Wednesday, October 27, 2021

'The best time to invest in bitcoin was yesterday,' says strategist as the cryptocurrency soars – CNBC

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Cryptocurrency ‘Best time to invest in bitcoin was yesterday,’ strategist says as cryptocurrency soars via Share the article via Share the article via LinkedInShare the article via Meltem Demirors of CoinShares told CNBC on Monday that “the best time to invest in bitcoin was yesterday.” an incredible sight to watch ”but not an investment. The reflection of bitcoins in the hard drive of a computer. Thomas Trutschel | Photo library via Getty Images

As bitcoin continues its ascent in 2021, one analyst says regulatory concerns surrounding cryptocurrency are unlikely to derail its momentum.

“Regulatory issues have been around for a long time, we have been addressing them for a long time. At this point, our belief is: Bitcoin is not a question of if, but when, ”said Meltem Demirors, chief strategy officer at digital asset investment firm CoinShares on Monday.

“We certainly think, you know, the best time to invest in bitcoin was yesterday – the second best time to allocate is today,” she told CNBC’s “Squawk Box Asia”.

His comments came after Bitcoin recently reversed another milestone, surpassing $ 1 trillion in market value last week, according to Coindesk.

Bitcoin has been in tears since early 2021 and has grown by over 90% so far this year, according to data by Coin Metrics. These large gains have been attributed in part to the increased adoption of bitcoin by major investors and companies, including Elon Musk’s Tesla and Bank of New York Mellon.

If it’s a currency, it’s a … horribly bad currency … bitcoin seems to be speculation first and foremost game.Aswath Damodaranprofessor, Stern School of Business, New York University

“It is becoming increasingly difficult for opponents of bitcoin to continue their ten-year-old story that bitcoin will never be used by traditional financial institutions,” Dave Chapman, executive director of BC Group, said Monday at ” Capital Connection ”from CNBC. “Frankly, I don’t know how much more evidence it takes to conclude that bitcoin won’t go extinct.”

Bitcoin last sat at $ 55,867.95 per coin at 3:45 a.m. ET on Monday.

VIDEO1: 2901: 29Allocate 4% to Bitcoin in a Traditional 60-40 Wallet, Says Squawk Box Asia Strategist

Still, Demirors warned that investors should not allocate “significant portions of their balance sheets” to bitcoin.

“Our research found that in a traditional 60-40 wallet, a 4% allocation to bitcoin balances the reward as well as the risk of drawdowns,” she said. The 60% equity and 40% bond portfolio has traditionally been a popular allocation strategy designed to generate regular income while protecting against volatility.

Bitcoin, a “ failing currency ”?

Aswath Damodaran of New York University was much more skeptical about investing in bitcoin.

“It’s an… amazing sight to watch. But it’s certainly not an investment, ”Damodaran, a finance professor at NYU’s Stern School of Business, told CNBC’s“ Street Signs Asia ”on Friday.

VIDEO1: 0601: 06Bitcoin is mainly a “ speculative gameNYU Street Signs Asia Professor Says

“If it’s a currency, it’s a… horribly bad currency,” he said, adding that bitcoin “appears to be speculation first and foremost. gameWhich behaved like a very risky action. “

“It’s not an asset class. It is a failing currency, …

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