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Here’s the REAL REASON Why Cryptocurrencies are Soaring
Bitcoin’s reclaiming of $11,000 has leaked into the mainstream media and everybody’s talking about the cryptocurrency comeback – and rightfully so, as Bitcoin is now at a 15-month high. All of the critics, meanwhile, are suddenly silenced because they didn’t understand the value of immutable, non-fiat money.
It’s natural to assume that the cryptocurrency revival is solely due to the announcement of Facebook’s Libra project, which could potentially expose crypto to more than 2 billion Facebook users. As soon as the Libra white paper was published on June 18, the media went wild with speculation and predictions.
It makes me wonder whether anybody actually bothered to read the white paper or if they realized that the Libra launch won’t take place until the first half of 2020. People also don’t seem to understand Libra’s stated purpose, which is to facilitate payments across Facebook’s various platforms, which include not just Facebook itself, but also WhatsApp and Instagram.
Nonetheless, we can see an increase in interest in both Libra and Bitcoin, as measured by Google searches:
It’s easy to conclude that the future of cryptocurrency is all about Facebook and Libra, but good investors don’t jump to conclusions. What’s really going on is a revolution in branded digital coins: in light of the Libra announcement, every company is going to want their own token now.
That’s completely understandable, as old-school payment systems are inefficient and becoming obsolete. Even the old-fashioned payment companies themselves – Visa, Mastercard, and PayPal – are recognizing this, as all three of those companies are provisional partners likely to invest $10 million each into Libra [Source: https://www.wired.com/story/ambitious-plan-behind-facebooks-cryptocurrency-libra/].
These companies see what I’ve been telling my loyal readers for years: the future of money will involve each company having its own proprietary blockchain and token. Every company wants to be considered an innovator and every CEO wants to be seen as a thought leader, and having their own blockchain is a good way to accomplish this.
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CEOs can tell their IT departments to build blockchains, but they’ll have significant challenges doing this. It requires highly specialized knowledge and experience that few companies possess – and among these companies, almost none of them are publicly-tradable in your brokerage account.
That’s a shame because building corporate branded blockchains and corporate currencies is the wave of the future. Every big company wants to build their own Libra and get the kind of publicity that Facebook is getting right now. However, there is one publicly-traded company, known as ICOx Innovations Inc. (TSX.V: ICOX, OTCQB: ICOX), that specializes in developing tokens and blockchains for large-scale companies.
From KODAKOne to BitRail to GunBroker.com, ICOx has worked with clients seeking to build out their own proprietary blockchains. Not only did ICOx provide the infrastructure, but they also guided them through the complex legal and regulatory requirements involved in creating a branded digital currency.
That’s what I call beginning-to-end service, and these large companies are willing to pay to have ICOx’s world-class team on their side. These companies are ultimately creating their own blockchain economies and they’re getting help from a team that is focusing specifically on this task..
Best of all, investors in ICOX shares can rest assured that their investment doesn’t rely on the price of Bitcoin going up. Remember that the price of Bitcoin went up because of the Libra rollout, not the other way around.
In other words, it’s the emergence of company-specific coins that’s powering the revolution, not just the price action of Bitcoin. Don’t get me wrong: I fully expect Bitcoin’s price to go up over time, but the broader blockchain movement isn’t dependent on this.
Companies such as ICOx who are supporting the blockchain technology industry might also benefit from appreciation, adoption and growth of the crypto markets.
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Disclaimer ICOx Innovations Inc. (the “Company”) for Forward-Looking Statements
This article contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the author believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this article include statements regarding: the magnitude of consumer exposure of cryptocurrency realized from Facebook’s Libra project; the effect of the Libra announcement on the business strategies of other companies; trends in the usage of traditional payment systems; the likelihood of Visa, Mastercard and PayPal investing in the Libra project; the likelihood of companies adopting their own blockchain technology and currency tokens; the value of Bitcoin in the future; the factors underlying increases in adoption of blockchain technology and cryptocurrencies; the potential benefits of the Company’s products and services; the correlation between the price of Bitcoin; the current state and projected growth of the blockchain industry; and the potential benefits to the Company of the growth of the blockchain industry. The forward-looking statements reflect the author’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the author believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include: changes in growth and size of cryptocurrency and blockchain technology market; attitude of corporations toward cryptocurrency and blockchain; business and consumer acceptance and adoption of cryptocurrency as a viable means of payment; the extent to which blockchain technology will be internationally implemented; potential changes for retail transactions involving cryptocurrency; the continued preference of millennials to use app-based payment methods; changes in market conditions and other factors beyond the control of the Company.
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. Information contained in this profile was extracted from current documents filed with the SEC, the company web site and other publicly available sources deemed reliable. 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.
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