– All right, Jared, we don’t want you to go anywhere, because we do want to continue this conversation on cryptocurrency but also the markets.
And I think just about a year ago and even longer than that, I feel like so many people were shrugging off cryptocurrency as something that just a lot of millennials were purchasing, but not really anything that could be taken too seriously.
And I think that the conversation about the Dogecoin meme should be just that conversation only.
And I thought, OK well, can you explain that to me? And he said Ethereum, not only being a cryptocurrency and breaking $4,000, it’s also an application.
Why do you think Ethereum is catching up to Bitcoin? I think all the Ethereum that’s out there right now has a market cap of about $480 billion.
In fact, if you trade crypto, in many cases, it’s the Ethereum blockchain that’s allowing for those transactions to take place.
By the way, my long term price target on Bitcoin is about $320,000 because way back 400 years ago, a single house was traded for a single tulip.
How much of that is left, do you think? And how much short is needed to get the price of Bitcoin higher? Because we saw really institutional participation driving the price up, gains, I guess that we had earlier in the year and especially last year.
KEVIN SIMPSON: Well, that’s a great point, Jared.
And when you have a limited supply and increasing demand, and to your point, whatever that demand may be caused by it tends to make prices go higher.
I wanted to come on today with a 35,000 hat because the Dow broke over 35,000 and none of us were on the floor of the exchange to celebrate or blow whistles.
– All right, so Kevin, I do want to ask you then about the markets.
KEVIN SIMPSON: Well, Kristin we got some really good news as bad news medicine on Friday with the jobs report.
And for now we’re looking at a dovish Fed and that’s going to allow us to continue to move higher.
You can only look at momentum forward valuations and then you start to think about things as far as how can these prices continue to go higher? Heck, we hit my year end target already.
And we have to be willing to get out of some names if we see things that express more weakness.
– And of course, looking over at tech, it is right now the laggard down about 1 and 4/10 of a percentage point.
“SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space”, Musk said in a tweet https://bit.ly/3betdTm.
Peikin talked about the benefits to Ethereum over Bitcoin as he believes Ethereum mining is a highly profitable business and more flexible as Ethereum can create “smart contracts” and “centralized finance.” Benzinga thanks Mark Peikin and Bespoke Growth Partners for coming on the show to help explain the merger to the listeners and the promising future of Ethereum.