{"id":111855,"date":"2021-04-12T17:21:04","date_gmt":"2021-04-12T17:21:04","guid":{"rendered":"https:\/\/fin2me.com\/?p=111855"},"modified":"2021-04-12T17:21:04","modified_gmt":"2021-04-12T17:21:04","slug":"mohamed-el-erians-take-on-crypto-investing","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/mohamed-el-erians-take-on-crypto-investing\/","title":{"rendered":"Mohamed El-Erian&#39;s take on crypto investing"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>The bitcoin bull market rages on: The price of one bitcoin is back above $60,000, and not far from its all-time high, as investors gear up for this week&#8217;s eagerly awaited direct listing of cryptocurrency exchange Coinbase Global. <\/p>\n<p>Bitcoin has more than doubled this year, and it represents just over half of the overall cryptocurrency market&#8217;s value of nearly $2.1 trillion. That&#8217;s only slightly less than the market value of <span>Apple<\/span> <span>(<span>AAPL<\/span>)<\/span>.<br \/>\nCoinbase&#8217;s debut, set for Wednesday, could be a catalyst for the recent bitcoin and broader crypto surge. Coinbase is profitable and has reported strong revenue growth, and that could further help validate crypto buying and selling as a business.<\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"Bitcoin mining in China could soon generate as much carbon emissions as some European countries, study finds\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210407140217-02-bitcoin-mining-china-file-restricted-large-169.jpg\"><br \/>\nBased on recent private stock trades for Coinbase, the company is valued at a stunning level of nearly $68 billion. To put that into context, it&#8217;s a little bit more than the market value of New York Stock Exchange owner <span>Intercontinental Exchange<\/span> <span>(<span>ICE<\/span>)<\/span>.<\/p>\n<ul><\/ul>\n<p>&#8220;The Coinbase direct listing is a major milestone for the crypto industry. It will allow investors to gain exposure to the business without having to own actual cryptocurrencies,&#8221; said Carlos Domingo, CEO of Securitize, a digital asset securities firm. <\/p>\n<p>Bitcoin isn&#8217;t the only digital currency that&#8217;s surging: Ethereum has nearly tripled this year thanks in part to its role as the primary method of payment used for non-fungible tokens, or NFTs. It&#8217;s now worth about $250 billion.<br \/>\n&#8220;Bitcoin and other cryptocurrencies are like digital gold as more and more assets are becoming digitalized and tokenized,&#8221; said Li Jun, founder of Ontology, a blockchain firm. &#8220;Cryptocurrencies are going to become even more important.&#8221;<\/p>\n<p><img decoding=\"async\" alt=\"Why bitcoin could triple over next year\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210219081655-02-bitcoin-file-large-169.jpg\"><br \/>\n<img decoding=\"async\" alt=\"Why bitcoin could triple over next year\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210219081655-02-bitcoin-file-large-169.jpg\"><\/p>\n<ul>\n<h3>JUST WATCHED<\/h3>\n<h2><span>Why bitcoin could triple over next year<\/span><\/h2>\n<\/ul>\n<h4>MUST WATCH<\/h4>\n<p><span><\/span><\/p>\n<p>That trend builds on the mainstreaming of bitcoin as more large corporations are embracing it. Elon Musk&#8217;s <span>Tesla<\/span> <span>(<span>TSLA<\/span>)<\/span> has decided to invest some of its corporate cash in bitcoin. Shares of <span>Silvergate Capital<\/span> <span>(<span>SI<\/span>)<\/span>, a bank that specializes in crypto-backed loans and deposits, have more than doubled this year. <\/p>\n<ul><\/ul>\n<p>And software firm <span>MicroStrategy<\/span> <span>(<span>MSTR<\/span>)<\/span>, whose chairman and CEO Michael Saylor is one of the biggest bitcoin evangelists, announced Monday that it will start to pay fees to directors of the company&#8217;s board who are not employees in bitcoin instead of cash.<br \/>\n<img decoding=\"async\" alt=\"Yes, the IRS can tax bitcoin and other cryptocurrencies. What you need to know\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210408121317-20210408-bitcoin-2020-tax-gfx-large-169.jpg\"><br \/>\nMicroStrategy said in a filing with the Securities and Exchange Commission that the decision to pay some directors in bitcoin was due to the belief that bitcoin can &#8220;serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.&#8221;<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/04\/12\/investing\/bitcoin-prices-coinbase\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)The bitcoin bull market rages on: The price of one bitcoin is back above $60,000, and not far from its all-time high, [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":111854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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