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Altcoins Moon While Bitcoin is Stagnant
Altcoins continue their surge with Ethereum and Dogecoin having huge gains. I’m an Ethereum holder and I’m certainly happy about the gains. I don’t hold any Dogecoins and I feel it is a very risky crypto to hold. However, we may see Dogecoin pump past $1 as Elon Musk is expected to talk about Doge in a skit on his Saturday Night Live appearance tonight. I’m happy for the folks who are making money on Doge but I worry about the crash that will come.
While Altcoins are out partying Bitcoin is at home watching TV and doing nothing really. However, as we’ve seen historically Bitcoin will eventually breakout to a new high. The next target is $70,000 - $75,000. Here is what PlanB, creator of the Stock To Flow model tweeted about Bitcoin’s current position.
Most bullish news from this week
Mike Novogratz’s Galaxy Digital to acquire Bitgo for $1.2 Billion in cash and stocks. This is the first ever billion dollar deal in crypto (source)
Goldman Sachs internal memo unveils new cryptocurrency trading team. The mega bank informed its markets personnel that a newly created cryptocurrency desk had successfully traded two kinds of bitcoin-linked derivatives. (source)
Banking giant Citigroup is considering launching crypto trading, custody, and financing services. (source)
Grayscale Investments sponsored NFL team NY Giants which is a sign of crypto mass marketing rising. (source)
Phil Bonello, Director of Research at Grayscale Investments. Grayscale is seeing lots of institutional investment and is ramping up their mass marketing. Phil breaks down the plan to convert GBTC to a Bitcoin ETF and the recent new crypto trusts that were added to Grayscale’s portfolio.
Natalia Karayaneva, Founder & CEO of Propy. This is one of the most disruptive projects in the crypto market that I’m bullish on. Natalia talks about how Propy is going to make the Real Estate process much simpler. She also touches on the investments from Tim Draper and the National Association and Realtors.
Interviews scheduled for next week (5/10-5/14)
Scott Conger, Mayor of Jackson, TN. Mayor Scott is looking to make Jackson a crypto friendly city.
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.