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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Cryptocurrencies Exploding: This Is Nuts

Currencies / BlockChain Aug 20, 2017 - 05:35 PM GMT

By: The_Gold_Report


You can get to seven figures right now—it's possible, because I already have met 23 people who have done that, the youngest of whom is now 23, but was 17 when he bought Bitcoins initially.

You've got to be on high alert when you hear that even the harshest Bitcoin skeptics, like long-time Bitcoin slammer Josh Brown, of New York-based Ritholtz Wealth Management, are now blogging about buying some "in case I'm wrong," as he says.

Bitcoin not only survived the fork and brushed it off like dust, but it is absolutely surging.

I initially bought coins in early 2013 at $7 and liquidated the entire position at $119—a 17-fold return. Since then, I've been in and out of cryptocurrencies, always maintaining a core position with Bitcoin.

In March, just 150 days ago, Portfolio Wealth Global profiled Steemit, and it's gone up 28-fold—that's 2,900% in five months, top to bottom.

Monero, which we detailed in the same alert, has doubled.

Nothing would make me more satisfied than to see you ride this mega-trend into the seven-figure territory—that's what it's all about.

This is now past the point of hiding in the shadows—my friend's broker over at Goldman Sachs had even approached him to get some cash into the mix.

I remember publishing our Ethereum Special Report and giving it a price target of $25. When it surpassed $100, a subscriber emailed me a picture of himself, his wife, and his three kids in a beachfront villa in Thailand with a caption: "Tom, you were wrong on Ethereum. I didn't double my money—I made 676% and cashed out. Lol. Took fam on a 10-day vacation to paradise."

Here's my thinking, though: Many of my friends have never bought a single coin. They're in their 30s, like me, and their reasoning is that it's too technical and requires knowledge. I must assume, therefore, that this phenomenon is intensified for people who have even less appetite for tech-related processes.

I've been emailing top experts in the cryptocurrency sector, jumping on conference calls, and even took a flight to meet a six-year veteran of Bitcoin in the southern part of the U.S., where I'm currently at, with the purpose of finding the easiest way for people to get immediate exposure to this bull market with one click, as close to a "crypto ETF" as possible.

This is where my mind is at right now, and Portfolio Wealth Global is looking at all the angles. I'll have a complete assessment for you very soon.

My first question to this veteran is the same one you are probably asking yourself: "Are we late to the party?"

Here are the bulletin points of his reply to me:

1. Coinbase Secret Investors: This is one of the leading exchanges in the world, and in early 2015, Intercontinental Exchanges, the parent company of the New York Stock Exchange, bought into it.

The largest traditional clearinghouse in the world owns a strategic position with a Bitcoin exchange!

2. Bloomberg Articles: This is smart. I have to take my hat off to this guy for doing this. He hired an assistant to probe all mainstream outlets daily and summarize article titles, comments by readers, and information, and let him know the sentiment.

As I'm writing this, most large financial mainstream outlets are running "What Exactly is Bitcoin"-type articles.

3. Government Guidance: Now, here's where this will plant the flag in your mind that governments are about to become an integral part of cryptographic currencies.

For months, my good friend Doug Casey has been telling me about what he terms as "FedCoins," which are basically government-issued cryptos that he believes are coming, but the fact that the government is now actively investigating tax evasion and undeclared gains shows you that they realize what I've been saying for a while: these gains that people are making cannot be converted into fiat currencies without getting taxed because governments are losing a fortune.

The bottom line is that just like with the cannabis legalization movement, it's unstoppable at this point.

We're going to beat the crowd by miles, and I'll be funneling every resource Portfolio Wealth Global has to finding the perfect play for us.

Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.

1) Statements and opinions expressed are the opinions of Tom Beck and not of Streetwise Reports or its officers. Tom Beck is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Tom Beck was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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