“It’s almost a must. The freeing up
of resources to become more efficient will come
through technology and blockchain is a great
way to allow us to … reduce costs.”
— UBS Group CEO Sergio Ermotti
If you owned cryptocurrencies going into 2017, you made a bundle of money last year. The year 2018, however, is a very different story.
As the accompanying table shows, crypto investors have been hammered with BIG painful losses.
But there are four pieces of very good news behind those ugly numbers:
1. Anyone following the Weiss Cryptocurrency Ratings when they were launched in January should have immediately recognized the big risks of buying at that time. Many cryptos got grades of “D” (weak) or lower. Only a handful got “B”s. And none got “A”s. All because of the high risks we pointed out at the beginning of the year.
2. If you had been following Juan Villaverde’s guidance, you would have waited until the crypto market was not far from its bottom before buying.
3. Plus, you would have allocated only 5% of your liquid assets to a crypto portfolio, and then kept half of that portfolio in cash.
4. For the last couple of months, Juan has been predicting a big decline into a June bottom and then a nice rally. Now we have both.
But don’t get carried away. It’s too soon to expect the rally to morph into a rip-roaring bull market.
Meanwhile, in other crypto and blockchain news…
Debit Card Built on Blockchain
Ever heard of the UEPS debit card? Most Americans haven’t. But
some 3 million Europeans, Africans and Asians use one.
The UEPS debit card is based on a patented form of blockchain technology accessed via a smart card that acts as a debit card and more.
What’s unique about the card is that it uses blockchain distributed ledgers that work both online and offline without any communication with a centralized computer.
Transactions are authorized and validated along with an encrypted, audited record of every transaction. To my knowledge, nobody else has done this before.
Big, multinational banks are not taking this competition sitting down …
Take Bank of America, for instance. It’s not only the largest bank in the U.S., but it also holds the most blockchain patents of any company in the country, at nearly 50. And it is looking to add even more.
That’s a lot of resources and money. It tells you precisely how important blockchain is for the financial services industry.
And it isn’t a bank, but Walmart is also jumping on the blockchain bandwagon in a big way.
Walmart is serious about incorporating blockchain technology into its business model. It has been awarded three patents for blockchain-backed technology, one of which is for a system that would let households pay their utility bills with cryptocurrency.
Additionally, Walmart has two patent applications pending for blockchain vendor payments and digital shopping for consumers.
If you have a child or grandchild about to enter college, I suggest that you give them powerful push toward the blockchain field. According to Upstart, a tech jobs researcher, the No. 1 hottest skill a job-seeker can possess is blockchain knowledge.
Alternatively, there are good blockchain online courses here:
This education is bound to pay off. Just between December 2016 and December 2017, there was a 207% increase in job postings for blockchain positions on the U.S. employment-listings site Indeed.com.
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