If you’re waiting for bitcoin to slowly fade from the spotlight, keep waiting. Now that the cryptocurrency has taken another step into the mainstream with the CBOE offering bitcoin futures trading, the buzz is only going to keep building.
And, if one of bitcoin’s biggest — and wealthiest — backers has it right in our call of the day, building buzz means a building valuation.
Cameron Winklevoss, half of the twins made famous by their role in Facebook’sFB, +0.02% early years, told Bloomberg he believes bitcoin is a “gold disruptor” that could see 20-fold gains.
He bases his hugely bullish projection on a $6 trillion market value for gold explaining that investors appear to be warming up to the idea that bitcoin is more portable and divisible than the precious metal.
“We think it’s just the beginning. We are definitely holders,” Winklevoss said. “We think we are in a good spot and ready for game time.”
If bitcoin does reach $300,000 and beyond, the Winklevoss brothers, already considered the first crypto billionaires, will get a lot closer to the net worth of their longtime nemesis, Facebook chief Mark Zuckerberg.
Key market gauges
Yes, bitcoin BTCUSD, -3.16% is now trading on the futures market, after having made its highly-anticipated debut Sunday on the CBOE. So far, so good for the bitcoin faithful, as futures XBTF8, -3.80% got above $18,000, while the cryptocurrency itself BTCUSD, -3.16% has risen toward $17K.
Meanwhile, the Dow DJIA, +0.23% is flat at the start and the S&P 500 SPX, +0.32%is up a bit. The Nasdaq COMP, +0.51% is also up. Across the pond, EuropeSXXP, -0.05% has been mixed. Asia ADOW, -0.02% turned in strong gains, led by the Hang Seng HSI, +1.14% . Gold GCZ8, -0.19% is up, and crude CLZ8, -0.04% is in the red.
The chart
There’s plenty for investors to worry about heading into 2018 — just scroll your news feed — but you wouldn’t know it from how they’re still eating up stocks.
Dana Lyons of J. Lyons Fund Management used data from the Federal Reserve to illustrate how U.S. households have more than 36% of their total financial assets wrapped up in equities.
In his blog post, “Everybody in the (stock market) pool,” Lyons pointed out that this is the highest percentage since — you guessed it — the days of the internet bubble.
“Perhaps not everyone is in the pool,” he says, “but it certainly is extremely crowded.”
And, if one of bitcoin’s biggest — and wealthiest — backers has it right in our call of the day, building buzz means a building valuation.
Cameron Winklevoss, half of the twins made famous by their role in Facebook’sFB, +0.02% early years, told Bloomberg he believes bitcoin is a “gold disruptor” that could see 20-fold gains.
He bases his hugely bullish projection on a $6 trillion market value for gold explaining that investors appear to be warming up to the idea that bitcoin is more portable and divisible than the precious metal.
“We think it’s just the beginning. We are definitely holders,” Winklevoss said. “We think we are in a good spot and ready for game time.”
If bitcoin does reach $300,000 and beyond, the Winklevoss brothers, already considered the first crypto billionaires, will get a lot closer to the net worth of their longtime nemesis, Facebook chief Mark Zuckerberg.
Key market gauges
Yes, bitcoin BTCUSD, -3.16% is now trading on the futures market, after having made its highly-anticipated debut Sunday on the CBOE. So far, so good for the bitcoin faithful, as futures XBTF8, -3.80% got above $18,000, while the cryptocurrency itself BTCUSD, -3.16% has risen toward $17K.
Meanwhile, the Dow DJIA, +0.23% is flat at the start and the S&P 500 SPX, +0.32%is up a bit. The Nasdaq COMP, +0.51% is also up. Across the pond, EuropeSXXP, -0.05% has been mixed. Asia ADOW, -0.02% turned in strong gains, led by the Hang Seng HSI, +1.14% . Gold GCZ8, -0.19% is up, and crude CLZ8, -0.04% is in the red.
The chart
There’s plenty for investors to worry about heading into 2018 — just scroll your news feed — but you wouldn’t know it from how they’re still eating up stocks.
Dana Lyons of J. Lyons Fund Management used data from the Federal Reserve to illustrate how U.S. households have more than 36% of their total financial assets wrapped up in equities.
In his blog post, “Everybody in the (stock market) pool,” Lyons pointed out that this is the highest percentage since — you guessed it — the days of the internet bubble.
“Perhaps not everyone is in the pool,” he says, “but it certainly is extremely crowded.”
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