CAN’T ARGUE WITH NUMBERS: $6,000 Bitcoin – S-P-E-C-T-A-C-U-L-A-R!
Too many let their emotions and biases get in the way of profitability. I’m astounded at the level of absurdity people express when they make false claims about cryptocurrencies. On the flip side, I love it when the evidence and price action speak on our behalf as they are doing right now.
And if there’s one thing that these Neanderthals hate in 2019, it’s Bitcoin. When it bottomed out at $3,200 in February, the haters were calling for sub-$1,000 or even zero for Bitcoin; since then, it’s been climbing relentlessly and is now preparing to squash $6,000 like it was Hillary in the 2016 election.
Just like Jamie Dimon and JPMorgan did before making a complete U-turn and launching their own stable coin, revolutionary ideas take people time to get a handle on. Somewhere on this planet, people still prefer candles over lightbulbs, because electricity is from the devil – there’s no end to it.
The one thing you can’t argue with is the numbers. As you can see in the chart below, Bitcoin vs. the U.S. dollar has attained a new technical milestone as it’s broken above its 50-, 100-, and 200-day moving averages:
Critics are in a state of stubborn denial, which is typical when you’re in a losing position and your reputation is at stake. Some will take their bullshit with them to the grave. I bet some priests claimed the sun revolved around the earth while on their death bed, though the truth was already known and public.
Former World Bank head Joseph Stiglitz is the perfect example of such a dinosaur. Despite the considerable progress that cryptocurrency and the blockchain have made in recent years, he’s still saying that crypto should be shut down.
Get a life, Joe.
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Stiglitz also seems to think that the U.S. dollar has been extremely successful. It has, but only when measured against the worst fiat currencies. When compared to precious metals and Bitcoin, it is like an old Subaru vs. the latest Lamborghini. Joseph can keep igniting his beaten-down car while we get into our exotic vehicle. The U.S. dollar has lost 98.2% of its purchasing power since 1913, and has seen an average 1.5%-per-year reduction in purchasing power since 1971.
The best way to measure it is by looking at the price of gold, which has increased from $35 in 1971 to $1,280 today.
In contrast, Bitcoin is entirely anti-inflationary because there will ever only be 21 million Bitcoins produced. Moreover, it would be practically impossible to “shut down” Bitcoin since it’s not tied to any particular government or region.
Meanwhile, the big boys are coming out in full force in support of the crypto movement. Besides JPMorgan releasing the JPM Coin and New York Stock Exchange parent company ICE preparing to launch the Bakkt cryptocurrency market, financial mega-giant Fidelity will be launching a crypto trading service literally within a few weeks!
These guys have $6.7 trillion in total customer assets; Fidelity’s entrance into the crypto space is a major milestone. The capital infusion that’s likely to boost cryptocurrency prices is unbelievable. In fact, this rally could be pricing in the Fidelity news already. Fidelity is already offering Bitcoin to a select set of clients and will continue to roll out these services over the coming weeks and months.
Fidelity isn’t the first brokerage firm to offer cryptocurrency trading – Robinhood already did this in January of 2018 and E*Trade has been preparing to allow its clients to trade Bitcoin and Ethereum since April. Still, Fidelity’s debut of crypto trading will bring large institutional investors into the space, thereby further legitimizing and mainstreaming the crypto movement.
I also wanted to alert you that soda giant PepsiCo just ran an ad campaign on the blockchain – and they found that in terms of costs for viewable impressions, the smart-contract-powered ad campaign was 28% more efficient than a traditional non-blockchain-powered ad campaign would have been.
Not only was the blockchain-powered ad campaign more efficient, but it was also more transparent. It allows advertisers to pay only for the ad impressions that have been deemed viewable, brand-safe, and free from ad fraud. It’s also more secure – the data is fully encrypted to ensure that all stakeholders in the supply chain can only view information relevant to their specific role.
Pepsi, JPMorgan, Fidelity, Robinhood, and E*Trade are all incredibly large companies that are moving into crypto – and the critics are getting buried deep. Expect big, big news from us soon. We’ve uncovered two MAJOR blockchain opportunities!
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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.Please read our full disclaimer at PureBlockchainWealth.com/