Posted 8 months ago | by Ben Armstrong
Massive Bitcoin Rally Coming After Labor Day – Former Prudential CEO
George Ball is the former head of Prudential Securities – and today he thinks that Bitcoin prices are primed to explode after Labor Day.
Currently, Ball is the chief executive at investment firm Sanders Morris Harris, and he has a decades' long track record in the investment industry to draw on.
Recently Ball told Reuters,
"I’ve never said this before, but I’ve always been a blockchain, cryptocurrency, bitcoin opponent; but if you look right now, the government can’t stimulate the markets forever."
The answer to this situation is more crypto buying, and there are loads of people who may participate in the next crypto rally.
Not Many Markets Left – Cryptos Look Amazing
Looking at the value of the major tokens is probably a good idea. At the moment Bitcoin's market cap is around $200 billion, which isn't much in the world of finance.
Ethereum is a steal at less than $50 billion, and XRP looks like the bargain of a lifetime with a market cap that is hovering around $13 billion.
As Ball noted,
"The approach of the end of that road is going to be a lot closer by the fourth quarter than it is now and therefore both traders and investors should and probably will realign their portfolios substantially."
There is no doubt that there will be problems coming in the fiat financial system, and due to the systemic nature of the global financial web – there aren't many places that traders can seek refuge.
Physical gold deliveries on US commodity exchanges are at all time highs, which may be a portent of things to come in the crypto markets.
Alternative Monetary Systems
Just for fun, Apple, the smartphone maker, is now worth a little bit below $2 trillion. This is a company that makes money from handsets, and not much else.
A platform like Ethereum has the ability to replace the existing financial system, and it works without the need for pesky things like central banks and merchant/retail banking systems.
The fact that ETH is only worth $50 billion seems absurd in a world that bids up shares of bankrupt companies, and rewards failure with trillion dollar bailouts.
Ball is likely correct, and the end of the road is getting closer.
We do need to ask – which road is it?
The Summer of 2020 Rally road?
The USD road?
The Post WW2 economy road?
The End of Globalism road?
Whatever road it is – cryptos are likely to be worth more fiat as any or all of these factors come into play.
Articles on Bitboy may contain affiliate links that help us to remain profitable. It might come as a surprise, but all these great articles aren’t cheap to produce. If you don’t mind helping us out, please click on the links!