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eToro Analyst Mati Greenspan Says "Largest Bitcoin Bull Run in History” is Coming
Market Analyst Claims We’re on the Cusp of “the Largest Bitcoin Bull Run in History”
Bitcoin’s bull run in the last 6 months of 2017 has become the stuff of legends. However, that bull run could pale in comparison to the bull run we’re about to see – at least according to one major market analyst.
Greenspan retweeted several other tweets and replies.
Typically, if bitcoin goes up, then alts will follow – even if they don’t experience the same percentage gains.
At the time of writing, bitcoin is priced at around $7700. The markets are showing a noticeable increase in volume and displaying a number of bullish signals.
Of course, we’ve been here before: after plummeting below $6,000 earlier in the year, bitcoin bounced back above $9,500 before settling back below $6,000. One strong sell-off could take us back to a bear market.
Nevertheless, Greenspan isn’t alone in believing that this time it’s different. We could legitimately be on the cusp of the largest bitcoin bull run in history. Markets surged last week when it was reported that institutional firms like Blackrock have launched their own crypto research division. Major Wall Street names like Goldman Sachs are getting increasingly involved in the industry. Coinbase just launched an institutional-grade crypto custody service.
Romal Almazo, the cryptocurrency lead at Capco, echoes Greenspan’s bullish stance. Here’s how he explained the upcoming bull market in a statement to Express.co.uk:
“Blackrock really stands out to me as the arrival of institutional money will be a game changer. People need to remember that the crypto market is still less than 1 per cent of the daily volumes of the FX market.”
“Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto.”
In other words, Almazo believes the largest bull run is coming – but it may not occur for several years.
One of the biggest opportunities for growth in the crypto industry is in digital custody and storage. As Almazo explains:
“Right now, as Tier 1 banks and financial institutions explore their options, the two main things that are holding them back are the lack of regulatory oversight and the numerous risks associated with digital custody and storage. This will also mean a huge opportunity for insurers to get into the market and partner with digital custodians and digital storage providers.”
In order for banks to invest in cryptocurrencies, they need a secure storage process with limited risk. Banks aren’t going to risk customer funds in an unsecure exchange, for example. They require institutional-grade regulated crypto custody services – like the service launched by Coinbase last month.
Do you believe bitcoin is on the cusp of the biggest bull run in history? The markets appear to be demonstrating bullish signals as we approach $8,000. However, we’ve been here before, and we’re just one big sell-off away from a sub-$6,000 price – or even a sub $3,000 price.
eToro's Mati Greenspan: Crypto and Blockchain Education Should be at the Top of the 2019 Priority List
Even though cryptocurrency and blockchain technology has taken off in popularity over the past few years, the complicated nature of both still represents a stumbling block for interested people who might want to start investing on their own.
A December survey from eToro U.S. asked respondents about interest in learning more about digital currencies and questioned people’s knowledge on the industry.
69% of respondents indicated they had interest in learning more about cryptocurrencies. 75% asserted a lack of knowledge about digital currency assets, whole 20% of those who did hold crypto said they did not have the necessary understanding of virtual currency.
44% of respondents said they did not invest in cryptocurrency because they maintained a lack of knowledge about them.
U.S. managing director of eToro, Guy Hirsch, said the results showed a “serious lack of education resources available to those who would like to invest in or learn more about crypto.”
The results also suggested a potentially big market opportunity for effective and interesting crypto-related educational content. 67% of those polled said they just invested by looking at their preferred online trading platform. 43% kept up with social media channels to get information about virtual currencies.
In a recent interview, eToro senior market analyst Mati Greenspan highlighted the fact that the ‘key to success’ for cryptocurrency and blockchain would be “education, education, education.”
Greenspan said education should be at the “top of the agenda this year” due to a large desire by people to gain knowledge of the space. He said a clear example of the “level of education that is needed here” could be attributed to a different eToro survey conducted in the United Kingdom that found a distinct lack of crypto-related knowledge among asset managers.
Much of Greenspan’s thoughts were echoed by Sally Eaves, a professor and the CEO of the Sustainable Asset Exchange.
She told Express.co.uk how “mainstream adoption and accelerated growth are dependent on broadened awareness and accessibility to quality information.”
Eaves cited research that said 38% of the British population did not have an understanding of virtual currency, but how 61% asserted a desire to learn more about it.
She advocated for the existence of
“bias-free education resources” that would appeal to a wide range of audiences, including those with no prior background knowledge. Eaves said impactful educational resources would cut out jargon and instead focus on the “benefits of application over technical specifics.”
Some learning institutions, like the Seoul School of Integrated Sciences and Technologies, have jumped out ahead when it comes to crypto-focused education.
The school said in December it would offer a new MBA that focused on cryptocurrencies. The degree program will also touch on the blockchain, smart contracts, crypto funds, and dApps.
Difficult and confusing technical jargon has been identified as one of the more off-putting attributes of cryptocurrency, according to Express.co.uk, citing a variety of surveys from 2018.
Many in the industry maintain educational resources with simple and clear explanations for terms and phrases would go a long way towards fostering crypto adoption among those with no prior investment experience.
Eaves said these types of educational resources would give people the ability to “clarify the distinctions between cryptocurrency and underlying blockchain technology, and make informed choices, whether around investment potential or career development choices.”
eToro Analyst Says Iran's Crypto Crackdown Will Lead to Secondary Market Creation
Iran’s Cryptocurrency Exchange Crackdown is Creating a Secondary Market, Says eToro Senior Market Analyst
As Iran starts to apply pressure on its major capital take off, Mati Greenspan thinks the efforts may be in vain as other markets start to rise under the measures to operate the buying or selling of Bitcoin.
Things may not be quite as bad as they seem in Iran as they are in Venezuela, however the situation is beginning to get desperate when it comes to capital markets consideration. For at least some amount of time, the everyday citizens and enterprises in the country have been putting their local economy into Bitcoin to help hedge against the major financial crisis that is happening in the country.
Following the pointing out of $2.5 billion already leaving the country by a parliament member, because of BTC purchases, the government started flirting with the idea of putting a stop to access on the various cryptocurrency exchanges at an ISP level.
At least one of the anonymous Iranian Bitcoin Advocates sates that nearly every exchange in the country has had a block on it since May.
Another senior market analyst at eToro, Mati Greenspan, specializing in capital markets all over the world, remain extremely optimistic on the amount of cryptocurrency markets in Iran even though there is a supposed crackdown.
“[A crackdown in Iran] would create a secondary market for crypto assets within the economy, which—normally speaking—would have a very high markup compared to the asset’s price elsewhere in the world… So, there will be places where they’ll be able to trade peer-to-peer. They don’t need an exchange. Obviously, it’s a lot easier if you have a local exchange that accepts credit cards or bank transfers, but if that infrastructure’s not there, they can still trade it peer-to-peer,” he said.
According to the local Bitcoins market happening in Iran, the country is packed full of people who want to buy or sell Bitcoin. Sellers are mostly willing to play a part in their Bitcoin for at least 530 million rials.
The price exchange turns out to be about $12,370 according to todays rates, which is nearly two hundred percent the markup prices when compared to the normal average for worldwide markets if you ask the people at CoinMarketCap.
“If Bitcoin’s trading at $10,000 across the world, it might trade at $20,000 or $25,000 in Iran,” Greenspan added.
There is no exit Visa needed for Iran, that means anyone could easily exchange their rials to dollars on the illegal market, fly to Tbilisi, then purchase BTC there for a better rate. But, the major markup on illegal markets for US dollars is nearly as bad as the one for BTC.
For just one dollar, the normal Iranian would be projected to pay nearly 85% in markup fees for BTC, making it a rise of almost 86%.
When considering the amount of hyperinflation that the rial has been going through, even the outrageous markups can easily be used to attract Iranians who want to pave their own way to at least a small level of financial security.
Straight across the border in Turkey, it appears that the ingredients are there for a similar phenomenon. Greenspan also has the belief that the current political situation in the country can mirror that of what is being seen in Iran, with the Erodogan consolidating power from under him.
“That’s had a terrible impact on the Turkish lira. We can see that since Erdogan came to power, the currency lost about three or four times its value and it’s impacting the economy. Anybody who’s looking at their finances in Turkey would say, ‘I want to be able to hold onto my money until I retire, and I’m going to have to think about the terrible rate of inflation.’ And they are going to be looking for an alternative for value,” he stated.
While anyone living in the countries who have currency that is somewhat stable, BTC as a potential investment instrument, for those who are living in financially-troubled regions could hopefully see things a little different. For the latter, BTC can also be used as a store of value once and for all.
Some people will obviously find it hard to see cryptocurrencies as being stable, but for those who do or are in serious need of a less volatile currency than what they have available currently, BTC is the right answer. In the volatile markets, cryptocurrencies may become the safest way for them to store their wealth as a type of digital safehouse of value.
Bitcoin Bull Mati Greenspan Believes the Crypto Market Still Hasn's Reached its Bottom
As many of our readers already know, over the past few weeks Bitcoin (BTC) has been hovering around the $3,400 mark— leading many traders to proclaim that the premier crypto asset was nearing its bottom. However, with that being said, there are analysts like eToro’s Mati Greenspan who still believe that BTC could stoop even lower in the coming few weeks.
In a recent interview with a respected crypto-media outlet, Greenspan went on record to state that as things stood ‘Bitcoin was still looking for a floor to bottom out on’. And even though he did admit that the premier asset had a clear support-level forming near the $3,000 mark, there was a more than likely chance that the currency would fall below even those levels.
More On The Matter
Another individual who has recently been echoing Greenspan’s market sentiments is Anthony Pompliano— a well-respected crypto personality who is known primarily by his nickname ‘Pomp’. He too believes that the crypto market has yet to reach its bottom. Elaborating on his stance, Pomp mentioned that while 2017 witnessed a historical rise in the value of assets like BTC and ETH, 2018 saw the industry cool down significantly. As a result of this, the Morgan Creek representative now believes that the altcoin sector as a whole will start to follow a
“macro bear market trend until a bottom or long-term floor is eventually found”.
This ‘floor value’, according to Pomp, will be established near the $2,500 range.
Other Key Details Worth Noting
Even though one might be led to believe that Pompliano holds an overall bearish sentiment in regards to BTC, he has time and again been quoted as saying that in the long-term
“Bitcoin will be just fine”.
Also, it should be remembered that with the recent death of QuadrigaCX founder ‘Gerry Cotton’, around 26,500 BTC have been lost forever. This basically means that around 0.12% of the entire BTC vault will most likely never be recovered, something which indirectly translates to an increase in value for all of the other BTC tokens currently in circulation.
In recent weeks, discussions/debates regarding Bitcoin’s true purpose have been raging across the globe. For example, Max Keiser recently went on record to state that Satoshi Nakamoto’s original vision was one where Bitcoin would be used as a Store of Value rather than as a digital cash system. He elaborated on his stance by saying that the premier currency was inherently a ‘decentralized SoV entity’ since it did not require third-party individuals to verify individual transactions.
Top eToro Crypto Analyst: Buy The Upcoming Bitcoin Pullback Could Lead To 30% Gains For Investors
Analyst Suggest Buying The Upcoming Bitcoin Pullback Could Lead To 30% Gains
Bitcoin (BTC) has been traded around $3,900 for the last few weeks, a region in which Bitcoin found stability. Although it might seem a low price compared to what we have seen throughout 2018, and the end of 2017, Bitcoin was traded the last December close to $3,250, the lowest level in more than a year.
There are some analysts that believe that Bitcoin would have to drop slightly before finding buying pressure and help the price grow once again and surpass $4,000. Those that enter during the upcoming drop, could register gains of around 30%.
During the last few months, Bitcoin was not able to surpass the $4,000 level every single time it seemed to gain strength. Mati Greenspan, the senior market analyst at eToro, talked about trading volume and the important role that it plays in the market.
“Putting the rally into further context, I’d like to zoom in on our descending wedge that we’ve been tracking for the past few weeks. For now, the market seems to be flirting heavily with the $4,000 level. Volumes have tapered off slightly to about $29 billion over the last 24 hours. Still much higher than the $15 billion it was at just two weeks ago.”
The cryptocurrency analyst and trader on Twitter Chonis Trading believes that trading volume is a very good indicator of Bitcoin’s bullishness. He mentioned that volume will tell how bullish Bitcoin can be in the near future.
Moreover, Trading Room, another Twitter user, explained that Bitcoin seems to be bullish. They mentioned that the there buying potential in a Bitcoin pullback. Trading Room explains that he only needs confirmation 7EMA crossover 100 MA in the daily chart for a potential 25%-30% without leverage.
At the time of writing this article, Bitcoin is being traded around $3,980 and it has a market capitalization of $69.86 billion. In the last 24 hours, the most popular digital asset registered a price increase of 0.2%.