Home Altcoin The altcoins are really starting to pop

The altcoins are really starting to pop

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Have you ever made popcorn? Not that rubbish you zap in the microwave – the proper stovetop kind. Nothing happens for a while, but after the thin layer of oil at the bottom of the pot starts to sizzle and smoke, and the bright yellow kernals heat up and get excited, you hear a single pop. This is followed a few seconds later by another pop and then another one, and then all of a sudden they start exploding in rapid-fire succession.

That is exactly what the altcoin market is starting to look like.

Asia Times reported on Wednesday that former Prudential CEO George Ball advised investors to position themselves for a major rally in September. Ball’s choice of metaphor was not popcorn popping but rather a fuse being lit. What is going to light it? Currency devaluation resulting from unprecedented levels of monetary stimulus in response to the Covid-19 crisis, Ball believes. 

Old-school investors like Ball, a reformed crypto skeptic, and hedge-fund tycoon Paul Tudor Jones are increasingly turning to crypto now that the credibility of its safe-haven status has been reinforced by major institutional investors like Grayscale and Fidelity joining the party. 

Is it really a safe-haven asset? That remains to be seen, but with some conservative Wall Street players who regarded bitcoin with contempt a few years ago now taking the “digital gold” narrative seriously, it looks like it may have that potential. Money is, after all, a belief system, and there is a growing consensus that bitcoin is the real deal. 

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