A little over two months ago, I urged readers to buy US$100 of bitcoin.
“I think you should go out and buy some bitcoin in order to familiarise yourself with how it works and how to trade it.
“You see bitcoin is here to stay. And what’s more, so are cryptocurrencies.
“Now is the time to get to know cryptocurrencies…”
When I wrote this, a bitcoin cost US$1,245.
Today, you could sell that same bitcoin for US$2,145. That’s a 72 percent increase in two and a half months.
Bitcoin isn’t the only game in town
But as I wrote in March, in the world of blockchain:
“Cryptocurrencies aren’t just alternatives to bitcoin. They’re blockchain-based digital assets created, increasingly, as a means of ownership of a blockchain-based business.
“Some of the most exciting early-stage investment opportunities in the months and years to come will come in the form of cryptocurrencies…
“Having spent months looking into blockchain and the cryptocurrency space, I’m convinced that this technology will only grow in scale and opportunity, and being on the outside (and not understanding it) will limit your ability to profit from it.
“Going through the process of buying a few hundred bucks of bitcoin, transferring it to a wallet, and maybe transferring it to an exchange to buy another cryptocurrency (say Ethereum) is an excellent way to put yourself ahead of the pack.”
Ethereum was US$18 back then. Now it’s at US$157. That’s a 730 percent increase.
And Ripple, which is now the second-largest cryptocurrency (by market cap behind bitcoin and just ahead of Ethereum) has rallied 5,000 percent over the same period.
How many liquid tradeable investments can you think of that have returned 50-fold in less than three months? And these aren’t paper profits. These are tradeable liquid markets.
The world of blockchain and cryptocurrencies is in the midst of a profound bull market. It’s a technology gold rush that’s playing out right now.
Stay tuned for the inside scoop
That’s why I’ve just landed in New York for Consensus 2017, an annual blockchain technology summit. I sit on the board of a blockchain company that is co-sponsoring the event with Microsoft and IBM, and which will be coming to market shortly.
And I’m here to talk with some of the most connected people in the world of cryptocurrencies.
Over the next week, I’ll share with you what I see and hear, and where I think the best opportunities lie.
But in the meantime, PLEASE start buying some bitcoin. Even if it’s just a few hundred bucks’ worth, you need to familiarise yourself with the process of buying, trading and storing bitcoin and other cryptocurrencies.
Here are some resources to get you started
Market capitalisations for bitcoin and all cryptocurrencies:
Cryptocurrency trading exchange:
I’m looking forward to sharing a lot more with you in the next few weeks.