Tuesday, October 20, 2020
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Tuesday, October 20, 2020

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The popular crypto fund manager, Dan Morehead, Founder and CEO of  Pantera Capital, recently made a bullish forecast on the price of Bitcoin in a letter to Investors. He said, “If history were to repeat itself, Bitcoin would peak in August 2021 at $115 212.

Nairametrics understands that if this should happen, the implication is that Bitcoin would become the most financially valuable asset known to man; surpassing gold and diamond.

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Note that price swings in Bitcoin occur when halving is anticipated, an event that happens every 4 years to reduce the rate at which new tokens are produced. Halving was originally designed to curb inflation.

READ ALSO: NSE Ranks Second in Bloomberg’s Best Performing Indexes Over the Past Month

Meanwhile, Bitcoin plunged about 10% yesterday, according to data coming from Coinmarketcap, its highest one-day plunge since March 12. It has lost about 13% from Friday’s trading price at above $10,000 and traded at $8,705 earlier on Monday.

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The bearish fall pushed Bitcoin’s market capitalization value down to $159.95 billion. At its highest point, Bitcoin’s market capitalization value was $241.2 billion. 

Bitcoin traded in a price range of between $8,850 and $9,570 in the last 24 hours at the time of writing this report.

In the last seven days, Bitcoin has seen its value climbing, as it rose more than 5%. The volume of coins traded in the last 24 hours to the time of writing stood at $49.7 billion according to Coinmarketcap.

READ ALSO: Banking stocks lay anchor on the shaky waters of Nigerian stock market

Still thinking about whether you need Bitcoin in your investment portfolio? Well, Morehead came up with an explanation when he said:

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“One of our principal arguments for bitcoin in a portfolio is that it has had a 209% 9-year compound annual growth rate with essentially zero long-term correlation to stocks, bonds, oil, and other asset classes. From a Portfolio Theory perspective: If you can find something that goes up in the biggest crisis in a century, you should have some of that in your portfolio.”

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