A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole.
Tesla May Restart Crypto Transactions Again
Several months ago, Tesla decided to stop bitcoin transactions because of environmental reasons. However, the EV and space exploration founder is a firm believer in the future of crypto and has said that he would continue transactions should the amount of energy from mining start to make less of an environmental impact and become cleaner and more efficient.
Citi Starts Coverage of Coinbase With $415 Price Target, Says ‘Buy Crypto’s General Store’
More implied volatility could be leaning toward the bullish side of crypto as Citi gives Coinbase a price target of $415. They describe Coinbase as the hub for crypto investing that they call crypto's "general store". Although the company's price is very correlated with the performance of crypto, it also provides a service for those investors looking to invest in more than a coin. The sentiment Citi has around Coinbase, therefore, is staunchly correlated to the sentiment they have on crypto as a market. A $415 PT is also a statement towards further gains from bitcoin and other major altcoins.
Bakkt's stock surges on Mastercard, Fiserv deal to broaden use of crypto in payments
BKKT, previously known as VIH, completed its merger this quarter and is now making a deal with Mastercard to work out a simple way to make crypto transactions. Not only is money and technology flowing into this industry, but major institutions and investors are gearing for mass adoption. Bakkt is one of the potential major competitors against Coinbase as it expects to have about 30 million users on their platform in the coming years. More competition, money, technology, adoption and attention is going into this space which can only mean one thing: the market will just keep getting bigger.
Whether it's stocks or individual coins to invest in, I think it's imperative to look more into this space if you are a speculative investor trying to find that once-in-a-while opportunity that could potentially stack your portfolio.
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