Sydel Siera discovered bitcoin while on a martial arts camp in Europe in 2016. Today, her cryptocurrency portfolio is worth more than $5 million.
Already a subscriber?Sydel Siera, a crypto trader who lives on the Gold Coast, has watched in delight as the $900 parcel she invested in a batch of cryptocurrencies three months ago has ballooned into a $110,000 position, boosting the value of her total crypto portfolio to more than $5 million and marking the start of what she’s calling “a real popcorn year”..
Since Christmas, a fresh wave of speculative investment has taken place. Around the world, traders and investors have beenEthereum, which powers smart contract tokens, has risen 55 per cent over the last month to $5780 and solana, another blockchain that facilitates faster transactions, has jumped 39 per cent to $US134 a coin. Across the entire crypto ecosystem, more than $US2.5 trillion is now changing hands, a 15 per cent increase over the last week alone.
But Blewitt isn’t advising clients to buy in just yet. “The arrival of ETFs is certainly an opportunity, and while we’re not dismissive, it’s still an extreme risk,” she says.Two key expectations are powering bitcoin’s recent surge. The first is the demand for bitcoin coming from US-based institutions afterin January, BlackRock, Grayscale, VanEck and Fidelity have launched stock-exchange listed products that track the bitcoin price.
“The prospect of an ethereum ETF decision is also bubbling away which is good for the bullish sentiment.” The second theme powering this week’s record-breaking rally is the anticipation of an event called the “halving”. In April, the bitcoin blockchainThese “halving” events are programmed into the software to keep a lid on inflationary pressures, onlookers say.Siera says this week’s record-breaking jump is just the start of another market cycle. “The bitcoin halving events have historically triggered a bull market two to five months later,” she says.
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