Fundstrat Global Advisors LLC, the investment management firm co-founded by noted bitcoin bull Thomas Lee, said Thursday it is launching five new cryptocurrency indexes.
“The five gauges — based on the sectors Commodities, Platforms, Privacy, Exchanges and Stablecoins — include 75 percent of today’s crypto market cap. Commodity tokens comprise the largest chunk, at 47 percent, but that’s because the index components are Bitcoin, Bitcoin cash, Litecoin, Monero and Zcash,” reports Bloomberg.
New York-based Fundstrat “is an independent research boutique, serving a broad array of clients, including institutional investors, wealth advisors, pension funds and high net worth individuals,” according to its website.
In an interview with CNBC last week, Lee said Bitcoin can make it to $25,000 by the end of this year.
Looking At The Indexes
There are over 1,500 alt-coins out there, but many feature small market caps and will not be included, at least not yet, in the Fundstrat benchmarks. The combined market capitalization of the digital currency space ascended above $425 billion earlier this week, but a huge chunk of that total is controlled by just a few coins. For example, bitcoin has a market cap of $150.79 billion at this writing.
The second- through fifth-largest coins, including ethereum and ripple, have a combined market value of about $129 billion. Some of the new Fundstrat indexes feature just a small amount of digital coins.
From Bloomberg: “Commodity tokens, in our view, are on-ramps for institutional inflows, given the expanding options for access (futures, etc.),” strategists including Thomas Lee, Robert Sluymer and Sam Doctor wrote in a note Thursday. “And commodity tokens face less regulatory risk relative to other types of tokens at the moment.”
Bitcoin (BTC) Crosses 55k And Is Heading Towards 60k Fast!
Less than two months into 2021, the price of bitcoin has risen 95.4%.
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Cardano founder, Charles Hoskinson speaks on the future of Bitcoin and taking profits
Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.
Despite Charles Hoskinson open criticisms of Bitcoin he does say:
“I would still be working on Bitcoin if Bitcoin could evolve”
Tesla buys $1.5 billion in bitcoin, plans to accept it as payment. BTC skyrockets to 44,000!
- Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.
- The company also said it would start accepting bitcoin as a payment method for its products.
- CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.
Tesla announced Monday it has bought $1.5 billion worth of bitcoin.
In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to accept do so. (The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.)
After this announcement BTC shot up to 44k!