Bitcoin: crypto-investors dream of becoming billionaires


© Reuters

Investing.com – The seems to have left behind the recent Fed-induced drop below $18,500, as the remained stable. stabilized around $19,000. Here, investors appear to be quietly awaiting further guidance on how central banks are designing monetary policy and what implications this will have for funding conditions and the economy.

A survey by Harris delved into the question of why people invest in cryptocurrencies. While bitcoin was the first cryptocurrency created to allow people to hold a currency that is not controlled by any authority, today’s investors don’t care about this approach.

About 71% of the 2000 US citizens surveyed, from the Gen Z, Millennial, Gen X and Boomer generations, are firmly convinced that their investments in cryptocurrencies will sooner or later allow them to become billionaires.

This reflects the general aspiration of the American population to enrich themselves. Six out of ten respondents have billionaires as role models and want nothing more than to have huge fortunes themselves in the future.

Digital Galaxy CEO Mike Novogratz, however, pointed to the considerable influence of monetary policy on assets. The led to a 20-year high against other fiat currencies. But this should by no means last, because the weight of American debt will soon cause the central bank to change its mind.

As monetary policy eases again, bitcoin will rally more strongly against traditional investments like stocks.

Bitcoin Technical Price Marks

Bitcoin is currently gaining 0.97% at a price of $19,265. On a weekly basis, BTC/USD even rose by 3.81 percent.

The recovery from yesterday’s low in the $18,659 area is currently meeting resistance at the 78.6 percent Fibo retracement at $19,251. If the bulls manage to cross it at the daily close, the upward movement may extend towards the psychological threshold of 20,000 dollars.Bitcoin

Beyond that, the room for further gains towards the 61.8 percent Fibo retracement of $20,523 would increase.

But if the bears remain in control and prevent an exit above the 78.6 percent Fibo retracement, losses should be expected towards the $17,630 cycle low.

By Marco Oehrl



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