Category: Palm Beach Confidential Newsletter

Another Teeka Tiwari’s Prediction Has Come True

Longtime readers will know all about my colleague Teeka Tiwari.

He’s one of the world’s most widely followed crypto investing experts. And he was the first guy in our industry to focus a major financial newsletter, Palm Beach Confidential, solely on crypto.

Teeka first recommended bitcoin (BTC) in April 2016. Since then, it’s up 2,606%. The same month, he also recommended what’s now the world’s No. 2 crypto asset, ether (ETH).

It’s up 4,113% since then.

And Teeka’s top-performing open recommendation is a decentralized platform called Neo (NEO). He added it to the Palm Beach Confidential model portfolio in February 2017.

Since then, it’s up 10,817%.

That would have turned every $1,000 grubstake into more than $100,000… and every $10,000 into more than $1 million. These are the transformative gains on offer in the crypto market. And as I (your editor, Chris Lowe) will show you today, it’s not too late to profit.

As Teeka predicted in May, a group of smaller, more speculative cryptos is outpacing bitcoin.

And if history is any judge, these lesser-known speculations could lead to gains of 12,000% (not a typo) or more from here.

Teeka made a big call on crypto in May.

That’s when the last bitcoin “halving” happened. It’s the preprogrammed halving of the supply of new bitcoin that enters the market. And it happens roughly every four years.

At the time, Teeka was pounding the table that halving bitcoin’s supply meant a surge was on the way. As he put it…

Bitcoin is the gateway to crypto. Think of it as the reserve currency of the crypto world. So if demand stays the same, but supply gets cut in half, what happens to the price? It goes up.

But bitcoin wasn’t Teeka’s top recommendation.

“Altcoins” were…

He predicted that crypto assets other than bitcoin – aka altcoins – would do even better.

This crypto technology could revolutionize nearly every industry – and change your life forever.

As Teeka put it on May 4 (one week before the halving on May 11)…

From the last halving in 2016 to the end of 2017, bitcoin rose 2,162%. That’s an amazing gain.

But it’s nothing compared to what happened with altcoins. They went up 5.5 times more…

Almost on cue, three months later, altcoins are surging ahead of bitcoin.

It’s all in this next chart…

It’s of bitcoin’s market value (black line) versus the market value of the 10 largest altcoins (green line).

As you can see, since bitcoin’s halving on May 11, bitcoin is up 31%.

But the top 10 altcoins by market value did almost three times better.

On average, they’re up 100%.

That’s still not the 5.5x outperformance of altcoins we saw in the last crypto bull run in 2016-17. But it’s well on its way…

So don’t worry about this opportunity having passed already…

This next chart is one Teeka showed his readers in May.

It tracks bitcoin versus the top 10 altcoins after the previous halving, in July 2016.

Bitcoin surged as much as 2,162% over the next year and a half. But over the same time, the top 10 altcoins skyrocketed 12,378%.

That’s enough to have turned every $1,000 into more than $120,000.

And as Teeka has been showing folks in a new video he’s put together, the opportunity ahead in altcoins could be even bigger.

That’s because the tech behind all cryptos – blockchain – is about to spark an American economic renaissance.

I can’t go into all the details here, but you can hear about it directly from Teeka. Check it out for free here if you haven’t already.

Source: Legacy Research

By Teeka Tiwari, editor, Palm Beach Daily

Today’s crypto market reminds me of 1995 in the internet space…

Back then, there was a similar fervor with individual investors. It was the first time I saw ordinary investors get the jump on institutional investors.

They were coming in making all this money on little-known internet stocks in a few weeks or months.

Paravant Computer Systems was up 205%. TransAct Technologies was up 126%. And TeleTech Holdings was up 125%. They were so far ahead of the game…

Despite those gains, my institutional friends were like, “Look at these poor lemmings… They have no idea what they’re doing. This will go bad.”

These guys just couldn’t see the big picture. But I couldn’t blame them. Just think how the internet was back in 1995…

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You had very limited bandwidth… You had virtually no commercial uses… You’d go online and all you’d see is pages people created to post pictures of their cats.

I remember pitching an internet startup to an investor at the time…

He went to an internet café and got online to test it out. And he told me, “I can’t invest in this. There’s nothing here!”

And I said, “You’re right! But this technology is going to change the world, you’re just seeing this at the first stage. Within a few years, everything we buy will be over the internet.”

People couldn’t understand that back then. They couldn’t grasp the revolutionary and groundbreaking potential of the internet.

What Wall Street needed to see was a catalyst for mass adoption…

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And the spark came on August 9, 1995. That’s the date Netscape launched its initial public offering (IPO). An IPO is when a private company lists on a public exchange.

At that time, the internet had already been around for over 15 years. But there were just 16 million internet users. And only 0.3% of the world’s population used the internet.

Then Netscape Navigator became popular…

Navigator was a user-friendly web browser. You didn’t need to know anything about computer code to use it. And anyone with a modem could surf the internet with ease.

By the end of 1996, the number of internet users had skyrocketed to 36 million – an increase of 125%. Five years later, the internet had a half-billion users.

In August 1995, Netscape went public at $28 per share. The morning of the IPO, shares traded as high as $74.75 before closing at $58.25.

Its first-day pop of 108% was one of the biggest in history.

The Wall Street Journal reported: “It took General Dynamics 43 years to become a corporation worth $2.7 billion in the stock market. It took Netscape Communications about a minute.”

The success of the IPO inspired the term “Netscape moment.”

It thrust the internet into the mainstream… It ignited the dot-com craze from 1995–2000… And it marked the shift to the Internet Age.

The Netscape moment was the spark plug that unleashed over $5 trillion of investor capital into internet stocks in the latter half of the 1990s.

It showed Wall Street could make billions in an entirely new industry.

Before then, internet stocks had been dismissed as mom-and-pop investments. But Netscape dangled a carrot in front of Wall Street and said, “Here’s where the money is. Come and get it.”

And boy, did they go for it.

Over the next five years… Wall Street splurged on internet stocks.

The tech-heavy Nasdaq shot up 400%. And names like Qualcomm, Cisco, and Oracle soared 3,097%, 2,426%, and 1,425%, respectively.

Today, another groundbreaking technology is having its Netscape moment: Crypto.

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Crypto’s Netscape Moment

July 22, 2020, will go down as crypto’s Netscape moment.

That’s the date when the Office of the Comptroller of the Currency (OCC) issued guidance that banks can store and work with cryptocurrency.

Most people probably have never heard about the OCC. But it regulates all U.S. banks. So it’s one of the most powerful federal agencies in the country.

Here’s an excerpt from its landmark guidance on crypto:

We conclude a national bank may provide… cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.

This news is huge for crypto adoption. The OCC basically gave the traditional financial system the green light to come into crypto.

All of a sudden, every bank in the United States can safely get into crypto without fear of running afoul of regulators. And this move will accelerate adoption of crypto assets.

Let me put this in perspective for you…

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Right now, 35–50 million people own crypto. That’s about 0.6% of the world’s population.

The U.S. banking system alone touches the lives of over 300 million Americans. And it holds north of $20 trillion in assets.

If bank customers allocate just 1% of their accounts to bitcoin… bitcoin’s market cap would double.

I believe crypto adoption will be as widespread as internet adoption – maybe even more so.

For instance, the World Economic Forum estimates crypto’s underlying blockchain technology will store 10% of the world’s GDP. That’s about $8.6 trillion – by 2027.

Right now, the entire crypto market cap is just $350 billion. When hundreds of millions of people get easy access to crypto, you’ll see the entire space just explode in value – just like internet stocks in 1995.

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Beating Gold and Stocks

Since the OCC made its announcement on July 22, we’ve seen bitcoin skyrocket from $9,340 to as much as $12,000 – nearly 30% in less than 11 days.

So far this year, bitcoin is up around 60% while gold and stocks are up 36% and 2.5%, respectively.

This outperformance is even more incredible when you put it in perspective.

Remember, the stock market is on an epic rally since it crashed in March… And gold recently broke its all-time high.

Friends, the opportunity in crypto is bigger than anything you can ever imagine. So it’s crucial to position yourselves now.

Now, if you think all the gains in bitcoin are gone, I want you to think again. We’re just in the first innings of this huge trend.

Even with all this great news, most people are completely missing this story. They don’t realize crypto just had its Netscape moment.

We can easily see bitcoin eclipse its all-time high. And where bitcoin goes, the rest of the crypto market follows.

Make sure you don’t miss the boat. And if you don’t already own some, at the very least, you should buy some bitcoin right now.

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As I mentioned above, bitcoin is having its Netscape moment. So we’ll see adoption skyrocket over the coming months.

But as much as bitcoin’s price will rise, the boom in the so-called “altcoins” will be much bigger. An altcoin is any other crypto other than bitcoin.

During bitcoin’s last big run from 2016–2017, I recommended a handful of altcoins that went up as much as 5,761%, 15,821%, and 156,753%. That’s about to happen again. It’s not too late to make as much as $500,000 from a handful of coins.

By Teeka Tiwari, editor, Palm Beach Daily

In 2003, I started recommending Apple to my retail clients. It was a parting gift right before I left to start my own hedge fund.

At the time, the stock had been destroyed. Prices dropped from a high of $36 per share to $12 (pre-split) when I bought it.

In fact, while I was buying Apple, Steve Jobs – the guy who was brought in to rescue the company – was dumping millions of dollars’ worth of stock…

This was a tough time for me… Apple’s price was free-falling… Jobs was dumping stock… and here I was pounding the table to buy.

But I had good reason to be bullish on Apple. The company was experiencing a barrage of good news… And no one was paying attention to it.

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In 2003, one of Apple’s most important products was the iPod. And it was a massive hit with Apple users. But only people with an Apple computer could easily use it.

So the addressable market was only about 2% of computer users.

However, I knew the company was working on a version that would be compatible with non-Apple personal computers (PCs). And non-Apple PC users made up the other 98% of the market. It was a no-brainer that Apple would sell millions more iPods.

So why didn’t Wall Street see the big picture I did?

One word: Fatigue.

Wall Street had been burned by Apple for years. Shares had literally done nothing since the 1980s. Take a look at the chart below…

So investors were turned off by the Apple story… Even when the facts started to improve, they didn’t believe them.

It took 18 more agonizing months before Wall Street realized Apple was a bargain with a big story. And then the share price took off.

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Since January 1, 2003, Apple is up 36,724%. Clients who stuck with Apple would’ve turned every $1,000 into about $386,510 (including dividends).

Here’s why I’m telling you this story…

I’m seeing almost a mirror image of those events taking place in bitcoin…

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Investor Fatigue in Bitcoin

Like Apple in 2003, there’s a lot of fatigue with bitcoin today. (I’ve written about this before here and here.)

You have long-term holders who’ve just put away their bitcoin and forgotten about it.

And you have range traders buying it at $9,000 and selling at $10,000. This type of trading has kept bitcoin in a sideways pattern, too.

Meanwhile, the rest of the world is focusing on day trading Big Tech stocks like Facebook, Tesla, Google, Netflix, and Apple.

So bitcoin is just kind of sitting there in a corner… forgotten by the world.

But while bitcoin stays range bound, we’re seeing incredibly bullish news just like we saw with Apple in 2003.

Just last week, reports surfaced that payments giant PayPal will partner with crypto exchange Paxos to offer crypto trading to its customers.

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This comes on top of reports that PayPal and its Venmo subsidiary plan to roll out direct sales of crypto to its 325 million users.

Days later, the Office of the Comptroller of the Currency issued guidance saying banks can store and work with cryptocurrency. The agency regulates all U.S. banks.

This news is huge for crypto adoption. All of a sudden, every bank in America can safely get into crypto without fear of running afoul of regulators.

Let me put this news in perspective for you…

Right now, about 30­–35 million people own crypto. PayPal alone will make bitcoin available to 325 million people. That’s nearly 10 times the current market for bitcoin.

And the U.S. Banking system touches the lives of over 300 million Americans.

Even with all this great news, most people are completely missing this story because they are fatigued with bitcoin – just like they were with Apple in 2003.

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Wake Up and Realize Bitcoin Is Still Cheap

Friends, I’m telling you right now, unequivocally, bitcoin is crazy cheap. We’ll see explosive moves in bitcoin that will leave you breathless.

I say that, even though I know bitcoin is the type of asset that can drop 50% tomorrow if some foolish trader gets overleveraged. That’s what we saw happen in March, when bitcoin dropped more than 50%.

But the recovery was swift. Bitcoin was back at $10,000 in less than two months.

So no matter what happens over the short term, I’ll still stand by the statement that bitcoin is cheap right now. In fact, I’ll say it’s more undervalued now than it was two years ago, when it was trading around $3,000.

Why is it more undervalued now?

Back then, we didn’t know for sure if institutions would come in. We didn’t know if governments would outlaw crypto. We didn’t know if banks would ever accept digital assets like crypto.

But now, we do.

So much of the uncertainty that came with owning bitcoin back then has been removed… And yet, bitcoin’s price isn’t reflecting the removal of that uncertainty.

That’s why last Wednesday, I filmed a special video for my Palm Beach Confidential subscribers, pounding the table on bitcoin and the broad crypto market. (Paid-up subscribers can watch the video right here.)

Since then, bitcoin has gone from around $9,300 to as high as $10,832. Our other holdings, like ether (the native token of the Ethereum blockchain), are up even more. Ether is up over 32% since I published my bullish video.

If you’ve been holding back on getting involved in crypto, now’s the time to get back in.

Crypto prices are on the doorstep of exploding higher. And once they do… there’s no bringing them back. The price you pay today could look very cheap three months from now.

Friends, you’re going to look back – if you don’t take advantage now – and think, “How did I miss that? How did I not see that? How did I not see that hundreds of millions of new people were going to come into this asset class?”

Take action today and at least buy some bitcoin. And if you don’t already own it, then take a look at buying some ether, too.

By Nick Giambruno, chief analyst, The Casey Report

Today, I’m going to slaughter a cryptocurrency sacred cow (for some).

It’s the idea that Bitcoin cannot scale without altering its protocol.

Think of the Bitcoin blockchain as simply a public database of transactions, distributed across thousands of computers around the world.

And a computer that hosts the entire Bitcoin blockchain is called a “full node.”

These full nodes play a crucial role in securing the network.

About every 10 minutes, a new block – or set of transactions – is added to the existing database (blockchain).

Today – after over 11 years of transaction history – the size of the Bitcoin blockchain has grown to about 293 gigabytes (GB). The Bitcoin protocol sets the maximum size of each new block at about 1 megabyte (MB).

That means there is a hard limit on the maximum number of transactions the Bitcoin network can process – about 375,000 transactions a day.

By contrast, there are over 1 billion credit and debit card transactions per day worldwide. And there are another 1 billion non-card consumer payments each day. In sum, we can estimate there are at least 2 billion consumer transactions made each day around the world.

Bitcoin does not have anywhere near the capacity to handle these daily transactions. Bitcoin can accommodate only about 0.019% of them – about two one-hundredths of one percent.

In other words, Bitcoin would need to increase its transaction capacity by about 5,333 times to be able to process all the world’s consumer transactions.

One group of people think the solution is to simply alter Bitcoin’s protocol to increase the size of the blocks.

To be able to handle all consumer transactions, the block size would have to increase around 5,333 times, to roughly 5,333 MB or 5.3 GB.

That means every 10 minutes, each full node in the Bitcoin network would need to download an additional 5.3 GB.

That’s 32 GB per hour… 768 GB per day… or 280,320 GB per year.

By contrast, most modern laptop hard drives have about 750 GB of space. It simply would not be possible for them to run a full Bitcoin node.

Here’s the bottom line: A minor change in the Bitcoin block size won’t move the needle much on transaction capacity. An enormous change would be needed.

But doing that would cause some serious problems.

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Altering Bitcoin’s Protocol Is a Slippery Slope

The first problem is it makes Bitcoin subject to change, which destroys its immutability.

If you can easily change the block size parameter, it’s conceivable that people could also tweak Bitcoin’s other parameters. It’s a slippery slope.

Next, they might decide Bitcoin’s monetary policy must be changed to inflate the supply. Or that certain people have too many Bitcoins and should be subject to a “fairness” tax.

The second problem is that it destroys Bitcoin’s decentralization.

If the Bitcoin block size was anywhere close to large enough to handle all credit and debit card transactions, then the average person would not be able to run a full node. Only those who could afford highly advanced computers and large internet bills would be able to.

In this scenario, Bitcoin would become centralized and at serious risk of capture.

At that point, Bitcoin might as well be another PayPal, Visa, or another centralized financial service where you need to ask for permission to do anything.

Remember, Bitcoin’s primary value proposition as a global money is that it is immutable, censorship-resistant, permissionless, accessible to everyone, and controlled by nobody.

These attributes are only possible because of Bitcoin’s decentralization.

It deserves emphasis: without decentralization, there is no Bitcoin.

Therefore, a scaling solution that compromises decentralization is a non-starter – you would be destroying the very thing you’re trying to scale.

Here’s the bottom line: We are basically stuck with Bitcoin as it is – with a maximum capacity of about 375,000 transactions per day.

Remember, there are about 2 billion consumer transactions every day worldwide. Does that mean Bitcoin will never be able to scale and achieve widespread adoption?

Absolutely not.

As the hardest money the world has ever known, Bitcoin is only going to grow in popularity.

The demand for hard money is likely to far exceed Bitcoin’s ability to accommodate each consumer transaction on its blockchain. It will necessitate innovation.

Fortunately, solutions exist that could allow Bitcoin to scale and handle every transaction in the world. All without compromising its decentralization or immutability, and at practically no cost.

It’s the most exciting development for Bitcoin since its creation and will turbocharge its adoption.

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A Competitive Free Market at Work

Bitcoin is the world’s first – and only – genuinely scarce digital asset.

Think of the digital space on each Bitcoin block as scarce real estate.

Whenever you make a Bitcoin transaction, you must pay a fee for Bitcoin miners to inscribe it onto the next block of the blockchain.

Remember, the size of each Bitcoin block is about 1 MB. There are precious few transactions – a maximum of about 2,600 – that can fit on each block every 10 minutes.

Whenever you make a Bitcoin transaction, you are bidding against everyone else in the world to get your transaction inscribed onto the next block through the transaction fee.

The higher the fee you pay, the faster your transaction will be finalized, which means it has been added to the blockchain.

Here is a chart of the average fee for each Bitcoin transaction since 2009.

The marketplace for Bitcoin transaction fees is an excellent illustration of a competitive free market at work. It ensures that only the most productive uses utilize Bitcoin block space.

For example, suppose demand for Bitcoin block space rises, which causes transaction fees to rise to $25. It would not be economical to buy a $5 coffee and record the transaction on the Bitcoin blockchain.

In other words, higher value transactions that demand the high security of Bitcoin have crowded out small consumer transactions.

The good news is that there is an incredible innovation that will address these smaller transactions, which higher fees have priced out of the Bitcoin blockchain.

It has near-instantaneous speed, with zero counterparty risk, and almost zero fees. And eventually, it will be able to handle every transaction in the world – many millions per second.

This Will Accelerate Widespread Bitcoin Adoption

I’m talking about the Lightning Network, a peer-to-peer network built on top of Bitcoin.

On the Lightning Network, people can perform an unlimited amount of transactions without needing to add them to the Bitcoin blockchain. It is not necessary to delegate custody of funds to a third party – you always remain in control.

It starts with two people opening a payment channel with each other by depositing Bitcoin to the payment channel.

The two people can then transact with each other – and any other payment channels they are connected with – an unlimited amount of times. Those transactions are performed on the Lightning Network and will not be recorded on the Bitcoin blockchain.

At any point, either party can close a payment channel. The outstanding Bitcoin balance at that time will be returned to the two people. The transaction to close the payment channel will then be recorded on the Bitcoin blockchain.

In short, the only time Lightning Network transactions are recorded on the Bitcoin blockchain is when payment channels are opened or closed. Everything else occurs off-chain on the Lightning Network.

Think of it like keeping a running tab, and then settling up on the Bitcoin blockchain when either party decides to.

As of writing, there are about 32,000 open payment channels in the Lightning Network. Check out the map of connections below.

Keep in mind that the Lightning Network is still a developing technology. It’s not quite ready for mass adoption, but it could be soon.

(Readers of my newsletter, The Casey Report, are positioned with an industry titan that’s about to ramp up the Lightning Network’s adoption. If you’re a subscriber, catch up on the latest here.)

And once that happens, the accelerating Bitcoin trend will get a boost. I am very confident about the Big Picture for Bitcoin… and believe everyone should own some.

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We’re in a financial crisis. And Bitcoin is a great safe-haven asset to protect against a weakening dollar.

But there’s another crisis you should have on your radar.

While everyone is distracted by the pandemic… politicians have buried a sinister plan in a stimulus bill, hoping no one would notice…

The plan would confiscate everyday Americans’ wealth… and even ban those who don’t comply. I don’t want you to be blindsided.

That’s why I put together a special briefing to help keep you and your family safe from this cash grab. Go here to access it.