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Bitcoin nears $100,000 as one trader says: "I've monetised about £30k of the recent rally in memecoins"

ended 21. November 2024

As Bitcoin edges ever closer to $100,000 and memecoins also gain momentum, one trader says he has already made £30k out of the recent rally -from just $400 primarily from $LONG, a memecoin about a dog with a long nose. David Belle of Fink Money says: “A dog with a long nose has come up Trumps for me this month. I've monetised about £30k of the recent rally in memecoins from $400 whilst I still have about $120k running. The market truly is insane, but as a trader, I just think of assets as numbers. If you have an asset class wildly outperforming, the only thing to do is to trade that asset class.”

Meanwhile, wealth manager Wes Wilkes, CEO at Net-Worth NTWRK said: “$100,000 Bitcoin seems inevitable. Whilst segments of the financial world spend time talking about its ‘use cases’, we’ve seen some of the biggest and the oldest investment companies in the world create ETFs to hold and trade the assets in the US. Bitcoin or a Bitcoin ETF will absolutely find its way into the allocations of wealth managers, mutual funds and even UK pension pots, even during this government. It’s happening already in the US and, with Trump in the White House, the momentum will only grow.”

Bue one economist, Gabriel McKeown of Sad rabbit Investments, warned that “while, at these peak levels, the potential for significant gains still exists, with bucketloads of economic uncertainty still on the horizon, there is substantial downside risk. Therefore, investors should remember that Bitcoin tends to act more as a speculative asset, and the price of cryptocurrencies can fluctuate dramatically based on market sentiment and a FOMO mentality.”

Meanwhile, Faisal Sheikh, Managing Director at Monmouth Capital, warned that Trump supporting crypto could “eventually be devastating for the US dollar. And that would knock away one of the most important pillars of US economic hegemony. Trump holding a fistful of Bitcoin wouldn’t be of much use if the dollar ceased to be the world’s reserve currency. Is the US federal government really going to let that happen?”

Further views of experts and people who have benefitted from Bitcoin's rally will appear below until 15:00.

6 responses from the Newspage community

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Wes WilkesVerified
CEO at IronMarket Wealth
$100,000 Bitcoin seems inevitable. Whilst segments of the financial world spend time talking about its ‘use cases’, we’ve seen some of the biggest and the oldest investment companies in the world create ETFs to hold and trade the assets in the US. Bitcoin or a Bitcoin ETF will absolutely find its way into the allocations of wealth managers, mutual funds and even UK pension pots, even during this government. It’s happening already in the US and, with Trump in the White House, the momentum will only grow.
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David BelleVerified
Founder and Trader at Fink Money
A dog with a long nose has come up Trumps for me this month. I've monetised about £30k of the recent rally in memecoins whilst I still have about $120k running. The market truly is insane, but as a trader, I just think of assets as numbers. If you have an asset class wildly outperforming, the only thing to do is to trade that asset class. It will end at some point, but you have to make hay while the sun is shining, right? The cryptocurrencies I hold are $LONG $BERT and Solana. Yes, the first one is about a dog with a long nose, but one of the most popular phrases in trading is 'long' — so a community can form around this concept, and that's all these are: a community. As for Bitcoin, I think its rally is primarily institution-driven. There is little retail furore currently and I was at an event where the top market maker in the space said your favourite institution who you would not think is in is in fact actively buying. Institutions are driving Bitcoin, communities memecoins.
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Faisal SheikhVerified
Managing Director at Monmouth Capital
Trump wins. Bitcoin rallies because Trump is crypto-friendly. There is talk of building a US Bitcoin reserve. But wait a second. The US dollar also rallied on the news. That doesn't add up. Imagine Bitcoin really takes off and is adopted by a handful of countries as their actual currency, joining El Salvador, which nobody took seriously. Imagine it starts to be used as the basis for settlement of cross-border trade flows between countries. This would eventually be devastating for the US dollar. And that would knock away one of the most important pillars of US economic hegemony. Trump holding a fistful of Bitcoin wouldn’t be of much use if the dollar ceased to be the world’s reserve currency. Is the US federal government really going to let that happen?
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Riz MalikVerified
Independent Financial Adviser at R3 Wealth
There are certainly those who have made some decent gains following the recent rally. My only concern is that people buy into the rally and hype at the wrong time, namely at the top of the market. Remember, crypto can have big swings and there are always winners and losers so proceed with caution.
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Gabriel McKeownVerified
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
With a new all-time high reached, investors are flocking to Bitcoin in a digital gold rush, and the whole cryptocurrency market continues to show unbridled enthusiasm. The current rally can be attributed to several factors, with its proponents arguing that it is an attractive hedge against inflation and a store of value in times of economic uncertainty due to its independence from central banks and government fiscal policy. Furthermore, the upcoming Trump presidency is anticipated to create a more favourable regulatory environment, potentially driving renewed institutional demand. However, while, at these peak levels, the potential for significant gains still exists, with bucketloads of economic uncertainty still on the horizon, there is substantial downside risk. Therefore, investors should remember that Bitcoin tends to act more as a speculative asset, and the price of cryptocurrencies can fluctuate dramatically based on market sentiment and a FOMO mentality.
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Oli GarnettVerified
Co-Founder at Something Familiar.
Bitcoin nearing $100K is the Crypto Cuck’s Fever Dream. Bitcoin is back, racing toward $100,000 like a Tesla on autopilot—erratic and vaguely threatening. Crypto bros are basking in their moment, polishing laser-eyed profile pics, while the rest of us watch this fever dream unfold. Pro-crypto Trump’s win has only added fuel, and suddenly everyone who bought 0.001 Bitcoin in 2011 thinks they’re Warren Buffett. Have I invested? No, because I prefer financial decisions based on reality, not the collective hysteria of internet forums. Bitcoin may be the “future of money,” but so far, its main use is funding tech bros’ Lambos and pixelated monkey JPEGs. Is it a serious asset class? Only if you enjoy your net worth riding the emotional waves of Reddit. Crypto cucks will call it “the future,” but to the rest of us, it’s just Monopoly money with a PR team. $100K or not, I’ll stick with investments that don’t rely on Elon Musk’s tweets to survive.