Juan Villaverde hit the nail on the head a couple of weeks ago: He said a Bitcoin correction was due by mid-May, give or take a few days. And sure enough, it’s here.
The correction, he writes, is entirely within the context of a new, incipient bull market that should start building momentum in June. And part of that momentum is a growing chorus of establishment recognition for cryptocurrencies.
Take Michael Novogratz, for instance. He isn’t a household name, but he’s highly respected as a Wall Street insider from his days as a Goldman Sachs partner and as a Fortress hedge fund manager.Now Novogratz is pounding the table about cryptocurrencies: “It’s almost essential for every investor to have at least 1% to 2% of their portfolio” in crypto, he says.
And he’s putting his money where his mouth is, investing 10% of his personal net worth in cryptocurrencies.
Or consider Saudi Arabia’s blockchain bootcamp. The kingdom’s Ministry of Communications and Information Technology (MCIT) is hosting a “blockchain bootcamp” to boost its labor pool of tech-proficient workers.
“The aim of this workshop,” they announced, “is to leverage Saudi Arabia’s untapped human resource potential, equip them with knowledge and insight, so they understand the power of blockchain and the current and future potential of its application.”