In a press release earlier today, Fundstrat Global Advisors announced that they will be accepting Bitcoin [BTC] from clients for payment through BitPay. This is to ensure a worldwide reach for payments to Fundstrat through the “largest global blockchain payments provider” BitPay.
In the current space, Fundstrat remains among the few macro research firms at the industry level to follow the cryptocurrency markets. Fundstrat’s Managing Partner Thomas Lee has appeared on CNBC countless times to offer advice or make predictions for the Bitcoin market. Keeping in mind the recent move, Lee stated:
“Fundstrat found that accepting payments via BitPay is considerably simpler, faster and less expensive than bank wires. Bitcoin payments make it easier for our clients, particularly those outside the US, by offering more options to pay for our research services without having to deal with the hassles of currency translation.”
The release also stated that those that are looking to pay the research firm in Bitcoin should reach out to the Client Manager division of Fundstrat. This indicated that the feature is already ready for use by clients. Moreover, Fundstrat stated:
“Fundstrat clients can skip costly, complicated cross-border wire transfers and receive or send international payments with BitPay with complete accuracy, zero fraud risk, and quick bank settlement. Bitcoin payments dramatically reduce the friction, cost, and time of cross-border business to business payments.”
Bitpay is a global payment service that allows businesses to accept payments in Bitcoin and Bitcoin Cash [BCH]. Bitpay’s clients include big names such as Microsoft, Neteller, Newegg, Virgin, and Zynga. They also allow their users to turn digital assets into dollars with their Visa card.
On partnering with Fundstrat, Sonny Singh, the Chief Commercial Officer of Bitpay, stated:
“Bitcoin payments for businesses are making cross-border transactions easier as Fundstrat is able to accept payments from clients in Asia, Africa, and Latin America that would have been nearly impossible before. Fundstrat has a reputation of being innovative and being the first research firm to accept bitcoin only reinforces their reputation.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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