Despite all the volatility we’ve seen in Bitcoin recently, one hedge fund manager says the cryptocurrency could reach $50,000 this year.
“There will be constant 30 percent corrections which I think are healthy for the market,” Anthony Pompliano, Managing Partner at Full Tilt Capital, told Cheddar. “As the market progresses, there are only going to be so many coins that are created, so the supply and demand of the industry is really going to drive that price up.”
Bitcoin prices are up more than 1,000 percent from a year ago, but it’s recently pulled back more than 40 percent from all-time highs near $20,000. On Friday it traded around $11,500.
But Pompliano says a crash could actually help build an infrastructure for the industry. He likens it to the dotcom bubble burst, which ultimately laid the groundwork for companies such as Amazon and Google.
“I think that’s going to happen here in crypto,” he said. “There’s going to be a bunch of scams, there’s going to be a lot people who get caught up with the tightening of regulations. But we’re also going to get a lot of sustainable technologies that come out of this that form the basis of the next 10, 20 years of the technology sector.”
For full interview [click here](https://cheddar.com/videos/why-one-venture-firm-is-going-all-in-on-crypto).
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The electric vehicle maker filed a proposal for a three-for-one stock split, increasing the accessibility of shares for investors for a stock trading at around $700 a share. The move comes not long after tech giant Amazon announced a 20-for-one split. The number of authorized shares rises from two billion to six billion. It was also revealed that board member Larry Ellison does not intend to stand for reelection as it pertains to Tesla.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.
API platform RapidAPI recently became a unicorn with a $1 billion valuation after raising $150 million in a Series D funding round led by Softbank Vision Two Fund. Microsoft's Venture Fund, M12, and Andreessen Horowitz also participated. RapidAPI says it provides the world's largest API hub which enables millions of developers and companies to build software faster. Iddo Gino, founder and CEO of RapidAPI, joins Cheddar News' Closing Bell to discuss.
