I (Chris Lowe) love talking to my friend and world-renowned crypto investor Teeka Tiwari.
He always has something interesting to say… especially when it comes to the future of bitcoin and other cryptocurrencies.
And $60,000 bitcoin is the prediction he just dropped in a Zoom call I had with him. (More on that below… including a link to watch a teaser trailer.)
Now, if you follow Teeka, you know he doesn’t make these kinds of predictions lightly.
In 2016, he persuaded our publisher to allow him to start recommending cryptos to his readers.
Since then, his top picks in the Palm Beach Confidential model portfolio are up 2,663%… 4,435%… and 12,545%.
And during my chat with Teeka yesterday, he said huge gains are still to come…
We’re in maybe the second half of just the first inning of this bull market. You’re going to see bitcoin reach $60,000 or $70,000.
I’m not going to paint myself into a corner and say when. But it will happen a lot sooner than most people realize.
You will see cryptocurrencies with multitrillion-dollar market caps – like how you now see stocks like Amazon and Apple with multitrillion-dollar market caps.
Bitcoin trades for $11,840 as I type. And despite its skyrocketing popularity, it still has a market cap – the sum value of all existing bitcoins – of just $218 billion.
So bitcoin’s rise to $60,000 would net you a 406% gain if you buy today.
That probably sounds crazy. But as Teeka has been showing his readers, once you grasp the revolutionary power of the technology behind cryptos, it makes perfect sense…
You see, bitcoin isn’t just money. It’s software. It’s an application that runs on a blockchain network.
You can download this software onto your home computer. And it will reach out to form a network with other folks who use this software.
A blockchain is just a secure digital ledger that’s shared online across a network of users.
Digital currencies were the first “app” for the blockchain. But that just scratches the surface. Teeka…
Blockchain is a way of storing data and transferring value that does not require a third party as referee. That means you don’t need a central bank… you don’t need a regulator… and you don’t need a middleman in a trade, deal, or contract.
That’s easy to gloss over. But through history, we’ve needed middlemen – lawyers, notaries, bankers, government bureaucrats, and so on – to facilitate transactions.
With blockchain, that need disappears. Teeka again…
The beauty of the blockchain is it gets rid of middlemen. You don’t need a bank. And the way the blockchain is built means it’s incredibly difficult to compromise.
Right now, it takes about 10 days to do a trade finance deal. It requires swapping tons of paperwork back and forth via FedEx. And all these different intermediaries have to get involved.
But British investment bank Barclays is now using blockchain for trade finance. It’s taken completion times down from 10 days… to four hours. It’s remarkable.
And trade finance is just one small part of the blockchain economy on its way.
As we’ve been exploring the past week, blockchain technology will also revolutionize buying and selling real estate… transferring ownership of stocks and bonds… and even casting ballots in elections.
It began in 2008, when someone calling themselves Satoshi Nakamoto released the bitcoin white paper.
It outlined how you could use a blockchain network to “allow online payments to be sent directly from one party to another without going through a financial institution.”
Back then, bitcoin was a fringe asset – something only computer geeks, libertarians, and other assorted misfits were interested in. (I know because I was one of them. I bought my first bitcoin on September 19, 2011, when it was trading for around $5.)
Fast-forward to today… and some of the world’s biggest corporations are working on blockchain projects.
Take the projects already underway on this list Teeka and his team put together…
Walmart, Visa, IBM, Citigroup, and UPS are adopting blockchain technology to track their supply chains and facilitate cross-border transactions
Fidelity [one of the largest asset managers in the world], Intercontinental Exchange [the owner of the New York Stock Exchange], and JPMorgan Chase are creating crypto products and services for their clients
Billionaire hedge fund managers Paul Tudor Jones, Mike Novogratz, and Mark Yusko have allocated a portion of their capital to bitcoin
The Department of Defense, the Secret Service, and NASA are working with blockchain for national security and space exploration
Even the central banks of China, Sweden, and Uruguay have piloted central bank digital currencies (CBDCs) using blockchain technology
Take the popular Cash App by fintech (financial technology) company Square (SQ).
It reported $875 million in bitcoin revenue in its latest earnings report.
Or take the online payments company PayPal (PYPL). It plans to roll out crypto trading to its 325 million users.
And stock-trading app Robinhood offers commission-free trades on seven cryptos for its 13 million users.
Even credit-card companies Mastercard (MA) and Visa (V) now support crypto transactions.
Take Wirex. It lets you transfer government-issued and digital currencies around the world. Thanks to a partnership with Visa, a Wirex card earns bitcoin rewards with every in-store purchase. It also gives you the power to spend your cryptocurrency in real life.
And news broke recently that the U.S. Postal Service has filed a patent for a blockchain-based voting system. This could allow for super secure voting.
And I still wouldn’t get through all the exciting developments happening with this tech. But you can hear more from me about what I learned on my call with Teeka in my new, free Weekly Pulse video.
My cohost, Tom Beal, and I discuss some of the highlights from my interview with Teeka.
Plus, at the end, I’ve added a clip of Teeka making his bitcoin $60,000 prediction on camera. Catch up in full here.
And drop me a line about whether you found the video useful or not. (As always, you can reach me at [email protected].)
And if you’re raring to get out there and buy your first bitcoin, use the one-page guide Teeka and his team put together. It’s yours to download and print out from our special reports library here.
August 20, 2020