A major market analyst has just switched from "uninterested" to "bullish" in regards to investing in bitcoin

Lyn Alden of Lyn Alden Investment Strategy, a market research firm that provides information and analysis on investments to tens of thousands of investors, just switched from uninterested in bitcoin to outright bullish on it.

Bitcoin is making more and new believers all the time!

The latest being a research analyst that focuses primarily on macro trends that claims they had no interest in investing in bitcoin until now.

In fact, their previous report on bitcoin was back in November of 2017 where they were bearish on bitcoin after it had run up so much.

Saying:

"Right now, there’s already a lot of optimism backed in; bitcoins and other major cryptocurrencies are extremely expensive compared to their estimated current usage. Investors are assuming that they will achieve widespread adoption and are paying up accordingly. That means investors should apply considerable caution."

(Source: https://www.lynalden.com/cryptocurrencies/)

Since that time, things have changed quite a bit...

They recently put out a report titled "3 Reasons I'm Investing In Bitcoin".

The report focus primarily on 3 factors which the research firm believes are going to drive prices higher in the medium term.

The 3 factors:

• Scarcity in a world of money printing
• The Halving Cycle
• Ideal Macro Backdrop

The ideal macro backdrop can basically be summed up in one chart from the report:

This is the year-over-year percent change in the broad money supply in the United States.

The US is set to run a deficit around 20% GDP this year, and that is without counting the next stimulus package which is slated to come out beginning of August or end of July depending.

This is the largest deficit since the second World War.

The FED is then monetizing much of this debt by buying US Treasuries a la Quantitative Easing.

Historically, this type of spending has resulted in inflating asset prices and bitcoin will likely benefit as well.

More from the report can be seen here:

https://www.lynalden.com/invest-in-bitcoin/

Bitcoin continues to gain more fans...

Despite the negative news in the press about bitcoin being used by criminals and more recently the Twitter Hacking painting bitcoin as somehow being part of it, bitcoin is gaining more and more fans.

This was most evident earlier this year when Paul Tudor Jones announced he was putting a small percentage of his multi billion dollar portfolio into bitcoin and recommended others do the same.

That trend has been further continued with Grayscale showing massive inflows from institutional clients throughout much of the year.

And now, we are converting analysts who initially had no interest in bitcoin starting to say it's probably a good time to buy bitcoin.

The ball was set in motion a while back and it's only picking up speed now.

Stay informed my friends.

Image Source:

https://www.blockchain.com/charts/market-price

-Doc