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100 billion reasons Apple should get behind Bitcoin: Michael Saylor



Apple should invest a portion of its massive cash reserves in Bitcoin, Toroso Investments’ portfolio manager Dan Weiskopf posted earlier today on the ETF Think Tank website.

The site’s lead ETF strategist’s call follows in the footsteps of MicroStrategy CEO Michael Saylor and former Goldman Sachs hedge fund manager Raoul Pal, who both predicted Apple would make a large scale investment in Bitcoin in the upcoming years.

Saylor retweeted and endorsed Weiskopf’s piece with the comment that the tech giant could see a $100 billion gain in market cap by integrating Bitcoin with their products and adding it to their holdings.

With a market cap north of $2 trillion, Apple (AAPL) is the world’s most valuable company and has nearly $192 billion cash on hand, according to an earnings report released on Oct. 29.

Weiskopf laid out the case that an investment in Bitcoin of between $10 billion to $20 billion would be more profitable in the long term than Apple’s plan of carrying on with “risky and expensive” stock buybacks. He said it would also be a prudent hedge against inflation.

“I get that certain institutional shareholders might get twisted up by the purchase of Bitcoin, but we need to work through the math and the opportunity versus the stock buyback,” he wrote.

“Whether you see Bitcoin as a hedge against inflation, a speculation or an alternative asset class, it is a technological innovation that Apple is in a unique position to access and provide to its shareholders.”

Being substantially larger in both reach and market cap than Bitcoin, Weiskopf argues that Apple can help Bitcoin reach true levels of mainstream adoption, to the benefit of both.

“Apple’s management has a unique opportunity to think outside the box. The company’s loyal ecosystem, technological expertise and financial strength means that a relatively small risk towards digital could align it with the most disruptive technology trend since the internet.”

As an aside, the price of BTC would need to rise 545% — roughly $100,000 per BTC — in order to approach Apple’s current market cap of $2.03 trillion.

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Bitcoin sheds $2.5K amid warnings of a repeat BTC price dip




Bitcoin (BTC) fell precipitously on June 25 after a rejection above $35,000 sparked a rout toward familiar support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin heads back towards $30,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it shed over $2,500 during trading on Friday.

The pair had hit local highs of $35,400 overnight before abruptly reversing trajectory to fall below $33,000.

For popular trader Crypto Ed, the situation was similar to events last month after BTC/USD first bounced at $30,000 support.

“Current, sluggish PA reminds me of a similar situation a few weeks ago….. I thought we did a 1-5 and started next cycle but after 1 more top, BTC made a deeper correction,” he commented on an accompanying chart.

“Thinking we might get the same here.”

BTC/USD scenario. Source: Crypto Ed/ Twitter

That would place Bitcoin in a position to rechallenge the $20,000 corridor which it briefly broke into several days ago.

As Cointelegraph reported, the mood among many traders remains skewed to the cautious side after BTC/USD failed to reach a $37,000 target before its latest rejection. The possibility of a new lower low is thus far from off the cards.

BTC buy interest remains

Signs of underlying confidence nonetheless remain.

Related: Bulls on parade: Galaxy Digital and Alameda pundits tip market recovery

On Friday, it was again El Salvador and its Bitcoin law in the spotlight after president Nayib Bukele announced that every eligible citizen would receive $30 free in BTC for downloading its wallet.

Institutional bullishness meanwhile came in the form of the Purpose Bitcoin ETF, which continued to add to its assets under management throughout the price dip.

Meanwhile, altcoins were flat, with no single asset managing to break out of established trading zones.