Month: December 2020

Bitcoin’s Phenomenal Growth and the Factors Driving Its Upward Trend

When bitcoin went past the historical high of $19k + in Dec. 17 it hit a price of $21,K +; after 10 days of continuous rise, BTC is now pegged at $27K +. As of December 27, 2020, bitcoin’s (BTC’s) market value has likewise soared to as much as $500 billion. Based on the factors cited as drivers of the upward trend, the current projection is that BTC prices will still rise.

What is even more notable is that unlike the price surge three years ago, the meteoric rise of BTC prices since July of this year was not driven by manipulative hypes rallied to by ordinary investors. Between July and September, the BTC market received as much as $1 billion in investments coming from traditional financial investors.

Factors that Helped Spawn the Phenomenal Bitcoin Growt

Wall Street analyst Glen Goodman who wrote “The Crypto Trader” says BTC’s phenomenal growth is largely due to the occurrence of the COVID-19 pandemic, which also resulted in the changed views of many asset managers and major Wall Street banks, including the central bank. According to Goodman, some even started the movement of diversifying their investment portfolio by selling their gold holdings and replace them with bitcoins.

Actually, the Crypto Trader book author, still wonders if the phenomenal BTC growth would have happened if the pandemic did not transpire.

Yet it also helped that major online payment processing companies like PayPal and Square, have opened their respective gateways, all set to offer the use of their platform for cryptocurrency trading activities. Paypal is initially accepting Bitcoin, Bitcoin Cash, Ethereum and Litecoin, while Square’s cryptocurrency platform is bitcoin dedicated.

Square Payment by the way is owned by Twitter CEO Jack Dorsey, whose move to integrate bitcoin in his nascent payment processing platform aimed to boost the widespread use of BTC. a move that would naturally increase the value of his own BTC assets — and so it has.

Add to that the fact that cryptocurrency services firms like Paxos, BitPay and Anchorage have filed applications to become a Federal Bank Charter, which if granted, will allow them to act as federally regulated U.S. banks.

Those who took faith with their BTC digital asset even after BTC fell below $4,000 when the coronavirus outbreak started spreading, are now jumping with glee. At that time, many began liquidating their cryptocurrencies, wary that the bubble was already showing signs of bursting. As it is, the contrary happened, potentially rewarding those who held on to their BTCs with a substantial rate of return for every BTC they sell in the crypto market.

I’m Running Out of Real Money, Should I Sell My Bitcoin Now?

Many who are hard up with cash want to know if it’s time to sell their bitcoin assets now, as the government’s pandemic financial assistance is not coming any time soon. Even if Trump insists on raising the stimulus check to $2k, those who have been holding on to their bitcoin assets as fallback of last resort, feel it’s time to sell their BTCs. Otherwise, their credit scores could fall below the level that would qualify them for a personal loan guaranteed approval.

Considering that there is a wide spread between the Annual Percentage Rate (APR) paid on a short term loan and the percentage of return gained from BTC holdings. It seems that there is greater loss of potential income if one is to sell BTC while the price is still rising. As opposed to taking out a 5K loan that comes with an additional 3.5% interest cost. Well anyway, the best way to determine the best option is to seek opinions from expert financial advisers who are also knowledgeable on what is currently going on in the cryptocurrency industry.

Posted by Madelina Feliks in Cryptocurrency

Cover Car Accident Expenses With The Help Of Loan Companies

Automobile accidents frequently happen in just about any country across the globe, and such accidents can bring about varying levels of damage to the vehicle, driver, passenger/s as well as pedestrians. Because of this, the expenses could add up and be too much to handle, making it physically, emotionally and financially devastating and overwhelming for everyone involved in the crash.

To get by and be able to afford to pay for these expenses, car accident victims frequently seek the assistance of loan companies, especially when they file a lawsuit for settlement. The funds provided by legal loan companies are usually used to pay for living expenses such as basic household needs and bills. Some loans would even pay for lawsuit expenses, particularly when you are expecting to receive a settlement.

Car Accident Loan for Legal Expenses

Car accident victims may need a loan from legal loan companies to pay for expenses throughout the legal process. This is especially true when the car accident victim wants to pursue legal charges against the negligent driver or the city because of nonfunctional traffic light that caused the accident, for instance.

If the plaintiff cannot cover the expenses that are associated with the legal process, such as lawyer’s fee and court fees, a car accident loan from reputable loan companies may just be what you need. Since a lawsuit can take months, or perhaps even years, for it to be resolved or settled, expenses will definitely begin to tally up. When the plaintiff wins the lawsuit, they can pay back the loan from the award or settlement they will receive. Whatever is left can be used to repair your car or other expenses you need to pay. On the other hand, if you lose the lawsuit, you don’t have to pay for the car accident loan or car accident cash advance you applied for and used.

Choosing the Right Lawsuit Loan Companies

When considering a lawsuit loan after your accident, it is imperative that you choose from reputable loan companies. You need to shop around before sitting down to sign a contract. Compare rates and fees as lawsuit loan companies vary in interest rates and other associated fees.

While many loan companies are credible and reputable, the industry of legal funding is lacking regulations. With the lawsuits’ nature, cases that are emotionally charged as well as large amounts of money at stake, the industry has made some deceitful lenders into predators who are always ready to take advantage of unsuspecting plaintiffs.

If you have an attorney, you can send them the documents given to you by lending companies you have decided on so that he/she can look into them to see which company will best match your needs. Lawyers have knowledge about lawsuit loan companies; hence they are able to spot red flags in contracts. If there are sections in the agreement that are unfair, your lawyer can also aid in negotiating with the loan company.

Posted by Ned Queen in Finance