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‘The Street’ Cites Bitcoin Among Investments Set To ‘Soar’

Last Updated March 4, 2021 4:49 PM
Lester Coleman
Last Updated March 4, 2021 4:49 PM

Bitcoin is among the investments expected to soar, according to Tradebird, a social trading app, reported The Street , a site that offers insight on investing. The Street and the investor comments it cited join the growing investment community interest in bitcoin.

The Street article cited the impressive gains of the Grayscale Bitcoin Investment Trust. Other investments expected to soar are SolarCity, Swiss Francs and Manchester United.

What Do ‘Real Traders’ Think?

Ivan Ashiminov, a writer for The Street, noted it is important to know what “real traders” think since they can offer clues about the future direction of stocks, currencies and commodities.

The article includes a chart of the Grayscale Bitcoin Investment Trust from August 2015 to June 2016, during which time the price has posted steady gains.

Bitcoin, according to Ashiminov, is “surging at 92% bullish sentiment.” He further noted a July auction in Australia of nearly $16 million worth of confiscated bitcoin has confirmed that digital currency is “going mainstream.”

Ashiminov provided similar analyses of gold, the Swiss Franc, Manchester United, coffee and SolarCity.

Also read: Why BTC is a new asset class

Why Traders Are Bullish On Bitcoin

The Tradebird app Ashiminov referenced gives bitcoin a 100% bullish rating.

Following are recent Tradebird posts about bitcoin:
• One post wonders if the halving of bitcoin will double bitcoin’s price or double the fees needed to confirm a transaction in 10 minutes. “Either way the miners would be making money to stay profitable.”
• China’s speculation over the yuan devaluation and the anti-corruption drive are increasing bitcoin’s popularity.
• Australians will be able to buy bitcoin under a new initiative to sell bitcoin in exchange for cash at more than 1,200 news agents.
• Bitcoin is catching on with “gold bugs.”
• Bitcoin is taking a “baby step” on the path of official acceptance as the Swiss town of Zug allows residents to use bitcoin for municipal services.

Investments The Street pegs for decline include the British pound, the Canadian dollar, Twitter and platinum.

Needham & Co. LLC, a New York City-based investment firm, has begun covering the BIT, giving it a “buy” rating and a $62.00 price target (PT), CCN.com reported in April. Needham estimated the present per-bitcoin value at $655.