One of the big themes in this week’s Daily Cut was cryptocurrencies – how they can help protect your privacy… and why world-renowned crypto expert Teeka Tiwari sees higher prices ahead.
But at least one of your fellow readers wasn’t convinced. So we asked Teeka for some deeper insight…
Comment: Anyone who actually touts Bitcoin as a reasonable and realistic investment is a scammer.
No legit financial professional would pitch Bitcoin or any other digital currency. It’s an artificially manipulated speculators’ market that needs suckers to buy in for liquidity to the pumpers. Today’s Tulip.
Every pump and dump manipulation needs suckers. – Karl S. (Legacy Research member)
Teeka’s answer: As I told my Palm Beach Confidential subscribers on Wednesday, the big story that everyone is freaking out about right now is this report from Business Insider that, apparently, Goldman Sachs is ditching its near-term plans to open a bitcoin trading desk. But it’s just more fake news.
Here’s what Goldman CFO Marty Chavez told the audience at TechCrunch Disrupt:
“It wasn’t like we announced anything or that anything had changed for us… I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.”
The important thing to remember is that, over the last 90 days, we’ve seen some of the biggest investment institutions jump into the crypto space:
Intercontinental Exchange (ICE) – owner of the New York Stock Exchange and the second-largest exchange operator in the world – announced plans to launch a bitcoin future trading platform in November.
The Chicago Board Options Exchange (CBOE) – the largest U.S. options exchange – said it will support a bitcoin ETF proposed by VanEck (one of the world’s largest ETF providers) and financial services firm SolidX.
Wall Street investment bank Goldman Sachs announced that it would launch a crypto trading desk.
Susquehanna – the 12th-largest trading firm in the world by volume – announced it would start trading cryptos, too. The firm even went as far as creating its own custody company to hold its cryptos.
Billionaire investor George Soros – one of the world’s greatest money-makers – gave the green light to his team to buy cryptos.
Coinbase – one of the world’s largest crypto exchanges – launched a crypto index fund for wealthy investors and institutions.
Financial services company State Street said it’s considering acting as a custodian for bitcoin. State Street has $2.7 trillion under management.
Wellington Capital – with over $1 trillion of assets under management – stated its intention to start trading bitcoin.
The Rockefeller family’s venture capital firm, Venrock, said it’s also buying cryptos.
In addition to all that… every important lawyer I talk to in the investment space is overwhelmed with crypto questions from their institutional clients.
That’s why I’m calling this “The Great Cryptocurrency Conspiracy.” We’re hearing one thing in the financial press and seeing the exact opposite in the actual market.
[Note: You can read Teeka’s full essay on the “The Great Cryptocurrency Conspiracy” right here.]
Here’s another comment for Teeka that stood out in this week’s feedback…
Comment: Teeka, the concern for subscribers you demonstrate is truly remarkable. I want to thank you as this concern really makes me closely follow what you suggest. You are truly a believable person… That is very difficult to find these days. Thank you for your advice and thank you for making me not feel anxious when the cryptos dip.
I also feel it was remarkable what you recently did for [Palm Beach] Lifetimers like myself: You introduced us to [TradeStops’] Crypto Tradesmith [product]. Even though you do not have the time to take advantage of Dr. Smiths’ work, you offered that to us after your due diligence. Thank you for being a mensch (yiddish). Ask your Jewish friends the meaning. – Steven C. (Legacy Research member)
If you haven’t already heard… Teeka and Dr. Richard Smith will be attending our first annual Legacy Investment Summit in Bermuda on October 17-19. If you want to thank them in person, here’s your chance.
To find out how you can secure one of the remaining seats – and claim a $1,000 bonus – go here for details.
Speaking of the Legacy Investment Summit… a faithful Jeff Clark fan who’s already reserved his spot at the event has an important question about golf…
Question: Jeff, is anyone planning to play golf in Bermuda before or after the meeting?
I would like to play Port Royal possibly Monday, October 22. I understand rates are lower on Mondays – John F. (Legacy member)
Jeff’s answer: I do play golf… poorly. But at least I make everyone else in the foursome look good.
All jokes aside… I won’t be around on Monday, but thanks for the offer.
Sorry, John. Looks like you won’t see Jeff on the links in Bermuda. But we’re sure some of your fellow Summit attendees would love to play Port Royal with you. Be sure to ask around at the “Welcome – Beach Party” we’re holding the evening of Wednesday, October 17.
And don’t forget… the Fairmont Southampton, our Summit venue, is home to the Turtle Hill Golf Club. Golf Magazine ranked it one of the top five par-3 courses in the world.
Just make sure to mention you’re with the Legacy Investment Summit when you book your rounds… The hotel is offering a special discount to all our guests.
Finally, a question about position sizing – how much to invest in each holding in your portfolio – for Legacy Research’s resident technology investing expert, Jeff Brown…
Question: Hi Jeff. I’m a recent subscriber to The Near Future Report and I’m enjoying reading about and investing in some of your recommended stocks.
Do you have a target portfolio size as far as the number of holdings you will keep in the portfolio? – Todd G. (Legacy Research member)
Jeff’s answer: In general, I expect to have 15-20 equities in The Near Future Report at any given time.
[Note: There are 17 open positions in our Near Future portfolio – 14 winners with an average gain of 45.2% and three losers with an average loss of 14.9%.]
All Near Future Report recommendations are designed to be buy-and-hold until they reach the valuations that I originally forecast in my research. Once stocks reach my forecasted valuation, I’ll reassess as to whether to hold for more upside, or sell and take profits.
The goal is to hold each recommendation for at least 12 months so that subscribers can take advantage of the lower, long-term capital gains taxes.
An important reminder is to use similar position sizing for each Near Future recommendation.
Before you go… I just want to mention that Teeka Tiwari and Jeff Clark won’t be the only big names at the Legacy Investment Summit…
They’ll be joined by Bill Bonner, Doug Casey, and the rest of the experts at Bonner & Partners, Casey Research, and Palm Beach Research – plus special guests Glenn Beck and John Stossel. Read on here for more details about the topics they’ll be discussing.