Hello and Welcome to another week’s edition of Overbit News. Just a few days ago, we wrote about the stalling out of Bitcoin as the surrounding cryptocurrency market continued to pick up steam.
It seems we can pick up from where we left off from there for our first story of the day, as we focus on the rapidly expanding cryptocurrency landscape.
Only a few months ago, Bitcoin broke the historic landmark of a 1 trillion-dollar market cap - the first in its existence. Enthusiasts around the world rejoiced at this milestone, as the $1 trillion resistance typically marks the point when an asset becomes officially recognized by most institutional bodies.
This was certainly a milestone to celebrate for cryptocurrency investors everywhere. However, this lone metric did not paint the whole story: as Bitcoin continued to surge in the first half of 2021, so did most of the altcoin market, led especially by Ethereum and some of the major DeFi players. Running alongside the Bitcoin markup phase, this market wide runup propelled the cryptocurrency ecosystem well beyond the $1 trillion mark.
Now, just a few weeks later, and it seems the total cryptocurrency market cap has already doubled up, reaching the $2 trillion mark in a matter of weeks versus months or even years. Back when Bitcoin first reached $1 trillion, many speculators noted the relative window between the first trillion and the second trillion for internet-era, dot-com start-ups, something which seems to have come to fruition here.
We are certainly in the first few innings of cryptocurrency here, and it’s tough to say where things move from here, but the quick runup from $1 to $2 trillion, versus 0 to $1 trillion, certainly has a strong historical precedent to bet on.
The future of digital asset portfolios is growing ever so quickly to becoming a necessity, and Anthony Scaramucci is all aboard the beliefs.
Anthony Scaramucci, a key player of SkyBridge Capital, is spreading the beliefs that having portions of investment portfolios taken up by digital assets is quickly becoming a need if investors want to have a leg up going into the future. SkyBridge Capital now holds over $600 million in Bitcoin and is also applying for a Bitcoin ETF to take digital assets even further.
Anthony is making sure to stay ahead of the game for his clients, but it isn’t all on him as he said his clients have also had their interests sparked for digital assets among their portfolios. Spreading the love is key though as Ethereum has entered many player’s eyes as it begins to make big moves up, especially with the increased popularity due to DeFi (Decentralized Finance).
Anthony was seen talking up Ethereum as a good piece of technology with a good store of value that people will transact with. Between Bitcoin and Ethereum entering many big names portfolios, it’s only a matter of time before things start moving up, and quickly.
Investment portfolios in today’s world will more than likely be left behind if no digital assets are included. Anthony, a key proponent in a large investment firm, believes that if people want to secure the future for their kids, then the time to get into digital assets is now.
That’s it this week for Overbit News. Thank you for reading and we’ll see you next week.