| Dear Loyal Reader, The world’s 12th-largest cryptocurrency by market cap started as a complete joke. Dogecoin was created in 2013 by a couple of bitcoin developers with a sense of humor. It’s based on a popular internet meme of a shiba inu dog with a judgmental look. 
The cryptocurrency is an offshoot of Litecoin, which itself is an offshoot of bitcoin. However, unlike its predecessors, Dogecoin has unlimited supply. There is no scarcity value, and there are currently over 128 billion coins in circulation. A few weeks ago, Tesla CEO Elon Musk tipped off a 600% rally after he tweeted: “Dogecoin is the people’s crypto.” To this he added: “No highs, no lows, only Doge,” and shared a Lion King meme of himself as the monkey Rafiki holding up baby Simba with a Doge head. 
The rally continued as a number of celebrities — including Snoop Dogg, Gene Simmons and one of the Jonas Brothers — took to social media to show their support. The hashtag #DogecoinRise was even trending on Twitter with over 32,000 recent tweets. At $7.8 billion, Dogecoin’s market value is still one-hundredth of bitcoin’s, so the chances of it eclipsing bitcoin any time soon are highly improbable. Don’t chase Dogecoin up here. While there might be a few more fools waiting to buy at higher prices, a “rug pull” is highly likely. This could lead to a sharp pullback of over 50% as speculators rush to the exits. And it turns out that Musk was joking about Dogecoin the whole time. (You would think he’d learned his lesson about joking about investments already.) Musk’s flirtations with Dogecoin were a tipoff to his real intention. And Tesla’s big announcement on Monday is sending shockwaves across the entire crypto universe.
The Profit Potential in Cryptos Right Now Is Truly Mind-Boggling
We've never seen anything like what's happening right now in the crypto market … and it's sending certain cryptos to the moon. Aave shot up over 2,500% ... Bancor is up 2,250% ... SNX is up 2,100% ... bitcoin gained over 220% ... Ethereum went up nearly 400% ... Cardano shot up over 700% … and VeChain is up 1,200% ... all in just five months!
And as Ian King shows you in his newest presentation … this next wave of cryptocurrencies could hand you 12X your money in just the next 12 months.
Limited time only — see Ian King’s special cryptocurrency presentation now.
Don’t Listen to What They Tell You … Watch What They Do On Monday morning, Tesla filed with the Securities and Exchange Commission (SEC), announcing the company now owns $1.5 billion in bitcoin. That amounts to about 8% of its $14.5 billion in cash held at the end of 2020. The announcement sent bitcoin 10% higher to a new all-time high above $40,000. There’s been speculation on Tesla’s move for months. However, those hopes had all but faded away. A prediction market contract priced a 91% probability that Tesla wouldn’t announce a bitcoin purchase before March 1. 
The contract sharply reversed Monday morning with Tesla’s SEC filing. Even though Musk tweeted specifically about Dogecoin, he was also leaving clues that a bitcoin purchase might be happening. He tweeted on January 29: “In retrospect, it was inevitable.” 
Tesla is not the first company to invest in bitcoin. Tech company MicroStrategy converted its entire cash hoard to bitcoin last year. As of last week, the company now owns 71,079 bitcoins, with the large majority purchased under $20,000. At current prices, the dollar value of its bitcoin holding is over $3 billion. Square also purchased bitcoin last year, but a much smaller amount of $50 million. MicroStrategy CEO Michael Saylor even held a virtual conference for tech CEOs last week to advocate for converting treasury balances to bitcoin. “There’s a macroeconomic wind blowing — big — it’s going to impact $400 trillion of capital. That capital is sitting in fiat instruments that are being debased. That capital is going to want to convert into strong money,” said Saylor. I take it Musk was listening. Managing Editor’s Note: Four days ago, the entire crypto market hit a record $1.13 trillion … a jump of nearly 400% over the previous 12 months. In his new special presentation, Ian explains the four powerful catalysts that are sending cryptos to astronomical new highs. If you haven’t watched Ian’s presentation yet, I highly suggest you do so as soon as possible. — Jay Goldberg Expect More Companies to Make a Bitcoin Splash The fact that corporations are starting to embrace bitcoin as a reserve currency is a huge step for the world’s largest cryptocurrency. I predict that Tesla won’t be the last tech company to make a bitcoin splash. Watch what happens to prices when a Big Tech stock such as Amazon or Google buys bitcoin. Ark Investment Management projects that if every company in the S&P 500 Index invested just 1% in bitcoin, its price would jump to over $80,000. And that’s just 1%. Remember, Tesla has already invested 8%. And MicroStrategy has gone full bitcoin. You should never go full bitcoin. But you want to make sure you’re sailing in the same direction as the rivers of corporate cash. Regards,
Ian King
Editor, Automatic Fortunes
 
    Privacy Policy
Smart Profits Daily, P.O. Box 8378, Delray Beach, FL 33482.
To unsubscribe from Smart Profits Daily emails, click here.
To ensure that you receive future issues of Smart Profits Daily, please add info@mb.banyanhill.com to your address book or whitelist within your spam settings. For customer service questions or issues, please contact us for assistance.
The mailbox associated with this email address is not monitored, so please do not reply. Your feedback is very important to us so if you would like to contact us with a question or comment, please click here: http://banyanhill.com/contact-us
Legal Notice: This work is based on what we've learned as financial journalists. It may contain errors and you should not base investment decisions solely on what you read here. It's your money and your responsibility. Nothing herein should be considered personalized investment advice. Although our employees may answer general customer service questions, they are not licensed to address your particular investment situation. Our track record is based on hypothetical results and may not reflect the same results as actual trades. Likewise, past performance is no guarantee of future returns. Certain investments carry large potential rewards but also large potential risk. Don't trade in these markets with money you can't afford to lose. Banyan Hill Publishing expressly forbids its writers from having a financial interest in their own securities or commodities recommendations to readers. Such recommendations may be traded, however, by other editors, Banyan Hill Publishing, its affiliated entities, employees, and agents, but only after waiting 24 hours after an internet broadcast or 72 hours after a publication only circulated through the mail.
(c) 2021 Banyan Hill Publishing. All Rights Reserved. Protected by copyright laws of the United States and treaties. This Newsletter may only be used pursuant to the subscription agreement. Any reproduction, copying, or redistribution, (electronic or otherwise) in whole or in part, is strictly prohibited without the express written permission of Banyan Hill Publishing. P.O. Box 8378, Delray Beach, FL 33482. (TEL: 866-584-4096)
| 
No comments:
Post a Comment