Michael van de Poppe, a well-known crypto trader and analyst, told Benzinga how he would invest $1,000 in cryptocurrencies and get maximum gains by the end of U.S. Presidential Elections 2024, which is also being called by billionaire Balaji Srinivasan the first "Bitcoin election."
What Happened: Van de Poppe suggested that he would invest $300 in Bitcoin BTC/USD, $300 in Ethereum ETH/USD, $150 in Chainlink, and $250 in Cosmos.
The analyst expects Bitcoin to reach anywhere between $400,000 to $450,000 in a 10-year period. “Considering the current valuation of the crypto market at $1 trillion, 10 to 15 times growth is still possible. This suggests that the value of Bitcoin may increase from $50k to anywhere between $400k to 450k," he said.
When asked about his choice of Chainlink, Van de Poppe explained, “If you look at the entire crypto ecosystem, Ethereum has been going through a lot of tests already. And if you want to create a decentralized financial world, you need data. So that’s why you need oracles to come in to provide you the data.”
According to van de Poppe, Chainlink, being the largest oracle network out there, "offers a straightforward bet on valuation."
Regarding his choice of Cosmos, van de Poppe said that it is a competitor of Ethereum and is also a layer zero with the SDK solution.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: Van de Poppe said that he believes in the importance of a diversified investment portfolio.
In a boring and choppy market, traders need to adjust their strategies. It’s important to have a sound risk management plan, diversify and avoid going all-in on one trade," he said, adding that, "look for opportunities in smaller time frames and be patient for good setups to appear. It's important to stay disciplined and not to force decisions. Even in a slow market, there are still opportunities to make money.”
Price Action: At the time of writing, BTC was trading at $26,025, down 0.14% in the last 24 hours, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
