If you were working for one of the most profitable investment banks in the world and got a big fat raise, you’d probably be jumping for joy.
Not Chris Matta, a freshly appointed vice president at Goldman Sachs.
Instead, he decided to quit.
Why? He wants to start a cryptocurrency-focused investment company named Crescent Crypto Asset Management.
Only time will tell if Mr. Matta — and two former Goldman colleagues joining him — made the right move. But there’s no doubt about his confidence in the future of cryptocurrencies.
Warren Buffett Rebuffed Twice
Warren Buffett got a lot of press recently when he called Bitcoin “rat poison squared.”
But Weiss Ratings founder Martin Weiss also got quite a bit of press with his rebuttal. “Many well-respected investment and financial experts,” he said, “seem to underestimate the tremendous benefits cryptocurrencies can provide in terms of speed, security and decentralization.”
Martin made it abundantly clear that cryptocurrencies can have significant value on three levels:
Intrinsic value: For example, advanced cryptocurrencies can effectively give investors and users effectively a share of a major Distributed Ledger Technology (DLT) platform, with great computing power around the world.
Exchange value: This is already a proven quantity and is bound to grow as cryptocurrencies are more widely used in an expanding range of transactions — both in exchange for traditional currency and for goods or services.
Monetary system: Select cryptocurrencies could become the basis for a new digital monetary system with the potential to be more stable and less subject to manipulation by governments. Juan Villaverde explains how in “How Blockchain Can Restore Normalcy in a World Gone Mad” and provides a current example in “Iran Crisis: The Real Consequences No One’s Talking About.”
Marco Streng, CEO of Genesis Mining, is also rebuffing Buffett, but in a very different way.
Streng’s firm … the market’s largest cloud Bitcoin mining company … paid for this billboard to be placed near Buffett’s Omaha office.
My point is that a lot of smart people are betting their professional careers and/or a lot of money on the cryptocurrency revolution.
Maybe you should consider doing the same.
If you want to invest in coins, stick with those that merit the highest Weiss Cryptocurrency Ratings, like EOS, NEO and Cardano.
Plus, don’t make this mistake …
Don’t assume that the only way to profit from cryptocurrencies is to invest in the coins directly.
There are also publicly traded stocks, like Nvidia (NVDA), making a fortune from the cryptocurrency revolution.
Nvidia revenues surged by 66% to $3.21 billion in the first quarter, and $289 million of that came from crypto miners.
In fact, crypto miners are buying so many of Nvidia’s powerful graphic cards that video gamers are getting left out. “Crypto miners bought a lot of our GPUs in the quarter and it drove prices up. I think that a lot of gamers weren’t able to buy into the new GeForce as a result,” said CEO Nvidia Jensen Huang.
Pssst … Nvidia shares hit an all-time high on the news.
But Nvidia isn’t the only one. Not by a long shot!
It has lots of company when it comes to integrating blockchain into real-life practice, including entertainment, retail, supply chains, legal, transportation, insurance, healthcare, real estate and even charity.
Forbes puts it this way: “While Bitcoin and cryptocurrency may have been the first widely known uses of blockchain technology, today, it’s far from the only one. In fact, blockchain is revolutionizing most every industry.”
The biggest mistake that investors with gray hair — like me — make is assuming digital coins are the only way to make from the cryptocurrency revolution.
As we’ve been saying all along, the underlying technology — blockchain or, more broadly speaking, Distributed Ledger Technology (DLT) — is also where major profits can be made.
Steve Chiavarone of Federated Investors agrees. He says “this is going to be one of five key technologies — along with automation, robotics, A.I. [artificial intelligence] and the Internet of Things — that drive this next industrial revolution.”
More Mainstream Acceptance Piling in
Consider these three major examples:
First, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is now working on creating a trading platform to allow its Wall Street customers to invest in Bitcoin.
Second, don’t forget that the Chicago Mercantile Exchange already has a futures product linked to the price of Bitcoin.
Third, last week, the first-ever blockchain-secured election was held in West Virginia.
With all the hoopla over election fraud, illegal voting and foreign interference, blockchain technology may be the golden goose that ensures accurate elections.
Most West Virginia voters cast regular ballots, but voters in Harrison and Monongalia counties voted on a mobile blockchain-based platform.
Have you bought a cryptocurrency yet?
Don’t feel bad if you haven’t because you have lots of company.
But the results from a new survey from Dalia Research BLEW MY SOCKS OFF. It shows that 4% of investors who don’t own a crypto coin plan on doing so within the next six months.
Wow, if 4% of investors jumped on the crypto bandwagon, their prices would skyrocket.
One last, IMPORTANT suggestion:
Weiss Cryptocurrency Ratings is growing rapidly and looking for crypto analysts to work on site in South Florida or from anywhere in the world.
If you’re interested, send your CV and a cover letter to firstname.lastname@example.org.