The doomsters have had a field day bashing cryptos recently…
I’m talking about those arrogant, smug and powerful members of the global financial establishment…
Old school asset management execs.
Billionaire Wall Street bankers.
Even Central Bank governors…
It’s been open season on Bitcoin in 2018.
It’s kind of fun to watch…especially when these guys don’t have a decent argument to back up their attacks…
And especially when in the next breath they say that cryptos are, well, kinda good.
Meaningless attack on cryptos
Take Richard Turnill from Blackrock.Blackrock is the world’s largest asset management company.
Turnill is its global chief investment strategist.
He said last week:
“The volatility of the cryptocurrencies makes the gyrations in the U.S. equity market during the global financial crisis almost look placid.”
OK, he’s not wrong there…
You already know this if you’ve been following cryptos…
They’ve been a little volatile lately.
In other words, big moves up and down in relatively short periods of time.
But last I heard, that’s not necessarily a bad thing.
If you’re a trader, volatility is a GOOD thing.
Trading thrives on volatility.
And indeed people have been making great money from trading cryptos so far in 2018.
Some of those cryptos are fantastic for technical analysis (where you study
price action on the charts to figure out market direction)…
Elliott Wave, Fibonacci, support and resistance – they all work well on Bitcoin, Ethereum and other crypto charts.
And if you’re putting money into cryptos for the long-term, then short-term volatility shouldn’t bother you either.
in fact, it can provide you with great opportunities to build a position at a better price than if it was just going up and up.
(On that note, keep reading as I have some truly exciting news to share with you in a moment. It’s a heads-up on three specific cryptos one leading expert believes are poised for a price ‘eruption’. More in a moment…)
The point is, I think Turnill’s rather obvious observation (attack!) on cryptos is meaningless.
But let’s not forget…
The real reason for Blackrock’s crypto warning
Cryptos aren’t even something Blackrock is involved with.
They stand to make NOTHING from cryptos (for now).
You probably know this, but Blackrock is huge.
It has a staggering $6.3 trillion in assets under management.
But guess what…
It makes its money from sucking investors’ cash into its funds that invest in mainstream assets like stocks and bonds.
When investors put their money in Bitcoin and cryptocurrencies… it’s money that Blackrock’s not getting.
So, it’s in Turnill’s interests to bash Bitcoin…
To say, as he said last week, that cryptocurrencies “should only be considered by those who can stomach potentially complete losses”.
As far as Turnill and big Wall Street bosses like him are concerned… Bitcoin is eating his lunch! (And threatening to reduce the size of his no doubt obscenely large bonus…)
Of course, he’s going to mouth off about cryptos! It’s in his interests to – he’s scared!
Just like some of the other Wall Street giants are scared…
A “veritable threat” to the future of banks
Remember when JP Morgan boss, Jamie Dimon declared Bitcoin a fraud last year?
I wrote about it in Monkey Darts.
I said I thought it was a case of sour grapes.
JPM weren’t involved in bitcoin.
And Dimon didn’t want all those potential JPM clients involved with it either.
He sees Bitcoin as a threat to the bank he runs.
Dimon eventually backpedalled on his ‘fraud’ slur, saying he was wrong.
But he and his bank are evidently still quaking in their boots about the crypto threat.
This from Fortune magazine last week:
“Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously — acknowledging the blockchain-based technology as a veritable threat to its future.
“In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank wrote in the report.”
What do you think? An important development? I think it is…
Dimon has moved from labelling Bitcoin a fraud to publicly admitting – in JPM’s annual report to shareholders – that his business is under attack from cryptos.
And that’s a sure sign to you and me as investors that we should be taking the cryptocurrency opportunity very seriously.
By the way, JP Morgan aren’t the only members of the financial elite who are starting to take cryptos seriously.
Blackrock admits it: crypto will disrupt
Remember that crypto slur from Blackrock’s Richard Turnill I mentioned at the start of this eletter?
Well he went on to admit:
“We see cryptocurrencies potentially becoming more widely used in the future as the markets mature.”
Bloomberg reports that Turnill “is warming to the long-term potential of the underlying blockchain technology” and believes it “may offer “disruptive potential” for a wide range of industries from logistics to pharmaceuticals and financial services.”
And of course, he’s bang on the money.
Cryptos are here to disrupt industries.
From banking, to investing, to insurance, to logistics, to retail, to advertising, to education… the list goes on.
Which is a great thing… and will result in great opportunities in the crypto projects that succeed in disrupting these businesses.
And it represents a huge opportunity for investors like you, too, if you know what to look for and understand the technology. (I’ll give you some help on that front at the end of this email.)
Blackrock sees what’s coming.
It’s scared of it on the one hand.
But on the other, it knows that it’s big news for the crypto market.
And there’s one other example I spotted…
In its latest annual report, Bank of America also owned up that cryptocurrencies pose a “substantial risk” to its banking business:
“Our inability to adapt our products and services to evolving industry standards and consumer preferences could harm our business.”
Do I detect a slight whiff of a panic from Bank of America?
Crypto are gunning for your business guys… and you all know it!
By the way, it’s not just banks and asset managers who are slagging off cryptos in one breath…
And in the next, saying how good they are.
UK’s most powerful banker weighs in
Check out Bank of England boss, Mark Carney, last week, in a speech called The Future of Money:
“Many cryptocurrencies have exhibited the classic hallmarks of bubbles including new paradigm justifications, broadening retail enthusiasm and extrapolative price expectations reliant in part on finding the greater fool.”
Bit of a mouthful isn’t it?!
Whoever wrote that speech for Carney (surely, he doesn’t really talk like that!) got carried away with using long words.
But we get the gist: he sees danger in cryptos.
And yet in the same speech:
“On the upside, some of the underlying technologies are exciting. Whatever the merits of cryptocurrencies as money, authorities should be careful not to stifle innovations which could, in the future, improve financial stability; support more innovative, efficient and reliable payment services as well as have wider applications.”
One moment, Carney’s warning the nation of the perils of cryptocurrencies.
Then next he’s defending – encouraging even – their existence.
“Their core technology is already having an impact. Bringing cryptoassets into the regulatory tent could potentially catalyse innovations to serve the public better.
“Indeed, crypto-assets help point the way to the future of money in three respects:
– By suggesting how money and payments will need to adjust to meet societies’ changing preferences, particularly for decentralised peer-to-peer interactions;
– Through the possibilities their underlying technologies offer to transform the efficiency, reliability and flexibility of payments; and
– By the questions they raise about whether central banks should provide a central bank digital currency (CBDC) accessible to all.
Wait a minute!
Did you see that last one?
The Bank of England wants in on the digital currency space!
But do you see my point?
It’s the same thing from all these members of the financial elite…
They bash cryptos in one breath. And defend them in the next.
They’re petrified of them on the one hand. In awe of them on the other.
Listen to someone who REALLY knows
To be honest, you shouldn’t be following any of these guys when it comes to cryptos.
Because they don’t get it.
You’re better off listening to someone who really knows and understands the crypto market.
That’s NOT me by the way.
I’m intrigued and excited and full of anticipation for what cryptos can do for our world.
I’m convinced that the blockchain technology that’s at the heart of all these crypto innovations is here to stay.
It will revolutionise many of the industries we know today.
And for the ones that succeed, I’m in no doubt that they will create fortunes for people who have the faith to invest in them.
But whilst I believe all that, I’m no expert.
When it comes to cryptos, this guy is the real deal
One of the most impressive guys I’ve come across in the crypto space is Sam Volkering.
I’ve been following his research for quite a while now and he really knows what he’s talking about.
You get the immediate feeling when you hear what this guy has to say that he understands the whole blockchain thing.
And the opportunities for wealth generation it presents.
And that’s not surprising given that he first bought Bitcoin back in 2011 when it was just $12 a coin (compared to $9,000 now).
Ever since then, he’s immersed himself in the crypto world and has become a world-renowned expert.
What’s this got to do with you?
Well, Sam’s got a free online crypto event coming up next week. He’s promising to do something rather special. (That’s got me intrigued!)
And we’re so impressed by his work that we’re urging all Canonbury readers to tune in and watch it.
If you register now, you’ll receive a free viewing pass to watch it.
Three great chances at 10,000% crypto gains
This special broadcast is going to happen on Monday 12th March at 2pm.
It’s an online presentation.
So you just need to tune in online and turn your volume up on your computer/laptop/device (maybe wear some headphones if you find it easier to block out distractions).
And if you manage to get a place, you’ll learn about THREE opportunities Sam believes could make you a 10,000% gain from the crypto market.
To help you get your head around that number, a gain like that would turn a £30 investment into £3,030. Or a £300 stake into £30,300.
That’s if it works out like Sam believes it could.
Sam believes all three of these crypto plays are about to face what he calls “Crypto Eruption Points”…
These are catalyst moments that could imminently trigger a price surge.
Now I’m as curious as you are as to why that is and what those triggers might be – which is why I am DEFINITELY tuning in to Sam’s broadcast next week.
But let me just point out some of Sam’s past form at this (on the understanding, of course, that it doesn’t guarantee future success!)
Sam has already made a move ahead of such catalyst moments for a small group of readers who get his crypto alert service.
Those that have followed his lead into this market are sitting on open position gains like these:
752% in 11 months
288% in 7 months
1,179% in 11 months
211% in 5 months
267% in 4 months
Even the smallest gain from that lot (211%) would have turned £200 into £622 so far (in just 5 months).
But the thing is, what Sam is predicting for these three “Crypto Eruption” plays he’s revealing next week is far bigger that those…
At a potential 10,000% gain on each of them, we’re talking potentially lifechanging returns.
And that’s why we’re urging you to watch Sam’s broadcast.
There’s a lot of engaging debate in the press these days about what’s going on in the crypto space and where you can make money.
All these bankers and politicians weighing in with their (dumb) opinions.
But I’d rather hear it from someone who really knows what’s going on and has history of making mindboggling profits from cryptos.
And that’s where Sam Volkering comes in.
I’m really intrigued by what he has to show us on Monday.
If you’re even slightly curious, get your name down for a viewing pass and be sure to tune in at 2pm on Monday 12th.
By the way, if you’re new to this crypto market, you’re in for a treat.
As soon as you register for Sam’s broadcast, you’ll get to see a series of “primer videos” that will open your eyes to exactly the scale of the opportunity.
They’ll set you up nicely ahead of the main event next Monday.
That’s all from me. I’ll be back next Friday – have a great weekend.