BEARS EATING SHIT: BITCOIN GOES BANANAS!
Bitcoin has gained $1,000 in a single day and $500 literally within minutes. I PREDICTED both events last week, when I published a letter citing the incredible fundamentals that prove Bitcoin is a much STRONGER cryptocurrency than Libra is, since with Bitcoin you can’t subpoena ANYONE to congress.
Bitcoin effortlessly ripped through its 200-day moving average, which was once resistance and is now hard support. This happened after the Twitter gurus were saying that “the sharks are circling” and other nonsense when Bitcoin declined to $7,450. As I’m putting this together, the price is over $9,100. I’m even booking a nice, 4-day gain of 11.5% in my account.
I’ve told people repeatedly to watch for a surge in trading activity on the Bitcoin futures exchange Bakkt. The crypto haters were quick to point out that Bakkt’s first day was slow, but they clearly didn’t see what was coming.
661 BTC futures contracts traded on Bakkt in a single trading day and the demand is nowhere near being finished:
Of course, the Bakkt trading volume isn’t the only catalyst for Bitcoin. China, who is thought to be anti-blockchain, is now pushing hard for blockchain adoption. Chinese President Xi Jinping was actually heard saying that they must take blockchain as an important breakthrough for the innovation of core technologies, and that they must increase investment and accelerate the development of the blockchain.
This is the start of a multinational digital-currency arms race – all industrialized nations will have to ramp up their blockchain adoption in the coming years; it will become the preferred method of payment and money-transfer all over the world.
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Consider the fact that $11 trillion has been transferred on the Bitcoin blockchain since 2009. Given its exponential growth rate, it’s likely that Bitcoin will overtake traditional payment vehicles like Visa and MasterCard in less than a decade.
Data-poor retail traders haven’t caught on to this, but information-rich investors at the highest levels, the Smart Money, are placing big bets on crypto. Take PayPal cofounder and multibillionaire Peter Thiel as an example: his firm has been accumulating Bitcoin since 2012, and now he’s doubling down on his Bitcoin stake.
Thiel just became a financial backer of Layer1, a San Francisco-based Bitcoin mining operation that’s focused on renewable energy. Layer1 recently announced that it has raised $50 million from Thiel, and other capital-rich investors like Digital Currency Group and Shasta Ventures are also making large-scale investments.
Swim with the big money whales, so you can supersize your profits like they do. The whales are in Bitcoin, make no mistake about it: just last month, one of them moved 94,504 BTC, which at the time was worth a billion dollars!
There are still holdouts that would rather deny the evidence and fight against the rising tide of blockchain power and mass crypto adoption. Just remember this: follow the money flow, and right now it’s flowing fast into Bitcoin – and when you choose to swim with the whales, you’ll be swimming in a sea of green.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.