Bitcoin’s Potential Cooldown and Spotify’s Growth Potential
Bitcoin has made quite the run in 2020 hitting the $28,000 mark this past Sunday. With a strong positive trend is it time for a cooldown? Some experts think so, for example founder and president of Newton Advisors, Mark Newton believes that despite recently breaking to new highs, Bitcoin could peak out in early January.
Even the most fiery and flying stocks need to cool down once and awhile, after all, investments are largely cyclical. With this in mind, a Bitcoin reversal is a possibility as we come into the new year.
Over the past year music streaming giant Spotify has made tremendous progress as a company despite the pandemic, with total monthly active users being 29% higher in September 2020 versus September 2019. If you think that’s impressive, this progress has reflected two-fold financially, with Spotify’s stock moving up from $150 at the start of this year, to about $317 at the end of the year. One of the largest factors at play behind Spotify’s monstrous rise is behind the scenes – podcasts.
Throughout the year Spotify has strategically been expanding their reach into the realm of podcasts and signing some of the biggest names in the industry, like Joe Rogan, Kim Kardashian, and Michelle Obama to exclusive multi-year deals. With so much growth investors often conclude they have missed out, but many investors also claim that this is only the tip of the iceberg for Spotify, and over the long-term there is much global potential to be filled.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.