Events of the week in the crypto market with analyst comments
It was an eventful week for the crypto market: the price of Bitcoin is hitting new records, Trump plans to create a position responsible for the crypto sphere in the government, and MicroStrategy issued an additional stock package for buying tokens. We have gathered analyst reactions to the recent events.
Bitcoin records
On November 22, Bitcoin reached a new historical high of $99,000. It is just one step away from the coveted $100,000 mark. Here's what experts think:
“Today, what was inevitable is becoming reality. #Bitcoin My feeling is like having waited for a wave for years. I didn't know exactly when. But I always knew it would come. Now that it has arrived, it is so beautiful“, - Prev Chief Editor at @brcointelegraph Rafaela Romano. (x- @hi_disruptivas).
“Everyone who had the conviction to buy and hold bitcoin when it was $10,000 or under deserves everything they are getting right now. Everyone who bought under $100,000 and has the conviction to hold for 10 years will get what they deserve in due time”, - member of Wealth Squad. (x - @NoTimeZone_)
“I prefer to actually own Bitcoin... all I can tell you is, own Bitcoin, that's a winner”,- Mad Money show host on CNBC and head of the CNBC Investment Club, Jim Cramer. (x- @jimcramer)
A responsible person for the crypto sphere to appear in the U.S.
The team of the elected U.S. president is negotiating with leading players in the crypto industry about the introduction of a new government position – a cryptocurrency commissioner, Bloomberg reports. The official will be responsible for developing policies regarding digital assets and will act as a mediator between the industry, Congress, and the head of state. Investors and analysts are fond of the idea.
“We've been in regulatory purgatory for four years and innovation has been stifled. Big players have been hesitant to enter because of fear... fear of litigation, fear of Wells notices. But that all changes with better regulation and the @realDonaldTrump administration's”, - says CEO of Galaxy Digital Mike Novogratz. (x- @novogratz).
“I've talked to Senator Scott, numerous Senators in the banking sector. We've been told by the executive branch, Trump wants America to be #1 to found and run a crypto business. We're in talks with the legislative side”, - Cardano founder Charles Hoskinson confirmed ongoing negotiations between the government and the crypto sphere. (x - @IOHK_Charles)
“Make The SEC Great Again. Make Crypto Great Again. Under President Trump, transformative change starts on Day One. #SEC must restore trust, engage with industry, and end regulation by enforcement. It’s time to knockdown needless obstacles, remove burdens, clarify #crypto rules, and promote innovation. Protect investors and our place on the world financial stage. Bring crypto back to USA”, - says Teresa Goody Guillén, the host of "Bulls, Bears, and Blockchain." (x - @teresagoody)
Michael Saylor goes all-in
In November, the businessman’s stake in MicroStrategy decreased from 51.7% to below 50%, which was related to the issuance of additional shares in October. MicroStrategy took these actions to raise funds necessary to increase its Bitcoin holdings. In particular, the company issued 13.6 million shares to acquire 27,000 BTC. As a result, MicroStrategy lost its status as a "controlled company." According to NASDAQ requirements, to continue trading its shares, the company needs to establish a board of directors and leadership team as soon as possible. Experts have had mixed reactions to Saylor's decision.
“Convertible bonds. if Microstrategy stock price goes up, you take the stocks and the gains. If Microstrategy stock price goes down, you just get interest payments on the bonds aka no downside. Everyone is going to line up to give him their money and he’ll buy more Bitcoin with it. I hope you understand this”, - member of Wealth Squad. (x- @CJ_Johnson17th)
“How long will it take Microstrategy ($MSTR) to become one of the top 10 most valuable companies in the world thanks to its #Bitcoin strategy?”,- "Bitcoin" podcast host Walker anticipates a rise in MicroStrategy's stock. ( x - @WalkerAmerica)
“Allianz is buying $750,000,000 of #Microstrategy's bonds Can the ETFs issue bonds and sell them to insurance giants to accumulate more #Bitcoin? This is why $MSTR is selling at a premium to its Bitcoin holdings. How many more offerings will be made? How many billions of dollars are about to indirectly flow into Bitcoin?”, - Investor Rajat Soni wonders. (x - @rajatsonifnance).
