Polygon Network’s MATIC token continues to rally in a sign of persistent demand for layer 2 scaling projects helping decentralized finance (DeFi) protocols bypass Ethereum’s high transaction costs and attract more users. 

MATIC reached a new record high of $0.9459 early today, surpassing the previous lifetime high of $0.92 reached on Thursday, according to data provided by CryptoCompare. Messari puts the cryptocurrency’s daily high at $1.05.

The token has rallied by 150% this month, outperforming ether’s 45% rise. 

“The ongoing capital rotation into all things Polygon is showing no signs of abating,” Denis Vinokourov, head of research at Synergia Capital said. “The layer 2 scaling solution is attracting capital inflows at an astronomical rate, as evidenced by the recent sharp rise in the total value locked through $1.5 billion.”

Scaling refers to increasing the throughput of the system, as measured by transactions per second.

Layer 2 scaling solutions facilitate faster and cheaper transactions by running sidechains or tangential networks alongside the main Ethereum blockchain. Demand for these projects has picked up in the wake of network congestion and high transaction costs on Ethereum’s blockchain., with prominent DeFi protocols like Aave announcing integration with Polygon earlier this month.

Derivatives market data shows the focus has shifted to Ethereum-based scaling solutions in recent weeks from rival blockchains like Solana.

Open interest in MATIC futures listed on Binance, FTX, and Huobi has skyrocketed along with the cryptocurrency’s price. Open interest refers to the number of contracts traded but not squared off with an offsetting position. 

Open interest in Solana’s SOL token has turned south since mid-April, having seen a solid rise in preceding months. Vinokourov expects continued growth in Polygon at the expense of Solana.

“Non-ethereum based solutions, such as Solana, may suffer in the short term due to Polygon’s growth,” Vinokourov said. “The dominance of Polygon will most likely strengthen going forward, and its positioning as an aggregator could boost interest in the sector as a whole and support a wide variety of Ethereum-scaling solutions.”

Indeed, Ethereum’s scalability could improve, bringing transaction fees down once the sharding upgrade is implemented. However, Polygon’s Sandeep Nailwal doesn’t foresee Ethereum’s improved scalability affecting demand for sidechains.

“Ethereum 2.0 will become 64 times more scalable than Ethereum is now, but the demand is 1,000 times than where we are. You will need L2 scalability,” Nailwal told CoinDesk.

Ethereum’s founder Vitalik Buterin plans to implement the sharding upgrade after the completion of the switch to proof-of-stake mechanism by early next year.

Also read: Polygon’s Ethereum Scaling Project Is Never Complete: Sandeep Nailwal

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Episode 5 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Dan Morehead, CEO of Pantera Capital. 

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Pantera Capital's CEO Dan Morehead says initial coin offerings (ICO) aren't dead, but the investment world is shifting toward a narrative dominated by Bitcoina nd Ethereum.

"Crypto as a market is so volatile that the narrative changes," said Morehead on this week's episode of The Scoop. 

That narrative lately has been all about bitcoin's growing adoption. From Microstrategy to Stone Ridge Holdings — and maybe soon the city of Miami — big players are allocating to the top cryptocurrency.

But as the money flows towards bitcoin adoption, ICO's aren't over, according to Morehead. Pantera is still pitched one every two to four months, and the firm's initial coin offering (ICO) fund ended 2020 up more than 500%. 

Still, that's a sharp decline from the 50 pitches a week Pantera sifted through in 2017, and its bitcoin fund closed 2020 up nearly 300%. The crypto narrative for investors is trending towards Bitcoin amid institutional adoption, Morehead told The Scoop.

"We’re really seeing an inflection point with more coming into the market over the last couple of months.... I think the reality is they’re looking for managers that manage multiasset funds sometimes both tokens and venture and they ultimately want that all to be within a handful of managers," he said.

Lately, Morehead is fielding calls from endowments, putting the industry at an intriguing inflection point. Driving the interest in bitcoin is the current macro backdrop as well as bitcoin's block reward halving last year—which the firm said could play a role in bringing its price to $115,000. 

Morehead broke down what that means for the coming year on this week's episode, along with:

Disclosure: Pantera was an investor in a past funding round for The Block.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin has become extremely popular in 2020, on the back of the store of value, safe haven asset, and digital gold narratives. The digital gold story has taken center stage recently, as the precious metal’s bullish momentum fizzled out and the cryptocurrency market took off.

But one self-proclaimed contrarian investor with a focus on bullion, says that digital gold makes little sense, and compared it – ridiculously – to “digital steak.” Here’s why Simon Mikhailovich’s comparison itself doesn’t make sense.

Bitcoin was designed by Satoshi Nakamoto to share several key attributes with gold and other precious metals, chiefly, their scarce supply. The cryptocurrency creator borrowed other commodity-related concepts, such as mining.

Unique from gold, however, certain attributes of a currency were also added, such as decimal places for unit of account, and the ability to send the asset digitally.

The “digital gold” narrative that has emerged since Paul Tudor Jones said that Bitcoin could outpace the then trending shiny yellow metal, has taken the forefront and even managed to capture the imagination of high wealth investors. Many are reallocating gold into Bitcoin, for the sake of putting capital where it is expected to perform the best.

However, one self-proclaimed contrarian investor, claims that the narrative makes as much sense as a “digital steak.” Is his comment a well-done retort, or is he wrong about the rare, digital-only asset?

According to The Bullion Reserve founder Simon Mikhailovich, the Bitcoin as digital gold narrative doesn’t make sense. Or it “makes about as much sense as ‘digital steak.'”

TBR is a private bullion asset manager, so clearly Mikhailovich could be biased about the cryptocurrency that is heavily eating into his business model and revenue.

The comparison is definitely a strange one. As Bitcoin supporters swarmed the investor on Twitter, he began to add more insight to his thought process.

Approached with sarcasm, some users questioned if he was this skeptical over “digital mail” –  a nod to the fact there was once a time when pundits thought email was unnecessary. He said in that case, emails transfer information and not actual paper, referencing fiat money and ignoring the fact that paper money gets digitally transferred endlessly all day long via debit cards, PayPal, Venmo, and more.

He also explained, that “throughout history, private challenges to sovereign currencies have been deemed an existential threat to sovereign power and treated as such. “Everyone can draw their own conclusions,” he added.

There is always a chance that governments could view it as a threat, but the asset was made to be decentralized and operate outside of the reach of state actors. And the argument is weak from someone who knows gold well enough to be aware that US citizens were once banned from holding the precious metal under Executive Order 6102, and could just as easily be at risk.

The only reason why Bitcoin would be targeted by the government when gold hasn’t in decades would be due to the cryptocurrency being viewed as much more dangerous of a threat to fiat currencies that are used to control the world.

But any government banning BTC would be at risk of a catch 22 like situation. Being the odd man out could let other countries garner a larger share of the limited supply, leaving whatever nations late to catch on at a disadvantage if it becomes the global reserve currency.

The analogy about digital steak is incredibly poor, but email is the ideal example. The best technologies are the ones you don’t need until they become commonplace, but once they are, they become everyday staples.

So perhaps the digital gold narrative is wrong, but solely due to the fact that nicknaming it after the precious metal, despite decades of the gold standard, would be selling the cryptocurrency a few coins short.

If the running joke of the late 2017 bitcoin price surge was the image of families discussing crypto around the Thanksgiving dinner table (“Grandma, you should buy litecoin!”), the theme of the late 2020 run has been Wall Street hedge fund runners and billionaire investors going on television to say some form of, “I was wrong.”

Since its inception, the bitcoin market has always been fueled by narratives.

After events like the FBI shutting down Silk Road in 2013 (an online black market site that used bitcoin as its payment) and the theft of 850,000 bitcoins from Mt. Gox in 2014 (an early bitcoin exchange that filed bankruptcy shortly thereafter), bitcoin was for years dogged by a stigma that it is unsafe, subject to theft, and favored by hackers and scammers.

Wall Street investment firms pumped a total $5.75 billion into crypto funds in 2020, up 660% from 2019, according to a crypto inflows report from CoinShares. That flood has boosted Grayscale Investments, the largest crypto asset fund, to $20 billion in assets.

But with maturity comes regulation.

Wall Street firms may welcome regulation as a sign of seriousness, but regulation is at odds with the original appeal of bitcoin to its earliest adopters (many of whom were libertarian): that it’s outside government reach and control, unregulated, no middleman. This push and pull is yet another narrative that will continue and intensify in 2021 and beyond, as the bitcoin investment market matures.

Daniel Roberts is an editor-at-large at Yahoo Finance and has covered bitcoin since 2011. Follow him on Twitter at trong>Read more:

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Now is the age of cryptocurrency, and no comparison shows that better than the two charts you are about to see side-by-side.

Bitcoin was designed by Satoshi Nakamoto as the first form of peer-to-peer digital “cash,” but also sought to give the cryptocurrency several traits of of a commodity such as rarity. This was achieved through the asset’s 21 million BTC hard cap.

The cryptocurrency creator’s early comments showed a distinct fascination with gold, and appears to have been attempting to create a digital representation of the hard money standard.

Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

The term gold standard is used to describe a time when all fiat currencies were pegged to the shiny precious metal, and it was a time that was much more prosperous and wealth gaps weren’t nearly as wide.

The evolution of the dollar and all fiat money into what it is today, did away with the gold standard decades ago. As a result, the price per ounce of gold skyrocketed form around $30 to $2,000 this past year.

At the gold bull market peak, however, a passing of the torch took place. The moment gold topped in August, coincides with the moment hedge funds and public companies began buying BTC.

From that moment forward, Bitcoin has been in its most powerful uptrend yet and spiked from $10,000 to $50,000 with not even a trillion in capital to show for it. Gold outflows began to rise the same time Bitcoin trading volume and futures open interest started to climb to previous highs.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

The chart above shows exactly when the deviation took place, and gold’s downtrend began. Prior to that, both assets initially performed well as a safe haven post-pandemic, however, the digital currency has completely taken over since.

The digital gold narrative has been effective, and now Bitcoin is ready to set it sights on replacing the dying dollar instead.

Bitcoin was once following a gold fractal closely for years, which has thus far benefited the young cryptocurrency well. But now that the torch has been passed, will Bitcoin soon be the asset to catch up to?

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A chief economist at UBS the largest bank in Switzerland sees numerous issues with Bitcoin. Moreover, he made an attempt to answer the question of whether cryptocurrency disobeys the spirit and claimed that “bitcoin is denied to those minority groups who have reduced online access.”

A chief economist of UBS Global Health Management, Paul Donavan recently published a weekly update on the UBS website on Friday which was titled “Does Bitcoin defy the Zeitgeist?” 

In the weekly update published by Paul, a number of issues that he sees with the crypto assets were outlined.

He started by saying:

“There is something weird about Bitcoin. Bitcoin seems to specifically defy the spirit of the age, in a way other cryptos do not” 

In addition to this, he released a statement appreciating BTC along with mentioning the price fluctuations that read:

“Some suggest bitcoin is a safe haven from runaway inflation. But controlling supply does not guarantee value … Bitcoin has a history of extreme price fluctuation.”

Claiming the destruction done by BTC, he said:

“We cannot keep living on environmental credit and must become increasingly sustainable.  Bitcoin is increasingly destructive to the environment – the more that is created and used, the worse the environmental damage.”

Moreover, he declared:

“There is a global focus on reducing inequality. Bitcoin has extraordinarily unequal ownership. Holdings are concentrated amongst a tiny number of people, and its governance is more plutocratic than democratic.”

Appreciating the asset as it is the power of narrative, he said:

“The modern trend that Bitcoin embraces is the power of narrative. Storytelling matters hugely to Bitcoin’s evolution. Otherwise, Bitcoin seems opposed to the modern zeitgeist.”

Countering the statement of Paul Donavan, many supporters of BTC shared their views. 

One of the supporters of BTC, Max Keiser said:

“UBS doesn’t understand the meaning of ‘Zeitgeist.’ Faced with an existential threat from Bitcoin – as the real popular zeitgeist moves against them — Paul Donovan blabs boomer claptrap to the bank’s geriatric constituency hoping to stave off extinction. It won’t work.”

Crypto trader Austin Arnold is shining a spotlight on nine crypto assets that he believes have the chance to go parabolic this May.

The first asset Arnold shares in a new video is the flagship cryptocurrency itself, Bitcoin (BTC).

The analyst highlights that the trillion-dollar asset is attracting institutional investors and facing increased mainstream adoption, as US Bank announces they will custody the asset and Tesla CEO Elon Musk and Twitter CEO Jack Dorsey continue to encourage firms to put the asset on their balance sheets.

Fittingly, the second asset on the trader’s list is also the second-largest asset by market cap, Ethereum (ETH).

“Ethereum looks great in my opinion. From a fundamental point of view, from a technical analysis (TA) point of view, from a narrative point of view.”

Arnold notes that the asset governing the smart contract platform is facing a supply crunch, as more and more ETH is locked up in ETH 2.0.

The third coin Arnold mentions is Polygon (MATIC), a layer-2 scaling solution for Ethereum that aims to lighten the load on Ethereum’s network, offering a solid value proposition as the ETH platform balloons.

MATIC has skyrocketed in price as of late, increasing by over 100% in the past seven days.

Next on Arnold’s list is Ethereum competitor Cardano (ADA), which just locked in a partnership with the Ethiopian government.

“The sentiment around Cardano cannot be ignored, narratives and sentiment drive so much of the price in cryptocurrency.“

The trader adds that when Altcoin Daily polled its Twitter followers to see which Ethereum competitor has won the favor of crypto enthusiasts, Cardano overwhelmingly won over the majority.

Next up is Binance Coin (BNB). Arnold highlights that the Binance trading platform, where BNB can be used to offset trading fees, will soon allow users to trade Apple, Microsoft and MicroStrategy stocks. Beyond that, Binance announced that they will be launching their own non-fungible token (NFT) marketplace in June, allowing them to possibly take a slice of the growing sector.

Top oracle project Chainlink (LINK) comes in at number six on Arnold’s list. He notes that Chainlink can operate on every blockchain, and is the crypto price oracle that “everyone” uses. Additionally, Arnold believes that LINK looks good from a TA perspective as well.

Seventh on the trader’s list is VeChain (VET), which Arnold says is “morphing into what people want” by offering non-fungible tokens (NFTS) and playing into the growing popularity of unique digitized art, land and gaming assets.

Aave comes in at number eight, as it aims to bring yield-farming to its decentralized finance (DeFi) platform, enticing users to migrate to its v2 platform.

Finally, Arnold highlights Injective Protocol (INF), which is essentially a decentralized version of Robinhood with support from crypto fund Pantera Capital and Shark Tank star Mark Cuban, notes the analyst.

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Shaurya Malwa · May 5, 2021 at 2:00 am UTC · 2 min read

Ethereum (ETH), the world’s most-used blockchain and second-largest by market cap, set fresh all-time highs yesterday amidst a stronger fundamental narrative.

The asset is now up over 1,520% in the past year, and 50% in the past two weeks alone.

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After four years of calling cryptocurrencies a “fraud,” American investment bank JP Morgan Chase is now actively hiring developers for Ethereum and blockchain development.

The position was  posted  on Glassdoor, a US-based job and recruiting site. The firm is looking for developers with experience writing smart contracts, implementing business applications, and verifying cryptographic protocols on the blockchain. 

The announcement is an interesting shift in tone after many years of considering bitcoin a fraud. In 2017, Jamie Dimon, current Chief Executive Officer, said that crypto assets were “worse than tulip bulbs.” He added he would fire any JP Morgan trader dealing with cryptocurrencies.

The announcement might be a good signal that JP Morgan is finally joining the large wave of financial institutions embracing crypto and blockchain technology. The bank said  it would be ready to deal with crypto once sufficient institutional demand comes to the firm to seek exposure.

JP Morgan has also supported the narrative  of allocating 1% into BTC as a hedge fund, highlighting the waning liquid supply as corporations are now hoarding large amounts of BTC. Data from Glassnode shows how the liquid supply decreases as large holders and miners increase their positions in the market. 

— Documenting Bitcoin 📄 (@DocumentingBTC) April 20, 2021

Around 78% of all the circulating BTC is lost or being holdled, leaving less than 4 million BTC for trading. One example of institutional hoarding is Grayscale, holding over $36 billion worth of Bitcoin. The asset manager recently reported $50 billion in total assets under management (AUM), though this number changed because of the declining prices as of late.

Another institution that’s expanding its horizons on cryptocurrencies is the Chicago-based Rothschild Investment Corp.

The asset manager recently  acquired  265,302 shares from the Grayscale Ethereum Trust (ETHE), a purchase worth $4.75 million. Additionally, the firm bought 8,000 shares from the Bitcoin Trust, now owning a total of 38,346 shares.

Source

The price of gold rocketed to $2,075 per oz in August last year, since when it has fallen 20%, hitting relative lows of $1,675 on Wednesday. During the same period Bitcoin has risen 417%, with a flow of gold to Bitcoin being pointed out by several commentators. Responding to a question about the huge outflows from gold ETFs alongside its declining price, Mobius said that Bitcoin is partly to blame:

I think there…is a relationship between Bitcoin and gold because you talk to all these people and they say “gee, Bitcoin is like gold, it’s a store of value, so I think there’s some relationship between these two, and one of the reasons why gold is down…

Bitcoin’s use case as a store of value is one of the reasons behind the huge surge in institutional buying that has taken place in the past year, with many seemingly preferring it over gold.

Mobius added that one of the things he “fears” is a decline in the Bitcoin price, a sentiment that has been taken out of context in some mainstream outlets, who took it to mean that he was expecting a reversal – despite adding that it was “not a prediction”. Mobius was instead talking in context of tech stocks, saying that a decline in the Bitcoin price, if it were to happen, would result in a drop in tech stocks on the Nasdaq:

I think the relationship between the Bitcoin price and the tech market is very close, so watch that indicator. If the Bitcoin price goes down I think the tech stocks will get hit very badly.

The link between Bitcoin and tech stocks is in some ways unsurprising given that tech companies are starting to buy up the asset and also because it has a technological background, but we are yet to see a definite correlation between the two.

Ethereum Classic is currently undergoing its largest bullish rally in 2021. Since the start of May, the asset has been up by 190% in the charts, registering a new all-time high at $118. The surge has been incredible and true to its altcoin nature, extremely volatile. However, there are signs that the price is going to exhibit a strong correction over the next few days, with its momentum slowly dying out.

The present analysis does not exhibit any proper patterns so the guidelines for a short-position are based on the Fibonacci lines calculated based on its previous top at $49.8. While ETC’s price should not have surged beyond $88 in the current rally, this particular range can now be considered an appropriate range for correction.

Breaching past its -1.272 Fib line, the rally is starting to slow down. Decreasing trading volume is a decisive sign at press time, as buying pressure is seemingly reducing in the 12-hour time frame.

Market Rationals

Relative Strength Index is also tapering at a previous high range, which may indicate an eventual dump of buying pressure. Stochastic RSI is more uncertain but the selling pressure should be kicking in anytime in the chart.

On-balance Volume is currently higher than the end of April, and the chances of buyers selling for profit at this range are more likely than a week before.

Keeping the above narratives and range in mind, a short position can be entered at $115. An appropriate stop can be placed at $128, and distinguished by the Fib-line. Profits can be taken at any range between $88 and $74, but a correction to $74 should unfold over the next few days. While the Risk/Reward ratio is 3.08x, it is important to note that it is incredibly risky to short ETC at the moment, since buying pressure may invariably return if market sentiment triggers another rally.

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Tesla’s latest decision to sell $272 million worth of Bitcoin it purchased sparked outrage for those in the cryptocurrency community. Dave Portnoy, Founder and President of Barstool Sports, was one of them, accusing Tesla and Elon Musk of a “pump and dump” scheme.

Portnoy tweeted,

“ So am I understanding this correctly? elonmusk  buys bitcoin.  Then he pumps it. It goes up. Then he dumps it and makes a fortune. Listen I own 1 Bitcoin  but bitcoin  is exactly who we thought it was. Just don’t be the last 1 HODLing the bag.”

Tesla’s Elon Musk was quick to respond to the same, however. He countered,

“No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet.”

Dan Held, Growth lead at Kraken, also commented on the same on the latest edition of ‘What Bitcoin did.’ Held, surprisingly, sided with Musk on this matter, with the exec claiming that selling a part of Tesla’s BTC holdings was a “bullish Bitcoin move.”

Going on to justify Tesla’s aforementioned sale, the exec added,

“They are in a business and have certain business realities they have to face, They can’t be a hardcore hodler like myself or others.”

Held agreed with Musk’s justification that this was a way to measure the asset’s liquidity, and the executive also commented on Bitcoin’s potential liquidity throughout the coming years.

“In 2-10 years from now, BTC will be the most liquid asset in the world”

The Kraken executive, on the other hand, is not alone in believing that Tesla’s action could have a bullish effect. Meltem Demirors, CoinShares’ Chief Strategy Officer, recently said,

“The fact that Tesla could liquidate $270M of bitcoin so quickly and so easily indicates bitcoin market structure and depth is very robust corporate treasurers can tick off “sufficient liquidity” when looking at bitcoin to effectively diversify treasury holdings.”

Dan Morehead, a seasoned businessman and the Co-founder and CEO of Pantera Capital, also weighed in. He believes that institutional Bitcoin acceptance is the secret to transforming the crypto-narrative. Tesla is one of the multibillion-dollar corporations that has agreed to include Bitcoin on the balance sheet.

In reality, following Tesla’s selling operation to achieve liquidity, the veteran referred to Elon Musk as a “marketing genius.” He expressed his thoughts as follows:

“Most of these BTC grained companies are putting only a fraction of their money in balance sheet to Bitcoin-obviously, I wouldn’t recommend putting all their asset in Bitcoin.”

TL;DR Breakdown

When Elon Musk spoke for the first time about DOGE, the cryptocurrency experienced an incredible rise of 50,000 million dollars, becoming the fourth digital asset with the most significant global capitalization. Reddit news mentions that investors with little information about crypto, encouraged by Musk, have made a profit by relying on cryptocurrency.

While expert traders and traders keep attacking Dogecoin as a cryptocurrency and decentralized project, hobby traders make millions of dollars from it. It depends a lot on when and how much is invested.

A person working with Reddit invested his savings in Dogecoin on February 5 and became a millionaire with DOGE. This hobbyist investor bought the asset when it was capitalized at $0.045. When he made a lot of money, the value of Doge had exceeded $0.32; in later days, the ATH of the asset would exceed $0.42.

The millionaire Reddit user had an interview with CNBC, in which he identified himself as Glauber Contessoto. He discovered Dogecoin in the social bookmarking groups and certifies that he was impressed for various reasons at first. His first surprise was when he understood how fast Reddit grew as a community. Then he saw the Shiba Inu meme used by Doge fans and gave his savings to the asset. He invested at least $180,000,000 because of Musk.

In reality, Contesssoto used all of his money, auctioned his shares, and did other operations, such as asking for money from the Robinhood Company.

The young investor says that his bet with DOGE does not stop. For Contessoto, a 33-year-old from a low-income family, this is an event worth celebrating.

The story that traps the new millionaire is one of many that Doge endorses. Although some investors have used free income without winning like Contessoto, the narrative is repetitive. In recent weeks, investors have seen good results for the asset.

While most retail traders continue to trend upward, including Elon Musk, some fans of the asset think that DOGE is overvalued, leading to losses eventually. One of these influencers in the market is Charles Hoskinson, who said, “The competition in DogeCoin is manipulated.” Likewise, he attacked the project for not having a good capacity in its development.

For market watchers, the coin and Musk have accomplished more than enrichment. He motivates many investors to join crypto. Dogecoin is the cryptocurrency with the highest entry compared to Bitcoin or other digital assets.

Cryptocurrency analyst Alex Saunders is offering tips to investors probing the crypto markets for altcoins with the potential to surge 100x.

In a new interview with Austin and Aaron Arnold of Altcoin Daily, Saunders tells the pair’s 719,000 subscribers that one of the first things he looks for when researching a crypto project is if it is led by a solid group of individuals.

Saunders mentions RedFOX Labs (RFOX), which has already appreciated by 2,263% from $0.011 in October to its current value of $0.26, as a project he’s invested in that has a quality management team in place.

“I’ve got literally a cheat sheet, checklist that I sort of go through. [RedFOX Labs] was a good strong team, I knew one of the leaders personally.”

The crypto analyst also favors projects that are serving an untapped market rather than those operating in saturated subsectors.

“So [RedFOX Labs is] based in Vietnam. So again, that Asian region is just fast growing, high mobile usage. They’re just like begging for the Ubers and Airbnbs and all these apps, you know. The digital economy there is just booming.

So that’s a big space that’s just free to be disrupted, more so than trying to go in and gain market share and users in America. A, there’s no one there already and B, the population’s way bigger so there’s huge opportunity there.”

A well-diversified business is important, according to Saunders, as illustrated by RedFOX Labs which has a presence in niches such as non-fungible tokens (NFTs) and decentralized finance (DeFi).

“…[RedFOX] are in gaming and NFTs, [which] is kind of their initial focus. It’s flavor of the month at the moment in the crypto world. They’ve got the DeFi aspects to it. Then you’ve got, as I said, I don’t know many projects that have got that multi sort of narrative or subsector potential.”

Saunders adds that a low valuation is key as it leaves a lot of headroom for the price to increase.

“And when you look at something that’s a $300,000 market cap if you find anything that’s, you know, probably these days under $10 million, and you think it’s a pretty good quality project… they’re sort of things that I look to invest in because all it requires is for other people to find out about it.”

The cryptocurrency analyst, however, warns against investing in projects that have already rallied massively.

“I actually tell people not to ever buy something that’s gone up 100X or 1,000X because you’re starting to get pretty late to the party at that point.”

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