Weekend Read – 3/28

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I wanted to write a quick post with some thoughts and news from the past week. Been busy with life, so my writing is a little more sparse again lately. I do have a bunch of posts in the works, just need to find the time to write them all.

Galaxy Digital – GLXY Stock

Galaxy Digital announced that it appointed Mark Toomey to be its Head of Institutional Sales. Toomey spent two decades in traditional capital markets at Goldman Sachs and J.P. Morgan Chase.

Where we intend to take Galaxy overlaps directly with Mark’s long and successful career at Goldman Sachs and J.P. Morgan Chase,” said Damien Vanderwilt, Co-President and Head of Global Markets. “He will be a key contributor in expanding our institutional client base, building out our coverage team, and continuing to educate the institutional community about the cryptocurrency asset class and its role within a diversified portfolio.

I think you are going to see Galaxy getting more involved in ETFs and other types of investment vehicles, for both institutions and individuals. They already have been making moves and I expect more to come.

Galaxy Digital also has a stockholders update meeting coming up next week. They will discuss Q4 numbers on the call. Of course we would all just love to get the Q1 numbers now, but these things always run a quarter behind for reporting.

I personally am hoping that CEO Mike Novogratz will discuss some details about an uplisting. Even if not an exact date, just where things stand and some sort of timeline. I encourage you to listen in on the call if you are a shareholder. You can also send in questions to them during the meeting. Or use their contact form ahead of time and ask. If you have questions, send them in and jump on the call. If possible I will do an update post about the call myself the next day.

Here is the link for the Q4 update call on March 30 https://viavid.webcasts.com/starthere.jsp?ei=1443468&tp_key=7ef9212748

Galaxy Digital stock, Ticker BRPFH in the US, and GLXY in Canada, was finally on the move recently. There was some significant action the past two weeks, even with Bitcoin under $60k the stock kept moving up to $30 CAD and over $20 in USD. If we maintain these levels in the $20 range then there is still a lot of upside potential, with either Bitcoin continuing to make new highs, and/or with news of an uplisting to the Nasdaq, or other major exchange.Those catalysts could really propel us to some new highs. I believe the stock should be in the upper $20 CAD, with BTC in the $50k range. I would expect it to break out past $30 CAD the next time BTC presses past $60k.

I still am holding GLXY long. My GLXY stock outlook is that it could hit $50 CAD this year and go over $100 CAD in the next two years if it uplists.

For other GLXY stock research click here.

RedFox Labs – RFOX Token

I don’t know who followed me into this trade when I posted about buying the RFOX Token. But the returns are impressive so far. It currently stands at around .30 cents, and I think it has more room to run. I would caution to consider taking some gains if you got in around .06 cents. I believe with the right news this could approach .50 cents, but that is my best case scenario. If things keep hot in the NFT and DeFi space then it has room to go over .35 cents quickly from here and then continue upward.

Chilliz – CHZ Token

So I bought this 2 weeks ago. I almost posted about it but got sidetracked. I wish I had shared when I bought in as the run has been impressive so far. Apologies that I was too busy to alert you on this one sooner. But I am telling you about it now because it is very promising. CHZ is currently around .50 cents and has doubled over the past two weeks. I think that this token has the ability to go over $1USD. The coin is used by major sports clubs around the world to mint and transact their own fan tokens.

CHZ is breaking into the US market and if they can successfully partner with some US sports teams and also get listed on an exchange like Coinbase, I think this quickly takes out the dollar level, possible even going to $1.25 range.

Polkadot – Dot Token

I first mentioned DOT in my 2021 crypto outlook as one to watch. That was around $7, and is now close to $40. Based on the hype around Polkadot and how much use and development that it is seeing, I think that Polkadot will be a top project.

Predicting that DOT could be priced at $100 a token in the next year seems very possible.

I do own DOT and am holding long.

Bitcoin – BTC Token

Last week Bitcoin had another temporary correction. It still maintained to hold above $50k and has since bounced back to around $55k. The resilience of Bitcoin has been really good to see. It would not surprise me at all if it corrects into the $40k range at some point, but looking at the 6 month chart it currently seems destined to keep heading higher for the year. It continues to make higher highs and higher lows when you zoom out. It is running into some weakness but overall still appears healthy. It will be interesting to watch how BTC reacts to continued discussions on regulation, inflation, taxes, etc.

0x – ZRX Token

I have owned the 0x project ZRX token for years. It is a solid project and an early player in the whole Decentralized Exchange and DeFi space. This is one I have held for awhile and still am holding. I think it is an underappreciated and undervalued project and something that should be considered for your portfolio.

Staking ZRX has paid back around 10% to token holders, and they just closed some new fundraising led by Pantera Capital.

India Crypto Ban

I keep reading different things about India banning Crypto. Nobody is quite sure how this will play out. I intend to write a separate post on this, but in general it is a bad thing for the people of India. I know I have some readers here from India and I encourage you to make your voices heard with your government. Cutting off the citizens of India from this new asset class is not fair, especially those in the lower or middle class.

Obviously the government is scared of crypto and wants more control.  If you own some crypto and live in India, you should figure out what you are going to do with it. Sell it, or store it on some wallet. You will probably need a VPN to access foreign exchanges in the future. If you are looking for a wallet, there are ones like Exodus, that work on phone or laptops. There are also hardware wallets like Trezor, but those are an actual device you must buy and ship.

Ray Dalio this week talked about a possible US government crackdown. I warned back in 2019 that the government was going to get more involved in crypto. But for now I don’t see any bans coming to the United States. Too much momentum is behind Bitcoin now, and the average person in the US wants to own it. I believe the government wants to act but waited too long and is now unsure how to go about it. I am writing a separate post on this topic and will publish it in the coming weeks.

As always not of this is advice. Do your own research.

Please feel free to comment or send me messages. I always appreciate when readers share posts with others as it helps to grow this site.