A popular crypto analyst says that the current economic landscape is giving him reason to be ultra optimistic about the digital asset and technology markets.
In a new video, the host of YouTube channel InvestAnswers shows his 432,000 subscribers the 5% drop of the euro’s value against the US dollar in a short window of time.
The analyst points to how the drop in EUR/USD occurred right as the Federal Reserve raised interest rates by 25 basis points. He says this suggests that contrary to what many investors believe, capital will not be flowing out of the US and into other markets, but instead will keep chasing the big names in crypto and US tech stocks.
“That can drive a huge amount of money movement… That’s how much cash there is in the system. The system is flush with cash. Money needs to find a home and billions will flow to chase those 25 basis points. That’s the world we live in. That’s why we are still early. That’s why I’m so amazingly bullish on where we are right now in winning names like Bitcoin and Tesla and a whole bunch of others.”
The analyst says that his largest holdings right now are Bitcoin and Tesla because of their disruptive nature, and points to a strong correlation between the two assets.
“It’s not by chance that they happen to be my two biggest bags. Obviously, they perform very well but I went into them hard early with a mission in mind because I saw them both being very, very disruptive…
Correlation is extremely important. If you had gotten into Tesla between 2017 and 2019, you would have had a better ROI (return on investment) than owning Bitcoin. Isn’t that stunning? And remember, Bitcoin has not even begun.”
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The post Current Economic Conditions Make Top Analyst ‘Amazingly Bullish’ on Crypto and Tech Stocks – Here’s Why appeared first on The Daily Hodl.
