As of late, Ive had a lot to say about cryptocurrencies. I announced on CNBC, for example, that I predicted bitcoin could easily reach $1 million by the end of 2020.
I compare the current crypto boom to the dot com boom of the late 90s. Most of the dot coms went bust and you never heard from them again. But some of the survivors went on to great things.
Think of Amazon.
Amazon was trading for $10 in early 2001. Now its trading for almost $1,200.
If you miss out on the crypto boom, Im convinced you could be denying yourself the only chance youll ever have to turn $100 into an absolute fortune.
Last Wednesday, the total value of cryptocurrency markets surpassed the half-trillion-dollar mark. While this may seem like a lot, its important to put things into perspective
The worlds gold supply is currently estimated to be more than $7.5 trillion. The global supply of paper money is estimated to be another $7.6 trillion. The total supply of money is even greater.
That should give you some idea of the potential growth in cryptocurrencies. I think were just getting started…
At this point, it seems like cryptocurrencies are going viral. There isnt a day that goes by when bitcoin isnt mentioned in major newspapers, on the news or on the largest websites.
Although previous reports indicated that Coinbase was adding 100,000 users per day, at this point I wouldnt be surprised if the number is much larger.
Part of the reason for this is the price. However, this isnt the whole story.
Because its still in the early stages, many people are still skeptical. However, as more and more people buy in, even more are following suit. The latest round of enthusiasm comes as the Chicago Board Options Exchange (CBOE) officially launched futures trading last Sunday.
Following the launch of trading, fund managers REX Shares LLC, Van Eck Associates Corp. and First Trust Advisors LP each filed proposals with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF).
Thats an important step. ETFs would allow individual retail investors to more easily purchase bitcoin through retail trading accounts (such as E-Trade, TD Ameritrade, etc.) and retirement accounts.
All of this is to say although the market is growing rapidly, mainstream awareness of cryptocurrency will continue to grow, likely increasing interest and investment. New mechanisms for investing in crypto (like futures and ETFs) expand the opportunity for retail and institutional investments.
For example, The Financial Times reported last Wednesday that Overstock is considering selling its e-commerce business to focus operations on its various cryptocurrency and blockchain investments.
Shares of Overstock were up 30% as several promising developments came to light.
Separately, the firm announced a new partnership to develop a blockchain-based global land registry called De Soto Inc.
More good news could be on the horizon. Overstock, through its Medici subsidiary, plans on launching the first government-regulated exchange for blockchain securities.
Company founder Patrick Byrne has predicted that its fundraising project will be the largest initial coin offering (ICO) ever and could raise as much as $500 million.
The upcoming ICO represents a major inflection point. Continued mainstream and institutional investor interest in bitcoin and cryptocurrencies represents the culmination of their potential to become truly global currencies.
I remain bullish on the long-term potential of cryptocurrency and continue to advise my readers to buy dips in bitcoin.
Im serious when I say that bitcoin could go to $1 million by the end of 2020, and that investors can turn even a small amount of money into a small fortune over the next few years.
But heres the thing…
If you invest in cryptocurrencies or have any interest in doing so, I have urgent information for you. This information is to ensure you dont get taken advantage of by scam artists lurking in this space.
Please take a moment and read what I have to say. It can be the difference between securing a fortune in digital currencies, and losing everything to scammers.
Whenever there is an opportunity, there are criminals who will try to hurt the people who are doing well with that opportunity.
Just like the internet, just like home ownership 10 years ago, just like “junk bonds” in the 80s, there are people who want to take advantage of the exciting opportunities found with bitcoin and other cryptocurrencies.
I started writing about cryptocurrencies to help people understand the difference between the “legit” currencies where there is ENORMOUS opportunity, and the scam currencies that are out there (go here to learn more).
And it’s equally important to understand the other ways that the Madoffs of the bitcoin world are trying to hurt people with scams.
Ive often referred to the crypto space as the Wild West.
Well, its true of the exchanges that operate within the crypto space. Meaning, the customer support for exchanges like Coinbase or Kraken are very young. A stable and responsive support system is still being built.
Thats why I want to provide anyone interested in cryptocurrencies with as much legitimate support as I possibly can, based on my own experiences and those of the network of professionals I work with.
Its my job to ensure none of my readers get scammed by unscrupulous people, and its a job I take very seriously.
Again, Im convinced investors will make fortunes in cryptos even starting with a small amount of money. But only if they avoid the scammers.
So I urge you to ride the crypto boom for all its worth. But please heed my advice, commit it to memory and take these security efforts very seriously…
Watch out for scammers online.
There are certain things you should know when dealing with cryptocurrency exchanges.
First some of them, like Basecoin, dont even have a customer service phone number. So if you search online for Basecoin support any number you find will likely be fraudulent.
Do not call them.
Heres a list of dos and donts when dealing with any cryptocurrency exchange
DO NOT rely on a Google search to receive contact information for an exchange. Scam artists cheat the system and send their false numbers and contacts to the top of the list.If you get a message like these below at whatever exchange you are using: IGNORE IT. “Given recent outages, please help us verify your identity. Click on this link where you can enter in your username and password”
“Given recent outages, please help us verify your identity. Click on this link where you can enter in your username and password”You have reached platinum status. Please sign in at ABC to receive an extra bitcoinNEVER give your password or other account information to a site using a link given to you in an email.ALWAYS go to the website directly rather than using any link provided to you in an email.
My goal is to help my readers maximize the potential of this once-in-a-lifetime opportunity. You can, and will, generate great wealth from cryptocurrencies in a safe manner by playing it smart.
Im here to be your guide.
for The Daily Reckoning