HomeTodays NewsBitcoin [BTC] bull run is partly down to FOMO felt by investors, claim CNBC contributors
Bitcoin [BTC] bull run is partly down to FOMO felt by investors, claim CNBC contributors
May 29, 2019
Bitcoin [BTC] is currently in the middle of a major bull run which has resulted in a staggering hike over the last few months. The largest cryptocurrency exhibited a rise in valuation of about $3100 in the last 30 days alone, stirring up a significant buzz in the cryptocurrency and financial community.
Jim Iuorio, CNBC Contributor, recently said that a massive amount of capital was coming into the virtual asset’s market, due to fear of missing out [FOMO] in the current bull run.
“Assets like BTC, that are primed for bubble creation, this kind of things generally happens.”
He suggested that the whole allure of crypto-assets was that, since fiat currencies were not traded properly by Central Banks, these virtual currencies provided another form of Store-of-Value [SoV].
Brian Stutland, another CNBC contributor, also reciprocated the same thought and believes that some part of the bull run is due to people’s fear of missing an investment opportunity in crypto.
He stated that the price of gold did not rally as significantly as Bitcoin’s [BTC] in a “low-interest rate” environment.
“At the moment people are like, “wait a minute, maybe I should just hold a cryptocurrency, it’s easier to transact back and forth, electronically I can move my money around, I don’t have to worry about a gold bar somewhere, or a trust holding my gold bar.”
He suggested that the general sentiment might have shifted in the direction of crypto, as people were starting to re-direct their capital from gold and into a “low-interest-rate environment” of Bitcoin [BTC]. This was what was causing the upside in the virtual asset market, he said.
Iuorio finally stated that for trading around $9020 on Bitcoin Futures, would require Bitcoin to breach another resistance to provide strength in trade and target $9620 for a profitable outcome. If the asset trades below and finds itself around $8590, it would be a sign to sell the asset.