Defiance ETFs CIO: It’s a good time to buy Bitcoin (BTC)
Sylvia Jablonski, the Chief Investment Officer of Defiance ETFs, has stated that now is the best time to start purchasing Bitcoin and other cryptocurrencies in a recent interview with CNBC.
“Bitcoin was a particularly good buy at $54,000”
The crypto market has suffered significant dips this week, just as the majority of other ones did. Traders chalk the recession up to the discovery of a new and potentially more transmissible Covid-19 variant, which has already sparked a forceful reaction across the world, with a number of new travel bans from several southern African countries to Europe, the US and Australia.
Almost no cryptocurrency saw any serious growth this week; Bitcoin even dipped below the $55,000 level. Sylvia Jablonski from Defiance ETFs made sure to buy big when the cryptocurrency hit $54,000.
“This is an overreaction. In my mind this is a great opportunity to buy,” she said. “Inflation might cool off because of the market pullback today. A lot of investors are going to go back in and sort of push the price up.”
According to Jablonski, it’s difficult to say where the market is heading at the moment – to her both $58,000 and $48,000 sound like very possible BTC prices. However, the Defiance ETFs CIO remains optimistic – she is of the opinion that $58,000 is a more probable option.
“It’s a super volatile asset class but I just don’t think it’s going away. Particularly when we talk about the metaverse and the need for Bitcoin and Ethereum transactions in this world – I really think that Bitcoin and Ethereum (ETH) scream ‘Buy!’ now,” Jablanski added.
The metaverse to the rescue!
The metaverse does seem like the next big investment theme right now; many traders hope that it will attract more institutional investors in the near future. In fact, several major corporations such as Roblox, Naver, and, of course, Meta (Facebook) are all currently working on their own metaverses.
The concept of a virtual universe where digital reality, cryptocurrencies and gaming play the key role has recently become the biggest buzzword in tech. This week’s on-chain data showed that whales are moving large amounts of BTC to exchanges due to the current situation. However, in case some of them decide to invest in the development of the metaverse, therefore, pushing the BTC price up, the tables might turn once again.
Sylvia Jablonski, the Chief Investment Officer of Defiance ETFs, went shopping for Bitcoin this Black Friday. She is almost positive that the current Bitcoin price is not here to stay.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.