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By Teeka Tiwari, editor, Palm Beach Daily

Satoshi Nakamoto is the most unstoppable man in the world.

President Trump can’t bully him with tweets. And Fed Chair Jerome Powell can’t inflate his currency away…

The Federal Trade Commission can’t fine him. The IRS can’t audit him, either…

In fact, the World Bank can’t sanction him. Interpol can’t even arrest him…

He lives beyond the reach of governments.

Now, if you’ve never heard of Satoshi Nakamoto, he’s the pseudonymous creator of bitcoin.

No one really knows his true identity. Some people claim to be him. Others say he doesn’t exist.

But it doesn’t matter…

You see, Satoshi Nakamoto represents something much greater than one man. He’s an icon for decentralized, pseudo-anonymous networking.

And that’s what separates “true” cryptocurrencies like bitcoin from corporate knockoffs like Facebook’s Libra…

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U.S. Government Targets Libra

At over $573 billion, Facebook is the fifth-largest U.S. company by market cap. And with a net worth of $62.3 billion, CEO Mark Zuckerberg ranks eighth on Forbes’ Billionaires list.

Yet despite his massive resources, Zuckerberg is no match against the U.S. government.

Let me explain…

Earlier this year, Facebook announced plans to launch its own crypto, Libra. As I’ve said before, Libra won’t be a “true” decentralized crypto. It’s merely a digital coin pegged to a basket of major currencies (like the dollar and euro).

But while bitcoin is still too volatile to use as a daily digital currency, Libra could pose a legitimate threat to the U.S. dollar.

Here’s what I wrote last week:

Facebook has a global userbase of nearly 2.4 billion people. Libra’s adoption would be almost immediate if it launched today. It would become the world’s most widely used currency overnight.

And imagine if Facebook negotiates with advertisers to give Libra users 5–10% discounts on all their products and services. How would governments or central banks compete with that?

They can’t—which is why they want to stop Facebook.

And we’re seeing that come to pass…

In a rare instance of bipartisan unity, liberal U.S. Representative Maxine Waters and President Trump both condemned Libra.

Waters demanded Zuckerberg appear before Congress, saying Libra will allow Facebook to “wield immense power that could disrupt” governments and central banks.

And President Trump took to Twitter, saying Libra “will have little standing or dependability.”

The Federal Reserve, French Finance Ministry, and Bank of England have also come out against it.

Now, we don’t know whether Libra will succeed as a product… The market should decide that. But if the feds have their way, it may never get the chance.

Last week, lawmakers proposed a bill to ban Big Tech firms from issuing their own digital currencies. According to Reuters, the “Keep Big Tech Out of Finance Act” could impose up to $1 million in daily fines.

But as hard as they may try, governments can’t shut down true cryptos like bitcoin…

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Why You Can’t Kill Bitcoin

Whoever Satoshi Nakamoto is, he designed bitcoin to be a truly decentralized network. It doesn’t rely on one central point of control.

This model makes the blockchain much more secure than the internet. You see, data isn’t stored in one location. Instead, it’s distributed across an entire network—making information much harder to hack…

Source: PBRG

Without getting too much into the weeds, no individual person runs the bitcoin blockchain. It’s peer-to-peer, with no intermediary.

Each node (computer) in the network retains a copy of the blockchain ledger. And the bitcoin blockchain has thousands of nodes across the world. So to kill bitcoin, a government would have to shut down every single one.

Remember, these nodes are in scores of countries. It’d take a concerted international effort—costing billions of dollars in resources and manpower—to destroy bitcoin. And if even a single node survives, it can restart the whole shebang.

Unlike Facebook, there’s no bitcoin corporate office the feds can raid… no CEO to haul in front of Congress or into court… and no central point of command you can behead.

Governments simply can’t browbeat the pseudonymous Satoshi into submission.

Even China—with one of the more repressive governments in the world—has tried to ban bitcoin. Yet trading still flourishes there. Russia, Vietnam, and Colombia have all tried and failed, too.

And don’t just take our word for it. Even U.S. Representative Patrick McHenry says bitcoin is impervious to government influence. Here’s what he told CNBC last week:

I think there’s no capacity to kill bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society could not kill bitcoin.

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The Enemy of My Enemy

Right now, crypto sentiment is negative because of the heat Libra’s taking. Investors fear lawmakers will push for sweeping regulations that’ll not only kill Libra—but stifle all cryptos, too.

It’s true… Regulators have a tendency to overreact. And we’ll likely see more negative headlines.

But the bitcoin genie has been out of the bottle for years now. There’s no way to put it back in.

And consider this…

While Facebook and bitcoin aren’t necessarily aligned, it’s in Facebook’s best interest to lobby for a more accommodating crypto regulatory environment. In other words, the enemy of my enemy is my friend.

I expect Facebook to use its massive resources to influence global regulatory regimes. If it succeeds, it’ll be good for crypto. And even if regulators do kill Libra, it won’t really change anything.

Governments still don’t like crypto. Big whoop. We’ve been dealing with that for almost four years now—while adoption of digital assets continues to grow at a record pace.

Like all the other “end of the world” events, this will pass. Crypto prices will recover… and the worrywarts will look for something else to obsess over.

In the interim, just do what we always do: Be rational, build positions in great projects, and let time do the heavy lifting for us.

Facebook has made headlines of late with its plans to create a cryptocurrency.

The social media company has been forced to defend the project on Capitol Hill, amid regulatory concerns around data privacy and potential illegal usage, while the G-7 has warned it poses “serious” legal risks.

It’s an experiment in monetary systems for the digital age, and has inevitably been compared to popular cryptocurrencies like bitcoin. However, many experts question whether Libra can even be called a cryptocurrency.

Other than the fact that they both come with a white paper and are referred to as cryptocurrencies, Libra and bitcoin are actually very different. Here’s a rundown of the key differences between the two.

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Different technology

One of the biggest differences lies in the underlying technology behind both currencies.

With bitcoin, transactions are recorded anonymously on a public ledger known as the blockchain. It’s essentially a database maintained by a network of computers, on which transactions are secured in such a way that makes it virtually impossible to tamper with.

Libra also uses a form of blockchain, or distributed ledger technology. But unlike bitcoin, Libra’s blockchain is permissioned — at least for now — meaning that transactions can only be added to it by a group of trusted parties.

That’s where the Libra Association, a Switzerland-based consortium of companies including Visa and Uber, comes in. Each of the nonprofit organization’s members have invested a minimum of $10 million into the project.

“Libra will create a centralized structure governed by an unelected ‘association’ composed exclusively of large institutions who have purchased their voting rights,” said Ido Sadeh Man, founder and president of the Saga Foundation, a cryptocurrency firm that counts J.P. Morgan Chairman Jacob Frenkel as an advisor.

It’s different to bitcoin’s network, which can be accessed and maintained by anyone with decent enough hardware and access to the internet.

“Cryptocurrencies are defined by their lack of reliance on trusted intermediaries,” Peter Van Valkenburgh, director of research at the cryptocurrency policy think-tank Coin Center, said in a recent blog post.

“We believe that Libra is not a cryptocurrency because of its use of a permissioned ledger and its reliance on a trusted issuer to hold and manage a fund of assets that back the currency.”

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Different use cases

Bitcoin’s white paper describes the virtual currency as a peer-to-peer payment system, allowing people to exchange money without going through a bank.

It’s commonly used today as a form of investment, with the term “HODL” being a common slang phrase in the industry to describe buying and staying invested in the cryptocurrency for the long term. It’s frequently been referred to as “digital gold. ”

Libra’s primary purpose is to be used in cross-border payments and money transfers. The currency is tied to a basket of government-backed currencies and other assets, to avoid the volatile swings often seen in cryptocurrencies like bitcoin and ether.

Referred to by many in the industry as a “stablecoin,” Libra is aimed at maintaining a stable value. David Marcus, the Facebook executive leading the blockchain initiative, has previously said it will work “more like a traditional currency” than a cryptocurrency.

“Bitcoin and Facebook’s Libra both represent stages in the evolution of currency but in starkly different ways,” Charles Hayter, co-founder and CEO of digital currency comparison platform CryptoCompare, told CNBC.

“Bitcoin is permissionless, fully decentralized, deflationary and volatile. Libra is permissioned, more centralized, governed by supply and demand and pegged to fiat currencies.”

What Hayter means by “governed by supply and demand” is that Facebook and its partner companies can adjust the supply to match a quantity of other assets held in reserve, effectively maintaining a stable price even when demand changes.

Bitcoin on the other hand has a fixed supply. The total number of bitcoins that will ever be minted is “hard-capped” at 21 million.

“Bitcoin supply is fixed and cannot react to the market’s demand,” the Saga Foundation’s Sadeh Man said. “Libras are created or burned when one of Libra’s authorized resellers deposit or withdraw money from its reserve.”

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Different regulatory questions

Facebook’s currency has taken the spotlight when it comes to talk of regulating cryptocurrencies. But some worry the company’s blockchain project could be lumped in with other digital assets by regulators.

That would be problematic given the difference between Libra and a digital currency like bitcoin. Whereas bitcoin rules out the need for financial intermediaries, Libra’s model is reliant on the entities which form the Libra Association, Coin Center’s Van Valkenburgh said.

“A system without intermediaries is a system without intermediary risk, and thus no need for regulation aimed at safeguarding against the types of risk presented by intermediaries,” he said.

The Libra Association currently consists of 28 founding members, according to the Libra white paper, and is hoping to reach 100 members by the time the currency launches. The token is slated for launch in the first half of 2020.

Though bitcoin’s network involves so-called “miners” who record transactions, it wouldn’t make sense to regulated them as they aren’t trusted custodians of user funds, Van Valkenburgh said. Cryptocurrency exchanges and wallets on the other hand do require regulatory oversight, he added.

Questions around how Libra would fit into existing financial regulations were raised at Wednesday’s hearing. Facebook’s Marcus was grilled on whether Libra could be considered a financial security, which he said could not be the case. But Marcus said it could possibly be considered a commodity.

Securities and Exchange Commission Chairman Jay Clayton last year told CNBC that cryptocurrencies like bitcoin could not be viewed as securities. Cryptocurrencies are “replacements for sovereign currencies” like the dollar and the euro, he said.

Regardless, if Facebook and its partners do manage to overcome the regulatory hurdles that have accompanied Libra, the currency “will undoubtedly have an enormous impact on the global economy — possibly eclipsing that of bitcoin,” CryptoCompare’s Hayter said.

For Andy Bryant, chief operating officer of cryptocurrency exchange bitFlyer’s European business, Libra could start to convince people there are “other ways” of storing value than using fiat currencies like the U.S. dollar. “If that’s all that Libra achieves, I think it will be a great step forward,” he said.

Source: cnbc.com | Original Link

By Greg Wilson, analyst, Palm Beach Daily

“Is it too late?”

That’s been a popular question among cryptocurrency investors over the lifespan of the asset class. For example:

• In 2013, bitcoin ran from roughly $100 to $1,100. And investors asked, “Is it too late?”
• In 2017, bitcoin ran from roughly $1,000 to over $20,000. And again, investors asked, “Is it too late?”
• And despite its recent pullback, with bitcoin still trading above $9,500 (about 155% up off its recent lows)… investors are once again asking, “Is it too late?”

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Take a look at the chart below. It compares the Crypto Winters of 2014–2015 and 2018–2019. And it gives us perspective on the volatile moves of crypto…

In 2014–2015, bitcoin was down 78% roughly 500 days from its peak. For comparison, bitcoin was down 73.3% over the same number of days in 2018–2019. So we were right on target.

And as you can see, we’ve emerged from Crypto Winter.

After seeing bitcoin’s recent breakout beating the 2014–2015 pattern in the chart, you may still be asking, “Is it too late?”

Again, the answer is: No, not at all.

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Growing Institutional Demand

We expect bitcoin to reach its previous high—then go multiples higher. And it’ll carry the entire crypto space with it.

Surges in both institutional and retail interest will lead this move higher.

On the institutional side, we’ve seen several major developments already:

• LedgerX (backed by Google Ventures) and ErisX (backed by TD Ameritrade) received Commodity Futures Trading Commission (CFTC) approval to offer physically settled bitcoin futures contracts.
• Bakkt, which starts testing its platform on July 22, should be next.
• In June, CME Futures set new highs in volume, accounts, and open interest.
• SWIFT, the payment protocol for banks, is enabling blockchain firms to use its platform. The global banking transfer system moves over $5 trillion daily.
• By the end of the year, JPMorgan Chase will start customer trials of its JPM Coin.
• And Goldman Sachs is doing extensive research on tokenization.

So it’s becoming a lot easier for institutional money to invest in bitcoin and cryptos.

Consider that the entire crypto space is relatively small at around $350 billion.

Global pensions and hedge funds alone have over $30 trillion in assets. If just 1% of these funds migrate to cryptos, the market would double from here.

Bottom line: Institutional demand will be a boon for crypto prices. But that’s not the only demand we’ll see…

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More Crypto Mania Ahead

On the retail side, we’re still a long way from the mania we saw at the end of 2017.

You can see this in the chart below. It shows the interest in bitcoin through the lens of Google Trends. And it’s a good way to gauge retail interest…

The blue line shows the bitcoin Google Trends data leading up to its 2017 high. The red line shows the current bitcoin Google Trends value.

Research shows the price of bitcoin is highly correlated to Google search trend results. In other words, as interest in bitcoin grows as shown in Google Trends, the price grows with it.

As you can see, retail interest is nowhere near the late-2017 levels. And by the time we reach those levels, bitcoin’s price will be well past its all-time highs.

That’s how we know it’s not too late to get in.

Now is a great time to use this pullback to add to your positions—before institutional and retail investors jump back in.

Remember, crypto is highly volatile and doesn’t go up in a straight line. So don’t bet the farm. You just need a small stake for the potential of life-changing gains.

Read the Original post here.

By Teeka Tiwari, editor, Palm Beach Daily

I’ve never believed a foreign power could unseat U.S. military dominance.

We have oceans to the east and west… Mexico to the south and Canada to the north… and the most powerful military in the world.

Seriously, who poses an invasion threat?

No one.

But what about American economic might?

You see, the U.S. dollar is at the heart of our strength. No matter where you live in the world, markets price commodities (like oil and gold) in dollars. So there’s a constant global demand for U.S. dollars.

This demand has allowed the U.S. government to run outlandish deficits for decades—without collapsing the dollar’s value.

No other currency has that type of power.

Some think the Chinese yuan could challenge the dollar as a reserve currency. But China doesn’t respect property rights. So it isn’t a real threat.

Now, I’ve always thought the dollar’s greatest threat would come from within: either from U.S. states or corporations issuing their own money.

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The Rise of Corporate “Coins”

Last week, President Trump unleashed a volley of tweets against Facebook’s proposed Libra cryptocurrency (emphasis added)…

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money… Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability.

And in a later tweet, Trump revealed his true fear (emphasis added):

We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

Now, President Trump isn’t the only world leader worried about the rise of corporate-issued money.

Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire, and Bank of England Governor Mark Carney have all come out against Libra.

U.S. Representative Brad Sherman, a member of the House Foreign Affairs Committee, took it a step further. He’s calling for a ban on cryptocurrencies. Last week, he demanded that Facebook CEO Mark Zuckerberg appear before Congress (emphasis added):

Ultimately, it is time to bring Mark Zuckerberg here. He is the one that has made billions of dollars out of us, relies on the U.S. government to protect his billions, and now wants to undermine the system.

To be clear, Libra isn’t a true cryptocurrency. It’s a digital coin that’ll be pegged to a basket of major currencies (like the dollar and euro).

But while bitcoin is still too volatile to use as a daily form of digital money, Libra could pose a legitimate threat to the U.S. dollar. Think about it…

Facebook has a global userbase of nearly 2.4 billion people. Libra’s adoption would be almost immediate if it launched today. It would become the world’s most widely used currency overnight.

And imagine if Facebook negotiates with advertisers to give Libra users 5–10% discounts on all their products and services. How would governments or central banks compete with that?

They can’t—which is why they want to stop Facebook.

In fact, some lawmakers have proposed a bill to ban Big Tech firms from issuing their own digital currencies. According to Reuters, the “Keep Big Tech Out of Finance Act” could impose up to $1 million in daily fines.

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Clearly, the idea of corporate-issued money spooks the feds. And it’s no wonder why…

If Libra works, how long will it be before Amazon issues its own coin?

The world’s largest e-commerce platform conducts over $239 billion per year in trade. (That’s more than the GDP of Portugal.)

What happens to the dollar if all that trade migrated to Amazon’s coin? And what if Apple, Google, or Uber follow suit?

You can see just how much the world will change if Big Tech brings its fierce competitiveness to the global currency game.

So it makes sense President Trump has come out against Libra.

Now, the U.S. government can potentially derail Libra. So I understand if you’re worried about governments cracking down on these corporate “coins.”

But can it do the same to bitcoin?

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True Cryptos Will Survive

In terms of intervention, it’s proven impossible for governments to shut down or influence bitcoin’s network. China has tried to ban bitcoin exchanges, yet crypto trading still flourishes there.

So Libra may become an important digital alternative to the U.S. dollar (if regulations don’t kill it first). But it’ll never offer the safety, security, and pseudo-anonymity of true cryptos.

Even if we do see a rise in corporate coins, it’ll be great for true cryptos, too. You see, companies like Facebook will take crypto mainstream.

As they spend time and money educating their users, some will naturally investigate bitcoin. And they’ll discover that it’s very different from Libra.

While Libra relies on a closed cartel of global companies, anyone can join bitcoin’s open network. And like a central bank, Libra’s “sponsors” can issue more coins at any time. But bitcoin’s computer code caps its number of tokens at 21 million.

Look, Facebook embracing this technology’s terminology—and riding the coattails of blockchain interest—is very bullish.

These corporate coins will bring billions of new users to crypto. And the mass marketing will skyrocket the value of bitcoin and the rest of the crypto market.

Bitcoin fell sharply on Monday, following President Donald Trump’s criticism of cryptocurrencies.

The world’s most valuable virtual currency dropped about 10% to $10,175, according to CoinDesk data. It briefly dived below $10,000, dropping as low as $9,872.

The reason for the downward move wasn’t immediately clear. But it arrives after President Trump said last week that he was “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump added.

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Trump was also critical of Facebook’s plans to create a cryptocurrency, called Libra, which will be pegged to a basket of government-backed currencies and assets to maintain a stable value. Facebook should apply for a banking license if it seeks to become a bank, Trump said.

Some in the crypto space shrugged off Trump’s comments. Brian Armstrong, CEO of the digital currency exchange Coinbase, said it was an “achievement,” putting crypto in the spotlight, while Fundstrat Global Advisors’ Tom Lee called it “positive because cryptocurrencies and bitcoin really are in the main stage now.”

Nevertheless, bitcoin is still up more than 160% since the start of the year, despite the recent pullback. Analysts had attributed the digital coin’s rise largely to news of big companies like Facebook getting involved in the space.

Elsewhere in the market, ether and XRP — the world’s second and third-largest cryptocurrencies respectively — were also in negative territory. Ether slipped nearly 17% to $221 while XRP fell 5% to around 31 cents.

In other crypto news, Chinese police confiscated about 4,000 computers belonging to bitcoin miners accused of stealing electricity worth nearly $3 million last week. Bitcoin mining is known to be an energy-intensive operation, with a recent study saying it consumes as much energy as Switzerland.

Source: cnbc.com | Original Link

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

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Facebook declined to comment on Trump’s twitter posts.

Trump echoed many critics of cryptocurrencies, questioning how bitcoin is valued and highlighting its price volatility. Many argue that those attributes count against the wider adoption of digital currencies.

Cryptocurrencies “are not money, and whose value is highly volatile and based on thin air,” said Trump.

In the last 24 hours alone, the price of bitcoin against the dollar saw movements that would spark worries if they were seen in any major national currency: It touched a high of $12,033.74 and a low of $11,142.79, according to industry data site CoinDesk.

The president said the “dependable and reliable” U.S. dollar should be the “only one real currency in the USA.”

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” said Trump.

Despite Trump’s criticisms, the price of bitcoin did not appear to move much immediately following his posts, according to CoinDesk data.

Source: cnbc.com | Original Link

Bitcoin is sliding after Federal Reserve Chairman Jerome Powell poured cold water on Facebook’s plans to launch a cryptocurrency.

The world’s best-known digital coin — which has experienced a meteoric rise in 2019 — fell 12% to about $11,450 on Thursday, according to CoinDesk data.

Bitcoin had hit a 17-month high above $13,000 just two weeks ago. It’s currently up about 200% since the start of the year, having gathered momentum as large companies like Facebook and Fidelity get involved in the space.

But it began sliding as Powell said that he held “serious concerns” about Facebook’s planned digital currency Libra. The social network is looking to launch the token alongside a consortium of companies including Uber and Visa.

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“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Powell said at a congressional committee Wednesday. “These are concerns that should be thoroughly and publicly addressed.”

Powell also called for a halt to the project until regulators’ questions about Libra are addressed. The Fed has set up a working group aimed at examining Libra, he added.

Facebook’s Libra takes the form of what’s known as a stablecoin. These are cryptocurrencies that are often pegged to currencies like the dollar. In Libra’s case, the token is backed by a group of government currencies and debt securities.

Analysts have been bullish on Libra, at least from the perspective that it could pave the way for more adoption of cryptocurrencies. But the Facebook-led project has been clouded by regulatory concerns, with central bankers and politicians around the world expressing skepticism.

“It seems that the market wasn’t ready to break a fresh highs just yet, and (bitcoin) is now back near the low end of its most recent range” of $10,000 to $14,000, Mati Greenspan, senior market analyst at eToro, told CNBC by email Thursday.

Greenspan added that he was unsure if crypto traders were monitoring Powell’s comments. “This sort of volatility is quite normal for Bitcoin,” he said.

Bitcoin wasn’t the only virtual currency to drop following Powell’s comments. The world’s second and third-largest cryptocurrencies — ether and XRP — also fell. Ether was down 13% at $270 a token, while XRP fell 15% to about 33 cents.

Source: cnbc.com | Original Link

By Teeka Tiwari, editor, Palm Beach Daily

I’ve gotten a lot of mail recently from people wondering, “When will altcoins catch up to bitcoin?”

Before I answer that question, I need to talk about bitcoin…

We’ve seen bitcoin go as high as $14,000 this year before dropping to $9,738. Despite the pullback, it’s still up 181% year-to-date—making it among the best-performing assets in the world.

Now, I’ve been saying since April 2019 that the “Crypto Winter” bear market is over. Institutions are coming into the crypto space—and the demand for bitcoin is skyrocketing. This is still the year of Wall Street greed.

So I don’t see bitcoin flopping over and falling apart. In fact, I see it gaining even more strength from its current strength.

And this shouldn’t come as a surprise to you. Everything I’ve said about bitcoin is starting to fall into place. For example, brokerage firms like Fidelity and E-Trade will soon allow people to buy bitcoin with the click of a mouse.

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Friends, what we’re seeing now is just the beginning. As you can see below, bitcoin is in a major uptrend…

Now, bitcoin doesn’t go up in a straight line; it’s volatile. So trying to predict the next pullback after an 18-month bear market is a dangerous game.

You see, a lot of the people wanting to sell have already sold. But there may be some holdouts between the $19,000 and $20,000 range. People who bought at that price in 2017 may want to sell then.

So bitcoin could take a pause near $20,000. But once it clears that level, there’s no overhead resistance. When it decides to run, it doesn’t look back.

And that brings me to the altcoin market…

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When Will Altcoins Catch Up?

Bitcoin has outperformed the altcoin market since the start of the year.

So investors fear their other coins will get left in the dust. Some folks have even asked me whether they should sell all their altcoins and go all-in on bitcoin.

It’s a good question. But before you rush out and cash in your alts for bitcoin, I want you to do one thing for me: Take a deep breath.

I want you to know what we’re seeing now is perfectly normal.

Every time crypto emerges from a brutal bear market, bitcoin always rallies first. On average, it outperforms for about six months. After that, the altcoin market catches up.

And in many instances, altcoins even surpass bitcoin—like they did during the 2016 bull run…

That’s why I counsel patience. This bull market is unfolding exactly as it should—with bitcoin leading the way and altcoins playing catch-up.

So you have a huge opportunity to get into altcoins now before they catch up to—and ultimately surpass—bitcoin’s performance…

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Plenty of Catalysts

Look, institutions want to get into this market. They just don’t have the infrastructure to do so—yet.

But people are building the “on-ramps” and “off-ramps” that’ll allow the big money to easily get in and out of crypto assets. By year-end, institutions will have fully compliant platforms they can use to buy, sell, trade, and store cryptos.

Think about it like this: America didn’t build a highway system overnight.

Early U.S. roadways could handle no more than two cars, some horses, maybe a few bicycles, and pedestrians. The U.S. couldn’t experience a surge in commerce between states until it built the necessary infrastructure.

But you needed permits for that. You had to negotiate with each county to build highways through it. And it took years to do so.

The same is true with bitcoin. It wasn’t initially built for a massive onrush of institutional capital. But people are finally building these roadways.

Names like Fidelity, Gemini, E-Trade, and Coinbase… they’re all building the highways to connect institutional capital to the crypto markets.

Even Facebook is rolling out its “coin” to 2.4 billion people. These are soccer moms and people who aren’t necessarily interested in crypto… But all of a sudden, they’re going to be educated on cryptos by one of the largest companies in the world.

We’re only at the very beginning of this new bull market. And the profits we’ll see from the altcoin market as this money comes into crypto will be unfathomable.

The rally in front of us will be so much larger than what we’ve ever seen because there will be so much more money going into crypto than ever before.

We’ve sat through 18 months of a brutal bear market. The hard part is over. So now’s the time to add new ideas and be patient as this new, emerging bull market takes shape.