Earlier this month, I attended the Bitcoin 2021 conference in Miami. It was one of the first crypto conferences since the COVID-19 outbreak began.
Over 15,000 people attended, setting a record… And it felt more like a concert or sporting event than a conference.
It demonstrated just how alive and well the cryptocurrency community is, especially around bitcoin.
Now, you won’t hear about any of this from the mainstream press. They’re too busy glooming and dooming about China’s bitcoin mining crackdown.
But Daily editor Teeka Tiwari and I are plugged into this space. And we can tell you that what you’re hearing from the press couldn’t be further from the truth.
China’s bitcoin mining crackdown is a temporary issue. That mining power will soon move or be replaced elsewhere. And despite the recent pullback in prices, the crypto industry continues to move forward at breakneck speed.
For example…
Visa and PayPal just joined Blockchain Capital’s new $300 million crypto fund as limited partners. These corporate giants want to embrace digital currencies. Others are sure to follow…
The Central Bank of Portugal approved its first two regulated cryptocurrency exchanges. This is a boon to the industry, demonstrating that not all regulators view cryptocurrencies unfavorably…
And Sotheby’s, one of the world’s largest brokers of art, started accepting bitcoin and ether. It’s a clear sign of mainstream acceptance.
On top of that, the demand for crypto talent has never been higher. Fidelity Digital Assets, Kraken, and Nexo all say they can’t keep up.
“Even though Kraken has increased its headcount by 50% since the start of the year – and we have plans to hire a further 1,200 in the second half of 2021 – our demand for staff continues to outpace the supply of suitable candidates,” said Kraken COO David Ripley.
When you get past the headlines and pullback in prices, it’s clear that crypto’s long-term trajectory is as bright as ever.
That’s why Teeka predicts bitcoin will reach $500,000 in coming years.
Now, I know there’s a lot of fear, uncertainty, and doubt (FUD) out there. But remember, as Teeka says, volatility is the price of admission for life-changing crypto gains.
That’s how we’ve helped our readers turn tiny grubstakes into millions in profits.
So, if you think the bitcoin bull run is over… I want you to read what the “real” crypto insiders are saying. After you read their comments… you’ll see why we’re still in the early innings…
Soundbites From Miami
The Miami conference featured prominent speakers from both inside and outside the crypto community, including former U.S. Representative Ron Paul… MicroStrategy CEO Michael Saylor… Cameron and Tyler Winklevoss, founders of the Gemini exchange… and Twitter co-founder and CEO Jack Dorsey.
Here’s a quote from former U.S. Representative Ron Paul… He ran as the 1988 Libertarian presidential candidate and later sought the Republican nomination for president in 2008 and 2012.
We do not need the Federal Reserve. It’s built on corruption.
We need legal tender laws so there’s competition in currencies. Until then, governments will do what they’ve always done, regulate and tax. Any idea that they’ll balance the budget or cut spending is farfetched.
We can solve our problems if we have our freedom.
And then there’s MicroStrategy co-founder Michael Saylor.
After becoming one of the first companies to add bitcoin to its balance sheet, MicroStrategy released the Bitcoin Corporate Playbook, a guide for corporations to do the same…
If you want to own something, bitcoin is the best. It’s mobile and hard to confiscate. Many in the world have impaired custodial and property rights. Bitcoin helps restore those rights.
Bitcoin is a savings technology. It’s the conservation of energy. And it enables you to store all your economic energy.
It was significant when Ray Dalio said he would rather own bitcoin than bonds.
There’s over $100 trillion in bonds. Bitcoin could eventually command a market cap in the $200 to $300 trillion range. (Which would put the price of bitcoin over $10 million.)
And finally, there’s Mike Novogratz, a former hedge fund manager with Fortress Investment Group. He’s currently the CEO of Galaxy Investment Partners, an investment firm that focuses on crypto and blockchain investments.
Today, bitcoin is the second-most widely held asset outside of the US dollar. It’s the first asset the whole world can speculate on. But it’s still early. It’s the first pitch of the first inning.
What we’ve seen this year is the start of a movement. Paul Tudor Jones endorsed bitcoin, opening up the doors for other hedge fund managers to own the asset.
Insurance companies like MassMutual and New York Life did the same when they invested in bitcoin. And so did public companies such as MicroStrategy and Square.
These guys aren’t just blowing smoke…
Crypto mass adoption has really taken off.
Just this month, El Salvador’s legislature passed a bill that will make bitcoin legal tender in the country.
The country will recognize the crypto as an acceptable form of payment for any monetary debt… a decision that could – and likely will – pave the way for other countries to follow suit.
And also this month, Interactive Brokers announced it would soon offer cryptocurrency trading on its platform.
As of the first quarter of 2021, Interactive Brokers had 1.33 million customer accounts and $330.6 billion in customer equity.
According to Interactive Brokers Chairman and CEO Thomas Peterffy, “Customers certainly are asking for crypto trading, and we expect to be ready to offer it to them by the end of the summer.”
If Interactive Brokers offers crypto trading… it won’t be long before other brokerages, such as Charles Schwab, Fidelity, and TD Ameritrade, follow suit.
As you can see, plenty of the top names in crypto believe bitcoin has plenty of room to run… and we’re still in the early stages of mass crypto adoption.
It’s Time to Stay the Course
This year’s conference reminded me of the energy I felt when I attended my first bitcoin conference in early 2017. At the time, bitcoin traded under $1,000, and only about 500 people attended. But there was palpable excitement about bitcoin.
Since then, we’ve seen bitcoin go as high as $63,594 – a 6,259% increase. That’s enough to turn every $500 into $31,797 and every $1,000 into $63,594.
I felt that same excitement at the conference this year. Only this time, 30 times the amount of people attended…
We’ve seen bitcoin drop more than 50% numerous times since we began recommending it in April 2016. And it’s always come back stronger.
So ignore all the gloom-and-doomers… They don’t know bitcoin and cryptos like we do.
Bitcoin remains a buy today.
Regards,
|
Greg Wilson
Analyst, Palm Beach Daily
P.S. While many crypto investors are worried about China and the recent crypto pullback, a long-term $30 trillion revolution in one underlying crypto technology is just getting started…
Teeka believes it’ll be the No.1 investment of the decade… like buying Microsoft in the ‘80s… Amazon in the ‘90s… and bitcoin in 2010.
Any one of these could have made you a millionaire many times over, starting with very little… And that’s why he recently shared the details of his No. 1 investment in an exclusive interview.