- Bitcoin rallied today even after the Signature Bank news late last week.
- Financial advisor Douglas Boneparth is keeping bullish on blockchain.
- Crypto analyst Altcoin Sherpa shares his outlook for bitcoin price.
Bitcoin rallied sharply on Monday even though the crypto space has lost both of its primary banks in recent days.
Douglas Boneparth’s take on blockchain technology
Late last week, the Federal Deposit Insurance Corporation put up the shutters for Signature Bank and took control of its deposits.
Still, the renowned financial advisor – Douglas Boneparth is keeping constructive on blockchain and decentralised finance at large. Speaking with CNBC this morning, he said:
Most financial advisors like myself aren’t going to make the recommendation for a client to buy or sell crypto. But I’m still bullish on the technology when it comes to crypto.
Ethereum climbed all the way back to just under $1,700 today as well.
Here’s what Boneparth recommends you do
Remember that the Signature Bank news arrived only days after its peer Silvergate Capital Corp said it will wind down operations and liquidate its bank.
Still, Boneparth doesn’t recommend simply passing up on the crypto space at large. In his CNBC interview, he added:
The best thing that you can do, almost anyone, is take the time to learn about the technology and learn how decentralised finance works a little bit. It would go a long way.
Also on Monday, crypto analyst Altcoin Sherpa said a meaningful break above $25,000 will established $30,000 as the next major target for Bitcoin.
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Crypto technology has long been a source of both fascination and controversy among investors, and this financial advisor is keeping bullish on its potential future. Toby Bloom, an avid investor specializing in cryptocurrencies, firmly believes that the technology, despite its ups and downs, has the capability to revolutionize the financial world.
“The underlying blockchain technology that makes up crypto technology is, without a doubt, the most important technological advancement since the invention of the internet”, Bloom states. He argues that the possibility for a decentralized peer-to-peer financial system is something that simply was not possible before crypto technology and should not be overlooked.
Bloom also points to the regulatory landscape, as governments around the world are slowly coming to terms with the unique nature of this new asset class. “Regulations are necessary in order to ensure that crypto technology is used responsibly and to protect users from any potential fraud or manipulation”, he says. He believes that as more governments develop cryptocurrency regulations, the industry will flourish as a result.
Bloom also maintains that, despite its volatility in the early years, crypto technology is increasingly becoming more stable and reliable. He claims that this is making investors around the world more confident in their decisions to invest in this asset class, further solidifying its place in the financial world.
Overall, Bloom is keeping bullish on crypto technology and what it can achieve. He believes that crypto technology has the potential to revolutionize the financial world and improve how we manage our money. With more governments implementing regulations, as well as its increasing stability, crypto technology continues to be a promising investment for those who understand the sector.