In today’s Early Investing newsletter, I wrote about some very bullish rumors from Mike Alfred, a leading player in the institutional bitcoin world. In a pair of tweets, he revealed that a large number of institutions have bought into bitcoin — and more are on the way.
A lot of large and important institutions bought #bitcoin over the summer. They will announce their purchases between September 7 and November 19. Enjoy the fireworks.
— Mike Alfred (@mikealfred) September 2, 2021
I have spoken with executives from nearly every top 10 asset manager over the last 30 days.
Every firm is thinking about and working on #Bitcoin and Bitcoin-adjacent ideas.
— Mike Alfred (@mikealfred) September 2, 2021
This is big news for crypto adoption. Some major wealth managers and corporations are likely to announce significant positions in bitcoin in the very near future.
This could feed into FOMO among professional investors and would be very bullish for bitcoin and the entire crypto industry.
Altcoin Watch: SOL and FTT
I’m extremely bullish on bitcoin right now. Altcoins are also likely to continue to outperform for a while. Coins I am considering trying to build a position in include FTT (the native currency of huge trading platform FTX) and SOL (Solana, the most hyped Ethereum killer). I think these coins could run up much more, even though they’ve had an incredible year.