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Bitcoin Beats Gold 16 to 1

Posted on August 19, 2019 by Matt Johnson

By Teeka Tiwari, editor, Palm Beach Daily

Gold is having a stellar run…

It’s up 18.7% since the start of the year. And it’s breaking out to multiyear highs.

So gold bugs are popping champagne bottles and dancing in the streets in utter glee. Of course, they’ve had to be very patient. The last time they saw action like this was back in July 2016.

Now, it’s wonderful that gold investors are finally seeing some light at the end of the tunnel—rather than another oncoming train.

But let’s keep some perspective here…

From valley to peak, bitcoin has gone up more than 307% since the start of the year—despite all its volatility.

I’m not telling you this to disparage gold, though. As a hedge against the world’s fiat system collapsing, gold makes sense. That’s why at PBRG, we recommend holding up to a 5% allocation of precious metals.

If the world really does go to hell in a handbasket, that 5% allocation could end up becoming more valuable than your other 95% of investment assets.

And if you’re convinced that gold is going significantly higher, I don’t disagree with you. But I’d encourage you to set aside part of your gold allocation to bitcoin.

You see, this year alone, bitcoin’s peak gains have outpaced gold’s by about 16 to 1. And I expect that outperformance to continue.

Before I share why, let me tell you what crisis gold is signaling…

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Fiat Inflation Bubble

In my opinion, the world’s central banks are undertaking one of the greatest thefts in human history.

They’re exchanging essentially worthless bits of paper for something with real value: gold.

According to the World Gold Council, central banks purchased a record $15.7 billion worth of gold in the first six months of 2019.

The council also reported that central banks bought 651.5 tons last year, up 74% from 2017. And according to Citigroup, their purchases could reach 700 tons this year.

So why are central banks buying so much gold? Well, it’s an indictment on how the world views fiat currency.

Now, I believe the fundamental value of fiat currency will erode dramatically due to inflation.

For instance, the world’s four biggest central banks (from the U.S., the UK, Japan, and the European Union) have pumped over $9 trillion into the global economy since the 2008 Great Recession.

That type of money-printing will lead to inflation. Just look at what happened last week in Argentina—which has an annual inflation rate of 54.4%. One day, things were fine. But the next, the Argentine peso and stock market collapsed over 25%.

Now, I’m not suggesting U.S. stock exchanges will plunge 25% overnight like Argentina’s. I believe quality U.S. companies will continue to do well. They’re inflation-resistant to a certain degree.

In fact, there’s so much cash in the world that institutions need a place to put it. And U.S. stocks are still the best option for investors.

What I am suggesting is that the buying power of all fiat currency could drop dramatically (what I call a global currency devaluation). Under this scenario, the cost of everything goes up for everyone.

Of course, I’ve never seen a global currency devaluation in my lifetime… But I’d also never seen negative interest rates before, either.

Yet according to Deutsche Bank, about $15 trillion worth of government bonds worldwide (25% of the market) now trades at negative yields. That amount has nearly tripled since October 2018.

So it’s possible we’ll see the world’s currency bubble pop. And when it does, investors will look elsewhere for alternatives…

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A New Emerging Story

You see, a story is emerging. And it’s, “Oh my goodness, the spaghetti just hit the fan all over the world.”

And while we’ve never had a situation where all currencies got crushed at once… I believe a broad-based currency meltdown is in the offing.

Central banks can paper over problems for a very long time—but not forever. At some point (although I don’t have a date for you), the fiat currency bubble will burst.

In that situation, precious metals like gold, silver, platinum, and industrial metals will benefit. Bitcoin and altcoins will, too.

Now, I’ve already told you Wall Street’s greed will send a flood of money into the crypto space. And you know greater innovation and adoption is around the corner.

So bitcoin and a slew of other cryptos will benefit as money flees fiat currency and looks for an alternative place to hide.

We’re already seeing this happen in China…

The yuan’s sharp fall on August 5 coincided with a 7% gain for bitcoin and a 9% surge in the overall crypto market cap. And according to Reuters, analysts speculate some Chinese investors were selling the yuan and buying cryptos.

Again, if you’re a gold buyer convinced that gold is going significantly higher, I don’t disagree with you. If you think gold will double, you’ll tie up $1 million to make $1 million. Congratulations! You’ll make 100% on your money.

But remember, just this year, bitcoin has outperformed gold by as much as 16 to 1. So if you take even 10% of that $1 million you’re using for gold ($100,000) and put it into bitcoin, you’ll have the chance to make $1–1.6 million.

If that outperformance continues, then splitting a little from gold and going into bitcoin is a no-brainer. To me, it’s digital gold.

So consider it… Think about it… And see if it works for you.

Take a look at how bitcoin has been acting alongside gold. It’s clearly being accumulated as a hedge against a complete loss of faith in currencies.

And whatever happens, don’t be a victim. Make a conscious choice of how you’ll protect your wealth and your way of life as we navigate what could be the unwinding of the biggest fiat bubble of our lifetime.

Matt McCall’s Early Stage Investor Review | Will It Really Make You Income?

Posted on July 27, 2019 by Matt Johnson

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Who is Matt McCall?

Matt McCall, editor, Early Stage Investor

Matt McCall has one of the best track records in the financial world.

Over the past 10 years, he’s pinpointed and recommended over 200 stocks that have gone up 100% or more, plus 16 stocks that have soared 1,000%… even as high as 2,700%!

He got his start when he was just 24, working as a broker at Charles Schwab, and within three years, he was running his own money management group.

You may recognize him from his ten years as Fox News contributor, or one of his 1,000+ other appearances on Fox Business, CNBC, and Bloomberg.

In that time, he called the bottom in stocks in 2009 and predicted the record-breaking 10-year bull market that followed. Today, Matt is a millionaire who spends most of his time traveling the world. (He’s already been to 50 different countries.)

But after 17 years of finetuning and perfecting his 10X strategy, Matt is finally ready to share how he finds 10X opportunities, over and over again.

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Early Stage Investor – How it works?

Early Stage Investor Research is a Premium-priced monthly newsletter that seeks to recommend small or early-stage investments.

Early Stage Investor is geared for investors who are looking to make massive gains from the best early-stage companies that will change the world.

Generally speaking, we’ll hold these recommendations for 3 to 10 years, sometimes longer if our profits continue to soar.

When it comes to extreme wealth creation, few endeavors can compare to being an owner of a small company that grows large.

Let’s take a look at an example to illustrate what I’m talking about here.

Imagine being an early investor in Microsoft… you could have made over 9,000% during the 1990s. That type of gain turns every $5,000 invested in $450,000.

It only takes one of these big hits to make a huge amount of money in early-stage companies. And that is why it is critical that you approach the companies we recommend in this service with a “venture capitalist” mindset.

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What are venture capitalists? And how do they earn such massive returns?

Venture capitalists are the early backers of start-up companies. They are the grand slam, home run hitters of the investment world. They don’t look to make 300% on their investments. They look to make 3,000%… even 30,000% on their investments.

Make just one great venture-capital investment and you’ll probably never have to worry about money. Venture capitalists have funded nearly every mega-hit technology company you know today: Google (now Alphabet), Facebook, Twitter, Uber, Airbnb, Pinterest, and the list goes on and on.

Before the public learned about these innovative businesses, venture capitalists were there, performing due diligence and making early investments.

By the time regular stock market investors hear about your average technology winner like Google, venture capitalists have made more than 2,000% on their original investments. And while we don’t recommend non-public companies in my Early Stage Investor research service, we still very much employ a venture capital mindset.

We are looking to hit grand slam home runs. We are looking to make hundreds, even thousands of percent returns in the world’s best early-stage public companies.

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Grand Slam Portfolio Management

To the average investor, a 33% “win rate” on stock buys is a depressing thought. Having a high “win rate” – like “8 out of 10 stock picks are winners” – is important to average investors.

However, the best venture capitalists and professional traders don’t place any emphasis on “win rate.” They know that with a good strategy, you can be right just 33% of the time and make a fortune in stocks.

Early-stage stocks are among the riskiest securities in the market. They are more volatile and have higher failure rates than established businesses like Walmart and Coca-Cola. That’s just the nature of the game… and that’s why the payoffs in early-stage investments can be so huge.

Because early-stage companies can produce such gigantic capital gains – and because they have higher failure rates than established businesses – it’s vital to understand a key money management principle used by the best venture capitalists.

As an early-stage investor, you’re not going to achieve success on 100% of your investments. You probably won’t achieve success 75% of the time… or 66% of the time. And that’s fine.

When you invest like a venture capitalist, you can be right just 33% of the time and still make HUGE returns.

Some simple math shows us how it works… Let’s look at a hypothetical investment example.

On December 1st, you structure a “venture capital” portfolio of 12 promising businesses. You hold them for a year. The returns of these 12 stocks are listed below:

Chart

In this example, four went up and eight went down. You were right 33% of the time. But because you hit just a few big winners, you made a great average return of 40% across the 12 positions.

Over the past 60 years, the legendary trader George Soros has made more than $20 billion in the financial markets. Soros is a genius at knowing how government actions affect markets. He’s skilled at finding industries poised to boom. But there’s a simple mindset that’s more responsible for Soros’ success than either of those things. Soros once summed it up like this:

“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”

Soros didn’t focus on how often he was right. He focused on making his successes big and meaningful… and making sure his mistakes were small and manageable. That’s what we need to do as well.

I get how people feel the need to be right. I like to be right as much as anyone. In my early years as a stock broker, I had a boss once ask me, “Do you want to be right or rich?” I did not answer him, but I knew immediately what the correct answer was. I try to reduce my downside risk as much as possible. But the simple fact is that early-stage companies carry risk. I know I’m not going to be right 100% of the time.

The good news is, when you make sure to win a lot when you’re right, and only lose a little when you are wrong, you can be right just 33% or 50% of the time… and still make huge profits in early-stage companies.

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Matt McCall’s 10X Innovation Summit – I’ll show you how I uncovered 200 stocks that soared 100% or more

Posted on July 27, 2019 by Matt Johnson

Matt McCall, editor, Early Stage Investor

By Matt McCall, editor, Early Stage Investor

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Simply click here and make sure to attend the 10X Innovation Summit this coming Wednesday (July 31) at 8 p.m. (ET).

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Altcoin Season Is Closer Than You Think

Posted on July 26, 2019 by Matt Johnson

By Greg Wilson, analyst, Palm Beach Daily

So far in 2019, bitcoin is up 182%.

Meanwhile, the rest of the cryptocurrency market is up just 58%.

These other crypto projects are called altcoins. And when they rally together, it’s called alt season.

Now, a lot of people are asking, “When will altcoins catch up to bitcoin?”

It’s a good question—because when altcoins rally, they can create life-changing gains.

You see, as crypto investors rotate from bitcoin to altcoins, these coins can rise multiples higher. Gains of 100%, 500%, and even 1,000% or more are there for the taking.

So today, I’ll show you how alt season is rapidly approaching—and how you can position yourself for maximum profits.

But first…

When Will Altcoins Catch Up?

Right now, it’s important to understand the price action we’re seeing is perfectly normal.

In fact, here’s what Daily editor Teeka Tiwari wrote on July 6:

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. […]

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 that’s what we saw during the beginning of 2016’s bull run…

As you can see, bitcoin led the rally. But altcoins eventually caught up and even outperformed bitcoin.

We saw a similar scenario play out in the beginning of 2017, too…

Again, bitcoin led the market before altcoins pulled away and outperformed.

So we know altcoins can surpass bitcoin during alt season. But how do we know now is the right time?

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We’re Getting Closer

In the crypto space, “bitcoin dominance” compares bitcoin’s market cap to the overall crypto market cap.

For example, let’s say the entire crypto market is at $10 and bitcoin’s is at $6. That means bitcoin dominance is 60%.

Now, the chart below shows the bitcoin dominance level over the past two years. As you can see, we’re reaching extreme levels…

The last time we saw levels this extreme was the fourth quarter of 2017. Altcoins went on to rally over 250% the following month. Meanwhile, bitcoin was down 8%.

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Follow the Money

With bitcoin dominance reaching extreme levels, it’s a good sign alt season is nearing.

But this metric alone isn’t enough. We also want to see the start of a new altcoin investment cycle—which is exactly what we’re seeing now.

Grayscale Investments is the world’s largest digital currency asset manager and part of the Digital Currency Group. And it recently released its second-quarter investment report.

The numbers are impressive…

Grayscale launched its first digital currency investment products in 2018. By mid-2018, its assets under management (AUM) stood at roughly $250 million. Just over a year later, AUM now sits at $2.7 billion.

This growth of nearly 1,000% is significant. But where that money is going is also interesting…

During the first quarter of 2019, 99% of inflows went to bitcoin. Only 1% flowed into altcoins.

But a dramatic shift is happening. In the second quarter, only 76% of inflows went to bitcoin. Altcoins soaked up the rest.

That’s over $20 million flowing into altcoins. And it’s a trend we expect to continue…

Others Are Taking Notice

We’re not the only ones talking about alt season, either. Notable crypto community influencers are, too.

Fundstrat is a boutique asset manager for institutional clients. It was one of the first to recommend cryptos to its clients. And cofounder Tom Lee is an influential figure in the crypto space.

You can regularly see him on CNBC and Bloomberg. And when asked about alt season on Twitter, he simply replied, “There will be an alt season.”

Now, Chris Burniske is another influential crypto investor. He’s a partner at Placeholder, a venture capital firm that invests in crypto assets.

He’s also on top of the alt season cycle—which means his clients are, too…

To finish Burniske’s thought: They’ll move even more than bitcoin. So you’ll see even bigger gains than bitcoin’s during a crypto rally.

It’s Not Too Late

In a bull market, altcoins tend to rally after bitcoin. And with bitcoin dominance at extreme levels and the crypto community taking notice, alt season is likely near.

We’re only at the very beginning of this new bull market. With so much more money going into crypto than ever before, the rally in front of us will be so much larger than anything we’ve ever seen.

The profits we’ll see from altcoins as this money comes into crypto will be unfathomable. And remember, you don’t need to bet the farm. Even a small stake is enough for the potential of life-changing gains.

The IRS Is Taking Aim At Cryptos

Posted on July 24, 2019 by Matt Johnson

Editor’s Note: When it comes to investing in bleeding-edge technology, we can’t think of anyone better than Silicon Valley insider Jeff Brown. He has the inside track on the most disruptive trends—before they hit the front pages.

Now, Jeff spent last week in Washington, D.C. to support the Chamber of Digital Commerce’s Congressional Blockchain Education Day. He’s been working hard to educate Congress on cryptos so the U.S. can remain competitive in the space.

You see, Jeff believes blockchain tech will transform industries and make early investors life-changing gains. So we asked him to share insights from his D.C. trip. It’s a must-read for anyone interested in the crypto space.

In the meantime, Jeff’s hosting his Accelerated Profits Summit tonight at 8 p.m. ET. During the event, he’ll release his system for trading early stage tech stocks—without buying pre-IPO shares or doing crowdfunding deals.

Jeff’s been perfecting this system for five years now… And he’s finally ready to talk about it publicly.

By Jeff Brown, editor, Exponential Tech Investor

Last week, House Democrats drafted a new bill called the “Keep Big Tech Out of Finance Act.” This is a short bill obviously timed around the antitrust congressional hearings.

It’s designed to block large tech companies out of the financial services industry. Companies with global revenues of $25 billion or more can’t affiliate with a financial institution if they’re engaged in certain activities. (Examples include running an online marketplace, exchange, or platform to connect third parties.)

Clearly, this bill is targeting the Big Tech companies that recently testified in Washington: Apple, Amazon, Google, and Facebook. It’s a heavy-handed attempt to keep Big Tech from disrupting—and improving—the financial services world.

And it’s not a coincidence that the bill was drafted after Facebook announced plans to launch its Libra cryptocurrency.

Of course, I wouldn’t be surprised if financial services industry lobbyists were behind the bill. It’s designed to protect incumbents from tech companies’ innovations.

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But this is always a terrible idea—and a great way to stifle economic growth. The fact is, over the last two decades, the financial industry has proven that we can’t trust it…

From rigging the London Interbank Offered Rate (LIBOR) to inflate the industry’s profits… to colluding with credit-rating agencies to mislead investors about mortgage-backed securities… to the robo-signing of foreclosures… to paying billions in executive bonuses after the taxpayer bailouts…

There’s a laundry list of transgressions from the Big Banks—and over $100 billion in fines levied against these guilty parties.

Simply put, we need competition in this space.

And we should keep in mind: This bill wouldn’t be limited to just the largest tech companies. It could potentially harm companies like Coinbase and Robinhood, too.

These are digital-first companies catering to consumers and not just the big players. They’re fully compliant. And they provide immense value to normal, retail investors.

We want these companies to continue innovating. We want them to remove the middlemen who add nothing but friction and unnecessary costs. We don’t want to slow these companies down…

We want them to flourish.

So this bill is an awful idea. And I expect it to die quickly. Even if it does pass in the House, I can’t imagine it getting through the Senate.

The reality is, Congress knows it has much bigger problems. Cryptos—including Facebook’s Libra—threaten the government’s “monopoly” on currency creation.

But the transition from fiat to digital assets is inevitable. Governments will have no choice but to adapt.

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An IRS Crypto Crackdown?

And speaking of cryptos…

The Internal Revenue Service (IRS)—the U.S. government’s tax authority—may subpoena Apple, Google, and Microsoft to help find unreported crypto holdings.

The IRS wants data surrounding crypto wallet downloads. And those three companies have that data.

This comes from a massive, 181-page presentation leaked from an IRS cyber training session. Its goal is training IRS agents to find hidden crypto holdings.

This is scary stuff. It tells us that the IRS is getting aggressive. Ironically, the IRS hasn’t yet provided clear guidance on the tax treatment of cryptos. As a result, tax professionals don’t know how to deal with the nuances of filing taxes regarding crypto gains.

Most Americans want to file their taxes accurately. But this lack of clarity makes it difficult for crypto holders. So it’s a problem that the IRS wants to go after them anyway.

This has been a major focus of the Chamber of Digital Commerce. And it’s a big reason why I visited Washington last week.

We’re working hard to educate Congress about cryptos and digital assets. In conjunction with the Congressional Blockchain Caucus, the Chamber has also been trying to provide guidance to the IRS in hopes of clarifying tax filing requirements.

Now, we’ve made a lot of progress to this end—but we still have a lot more work to do.

Here’s a sneak peek:

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Here’s what I can say to crypto holders…

Until we get more clarity, the smart assumption to make is that every time we sell a crypto (even just moving from one digital asset to another), it’s a taxable event. It’s very important for us to declare any gains from these sales on our tax filings.

I always recommend speaking with a tax accountant on these matters. And always declare any form of gains from any sale of a digital asset.

You Can’t Kill Bitcoin

Posted on July 22, 2019 by Matt Johnson

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.

Bitcoin vs Libra: Here are the key differences between the two cryptocurrencies

Posted on July 19, 2019 by Matt Johnson

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

Now’s the Time to Get Back Into Bitcoin

Posted on July 18, 2019 by Matt Johnson

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?”

The answer back then and the answer now is still a resounding no…

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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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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.

President Trump’s Bitcoin Attack Doesn’t Matter

Posted on July 17, 2019 by Matt Johnson

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.

And based on his recent comments, President Trump agrees with me…

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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 plunges, briefly falling below $10,000, as Trump slams crypto

Posted on July 15, 2019 by Matt Johnson

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

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