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It’s all coming down to (1) the G-20 meeting, held this weekend in beautiful Buenos Aires, (2) the Federal Reserve announcement in mid-December, (3) the upcoming Brexit vote, and (4) the ECB decision on possibly ending QE.
Every continent in the world is either facing its own Armageddon or one, sensational market rally.
What we’re currently seeing with Bitcoin and with altcoins, as a whole, reminds me so much of the Dot.Com bubble bursting.
I was 16 years old, babysitting the son of a start-up entrepreneur in my neighborhood. One day, as I arrived for my regular Tuesday scheduled time, the father was home. I rarely saw him in the two years working there, since he would come home around 10 PM, which was just about the time I left.
However, this time, he was there, sitting in his underpants, a huge grin on his face, pointing to CNN, as they announced that a U.S. tech giant had bought his company out for several billion dollars.
I tried downplaying it, asking him if it meant that he was getting fired, to understand more about his future situation, just as CNN displayed his photo, along with his title, “Co-Founder.” Then, they showed the figure, $700M in cash and stock compensation.
Two months later, that amount shrunk to $145M, as the purchaser had collapsed in price, along with the entire NASDAQ index. Amazon, a little-known company back then, went down by 95% as well!
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People made the classic mistake of overestimating the power of the Internet in the short-term, but they made a bigger mistake, which was underestimating its economic impact in the long run.
Amazon’s IPO was $18 a share, but after the bust, it was only trading for $6. Today, it is the monster that it is. Countless companies, weaker than it, with a less persistent and tenacious leadership, went under and never made any sort of comeback.
Bitcoin’s future, which is being tested right now, as it broke below $4,000 for the first time since September 2017 and is playing with the $3,500 level, isn’t a mystery at all, as I see it.
If the developers are capable enough to keep advancing it, the sky is the limit. After all, we’re talking about a revolution in the concept of money itself. If they fail, well, it’s game over.
This is nothing new – technology is either enhancing and disruptive or eclipsed by something else, but BTC is unique, since it just cannot be imitated, which makes it valuable.
Irrespective of what happens with Bitcoin, going forward, most countries are moving towards a digital currency and less of a paper one. This isn’t put into question, but the big riddle revolves around the idea of allowing a government, an entity, which has historically proven that it cannot be trusted in the least, to control a digital-only version of our purchasing power.
I don’t have to mention the dangers of placing your savings into a database, controlled by a government, which can then seize it, freeze it, wipe it clean, or create barriers between you and your money.
The “Cashless Society” nightmare is real, so do study it.
As it pertains to the stock market, no one at this G-20 meeting wants blood on his or her hands, so the tendency is to believe that good news will come of it. From today’s oversold conditions, we don’t need much to get the engine running.
I mean, the tech sector is more oversold than in 2009, even 2000!
Don’t take sides yet because the bears could still overwhelm buyers, but the fact is that we haven’t broken down into lower lows yet, so it would take a terrible decision by the ECB or by the Federal Reserve to pull the rug out from under the 10-yr bull market in stocks.
Believe me; the FED doesn’t want to ruin your Christmas if President Trump over-delivers in the G-20 meeting with a China deal advancement.
This Thursday, I will publish a full-length report on how the junior mining sector, which has been left for dead, essentially, is signaling a rare bottom, but it isn’t ticking up yet.
We are seeing seller exhaustion, but no new buyers coming in yet. On Thursday, I’ll show exactly how to know when, after nearly eight years of a bear market (save for the 8-month run in 2016), we will be on the front line of a new mining-stocks bull market!
I’ve been waiting for this since 2011. Not only that, but this is the one sector, back in the day, that single-handily changed my net worth from five to seven figures.
It is the one that can do the same for you.
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