“Progress is being made.”
That’s the word from Securities and Exchange Commission (SEC) Chairman Jay Clayton. On Monday, he told CNBC the investing industry is addressing regulators’ concerns about allowing an exchange-traded fund (ETF) of crypto assets.
This might not sound like much. But it marks a huge shift in the SEC’s view of a bitcoin ETF…
You see, the SEC has taken an incredibly tough stance on crypto financial products. It’s rejected at least nine bitcoin ETF proposals since 2018…
But now, the chairman of this notoriously strict regulatory agency is saying it’s getting closer to approving a bitcoin ETF.
The industry is rapidly solving issues like price manipulation, asset custody, and insurance of customer funds against hacks. (These aren’t problems just limited to crypto, either. We’ve seen price manipulation in the stock and oil markets and data hacks all the time.)
Look, problems like these are par for the course for any new asset class. But the crypto space is maturing. And the SEC is taking notice—which is why I expect it to approve a bitcoin ETF over the coming months.
Once it does, we’ll see the floodgates open to hundreds of billions of dollars in new investment capital. And this is merely one of many bullish events on the horizon for bitcoin.
So you need to position yourself now…
The Whales Are Coming
Despite the mainstream media’s doom and gloom during Crypto Winter, I’ve been pounding the drum since January that 2019 would be the year of Wall Street Greed.
Here’s what I said back in April 2019 about big-money investors piling into cryptos and pushing them higher:
As word spreads through Wall Street that even just a 1% portfolio allocation can improve risk-adjusted returns, wealth managers will add a little bitcoin to their portfolios—just like they do with gold. When that happens, bitcoin will be a multitrillion-dollar asset class.
And we’re seeing that money coming in now…
Last month, Bakkt received regulatory approval to begin trading physically settled bitcoin futures. Its platform is set to go live on September 23. Instead of settling bitcoin futures by cash, it’ll buy bitcoin on the open market and custody it. That’s never happened before. (Remember, Bakkt is a subsidiary of the same company owning the New York Stock Exchange.)
Also in August, Coinbase CEO Brian Armstrong said institutional customers are now depositing between $200 million and $400 million in crypto per week to its new Coinbase Custody product. Since July 2018, Coinbase Custody has amassed over $1 billion in controlled assets.
And just last Tuesday, VanEck Securities and SolidX Management announced their plan to launch a bitcoin fund for institutional buyers—like banks and pension funds. Since this fund will target only accredited investors, it faces fewer regulatory hurdles.
Friends, the smart money is clearly positioning itself to reap the benefits from another crypto boom. And this may be your last chance to get in early…
Now Is the Time
Despite all the bullish signs, there are still plenty of skeptics out there thinking bitcoin is worthless.
They’re the same kind of people in 2003 who said, “Internet stocks will never amount to anything.” Back then, internet stocks had just crashed 90% over three years. And these critics said the internet was only for cat videos.
But they were wrong. And I believe they’re wrong again with bitcoin.
Now, I’m not saying we should bet the house on bitcoin and cryptos in general. My stance on crypto investing is that you should take small bets across many different projects. Just a few hundred dollars for a position is enough.
This way, it’s not an all or nothing bet where you could possibly lose everything. Instead, it’s an asymmetric bet. If we’re right, you can make 1,000% or even 200,000% on your money. But the most you’ll lose is 100% of a small position.
Right now, the price of not being in this trend is much greater than the price of acting. This asymmetric setup won’t last forever.
So I urge everyone to get into bitcoin and crypto in general. And I recommend you do so quickly—because with Wall Street getting in, the tides are turning.
Just as we saw in 2017, a wave of instant, wealth-building buying is about to sweep across all crypto assets.
Let the Game Come to You!
Editor, Palm Beach Daily
P.S. Right now, dozens of billionaires and wealthy investors are in a buying frenzy. They’re preparing for a rare crypto market phenomenon that’s 100% guaranteed to happen. The last time it occurred in 2016, you could’ve turned $500 into as much as $5 million—in just 10 months. And we won’t see it again until 2024.
That’s why next Wednesday, September 18, I’ll reveal this phenomenon to the world in a live special broadcast. During my 5 Coins to $5 Million event, I’ll also give you the name of the top cryptocurrency on my buy list.
Plus, for the first time ever, attendees will have the chance to win a free lifetime subscription to my elite crypto service, Palm Beach Confidential. So be sure to reserve your spot right here.