Bitcoin’s Buoyancy: Why This Money Expert Still Calls Crypto an Unseen 35-Year-Old Wealth Building Opportunity

OAs we have entered a crypto winter, not everyone sees this as a disaster for the ecosystem. Several experts and advisers offer a more nuanced view of the industry and its prospects, with one even saying it represents “an opportunity for wealth creation we haven’t seen in 35 years,” according to a recent CNBC interview.

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Ric Edelman, a former independent financial advisor, founder of $300 billion in assets under management Edelman Financial Services Edelman and founder of the Digital Assets Council of Financial Professionals (DACFP), believes that Bitcoin and cryptos in general still hold great promise. financial.

He explained that it’s “for the same reason as stocks: for long-term investors, price declines represent a buying opportunity.”

“The underlying characteristics of blockchain technology represent huge improvements for commerce: businesses around the world using this technology will be able to operate faster and cheaper, with greater security, transparency and inclusiveness. Dot-Com bubble burst did not cause the end of the internet, today’s crypto winter will not mean the end of Internet 3.0,” he told GOBankingRates.

When asked if this crypto winter was different from previous ones – a recurring theme for several commentators – Edelman said the differences this time around are that we are in the midst of a global economic crisis, “suffering from excessive stimuli injected into the economy by governments around the world in their fight against COVID-19, resulting shortages in the supply chain, rising inflation and interest rates, an upcoming global food shortage, a persistent pandemic and the big joker: Putin.

“Crypto prices are also reacting to the fact that there has been too much leverage in the system, and the current deleveraging is causing prices to fall sharply – it’s similar to the real estate crisis of 2008,” he said. he declared.

While he expects this crypto winter to last for the next 12-18 months, he also thinks that by Q1 2024 Bitcoin’s price could be $60,000-$100,000. “Part of the reason: That’s when the next halving happens,” he said.

Edelman also said that over the next five years, crypto will be a common part of the diversified portfolios of the majority of retail and institutional investors.

He’s not the only one taking a rather bullish stance amid the crypto downturn. Most notably, Bitcoin bull and MicroStrategy CEO Michael Saylor announced that the company acquired an additional 460 Bitcoin on June 28, according to a Securities and Exchange Commission (SEC) filing.

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“MicroStrategy purchased an additional 480 bitcoins for ~$10.0M at an average price of ~$20,817 per Bitcoin. As of 6/28/22 @MicroStrategy owns ~129,699 bitcoins acquired for ~$3.98B at an average price of ~$30,664 per bitcoin $MSTR,” Saylor tweeted on June 29.

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This article originally appeared on Bitcoin Buoyancy: Why This Money Expert Still Calls Crypto “Wealth Building Opportunity” Not Seen in 35 Years

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