Excitement has returend to the cryptocurrency markets as the price of Bitcoin rocketed to a record high above $3,300 today. We told subscribers that the August 1st fork was generating unsubstantiated FUD (fear, uncertainty and doubt), thus creating a buying opportunity. Those with BTC prior to the fork, now have an equal amount of Bitcoin Cash. When we add in the value of BCH to BTC, the true value of Bitcoin is really closer to $3,500 today.
The price of bitcoin is now up 370% year to date and will likely close out the year above $5,000. Wealthy investors and institutional money are flooding into a cryptocurrency that has limited supply. There are only 16.5 million Bitcoins in existence at the current time and the maximum supply is capped at 21 million.
Unlike fiat money, the Bitcoin protocol does allow for the creation of new coins, the banks do not get to create new currency out of thin air and then turn around and charge interest on it. Having a monopoly on creating the world reserve currency must have been nice, but times are changing.
The price of Ethereum has also soared higher over the past few days to $250. It remains well below the June high around $400, but has been putting in higher lows and higher highs on the technical chart.
The price advanced has faced headwinds from the large number of initial coin offerings (ICOs) that collect investments in Ethereum and then sell Ether into the markets for the fiat needed to fund their operations. Ideally, we can get to the point where it is no longer necessary to transact in central bank fiat funny money. But for now, it is hard to complain about an investment that is up 3,000% through the first 7 months of the year!
10 Cryptocurrencies We Like Better than Bitcoin
While Bitcoin is the original cryptocurrency and has treated us very well over the past few years, there are a number of altcoin that we believe will offer investors better returns over the next 12 months. I sent a list of these Top 10 Cryptocurrenceis to Gold Stock Bull premium members last night, but will share the bottom 5 in this free article.
- Crypto – AI currency. Next generation blockchain that is scalable, with no fees and instant confirmations.
- Crypto – Paypal 2.0, but without banks. While-label payment management platform for businesses.
- Crypto – Ethereum killer from a proven technical team. Infinitely scalable with zero transaction fees.
- Crypto – #1 blockchain tech for the multi-trillion medical field, solving real world problems.
- Crypto – Enables everyone to spend cryptocurrencies anywhere Visa is accepted, but with lower fees
- CIVIC – Identify verification and identify theft prevention via the blockchain. One of the best use cases.
- MYSTERIUM – Decentralized virtual private network (VPN) powered by the blockchain. $50 billion market.
- DigixDAO – Gold-backed cryptocurrency with zero fractional reserves. Fully allocated and audited on blockchain.
- EDGELESS – Smart contract-based casino with a 0% house edge that solves the casino transparency problem.
- NUMERAIRE – Artificial intelligence hedge fund with a cryptographic token on the Ethereum blockchain.
- (Bonus) STEEM – Blockchain-based social media platform that pays content creators and participants.
We still hold bitcoin and ethereum to anchor our cryptocurrency portfolio, but expect the above cryptocurrencies to outperform bitcoin over the next 12-24 months. Growth in the cryptocurrency/blockchain space is in the early innings, so we do not believe it is too late to get started.
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