equal to gold in 10-15 years. Currently, gold has $7T in investments to bitcoin's $180B, according to Moas.
News For BTC;BITCOIN From the Last 2 Days
BTC
Mar 28, 2024 | 09:29 EDT
In a recently published report, Kerrisdale Capital said it was long Bitcoin and short shares of MicroStrategy, "a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value." The report notes "shares of MicroStrategy have soared amid a recent rise in the price of bitcoin but, as is often the case with crypto, things have gotten carried away. The bitcoin price currently implied by MicroStrategy's stock is now over $177k, i.e., two and a half times the spot price of bitcoin. The days when MicroStrategy shares represented a rare, unique way to gain access to bitcoin are long over." "None of the reasons commonly provided for MicroStrategy's relative attractiveness justify paying well over double for the same coin. MicroStrategy's trading history and basic common sense suggests the current inflated premium will contract, much as it has on prior occasions, providing a compelling opportunity for a pair trade," Kerrisdale adds. Reference Link