Bitcoin is barreling toward its all-time high… It’s been a wild ride for bitcoin holders over the past week. Last Wednesday, the “king of cryptocurrencies” got to within $584 of the all-time high of $20,089 it set on December 17, 2017. Then on Thursday and Friday, bitcoin plunged 16% to $16,450… stabilized… then skyrocketed again. As I (Chris Lowe) type, at 3 p.m. Eastern Time, one bitcoin is trading back at $19,400, just $700 away from its all-time high. This won’t come as a surprise to longtime readers… I’ve been recommending you own some bitcoin since we launched The Daily Cut to paid-up Legacy subscribers in August 2018… when bitcoin was trading at $6,400. Bitcoin is up 203% since then. And colleague Teeka Tiwari added bitcoin to the model portfolios at our Palm Beach Letter and Palm Beach Confidential advisories in April 2016. Bitcoin was trading at $428 then. Readers who acted on his recommendation are now up 4,433%. If you still haven’t added bitcoin to your portfolio, don’t worry… You haven’t missed the boat. That’s why, today, I’m continuing my long-running campaign to spur you into action to make your first investment in bitcoin. You see, bitcoin’s gains are far from being a bubble, as the bitcoin naysayers will tell you. Folks are turning to bitcoin to protect their wealth outside of fiat (government-issued) currencies. That’s more important than ever as the War on Cash ramps up. Governments are phasing out physical cash… And replacing it with a purely digital kind. This will not only make their currencies easier to create (and inflate). It will also allow them to digitally track every transaction you make. And the pandemic is the perfect excuse to get rid of physical money altogether. | Recommended Link | Make 50 Years of Stock Market Gains in Less Than 1? Don’t miss out! This event is closing midnight tonight. Crypto expert Teeka Tiwari is unveiling a small group of cryptos that could help you make 50… 74… and even 81 years’ worth of stock market gains in as little as a year. And to prove it to you, he’s giving away the name of his top pick – FREE. | | | -- | You may have seen these strange signs popping up at stores… 
Store owners see cash as toxic in COVID-19 America Since the COVID-19 pandemic began, store owners across America are saying no to physical cash. They view cash as toxic… a vector for the coronavirus pathogen… a way to spread disease. The pandemic is acting as a catalyst for the War on Cash… and speeding up the death of physical cash. In the near future, all money will be digital. And as different digital currencies battle it out, bitcoin will reign supreme. Regular readers will know all about the digital currency trend… But if you’re new to the conversation, here’s a quick recap… Even before the COVID-19 pandemic, physical cash was on the way out. In the U.S., debit card transactions (electronic payments between bank accounts) have exceeded cash transactions every year since 2017. Are You Collecting "Tech Royalty" Income? Elsewhere – most notably in China and Sweden – nearly all transactions are digital. In China, Alipay and WeChat Pay – social networking and payment apps you access through your smartphone – handle roughly $40 trillion worth of transactions a year. That’s more than double the $18 trillion Visa and Mastercard handle – combined. As I put on your radar in June 2019, social media giant Facebook (FB) wants to roll out its own e-currency and payments network – Libra. Its goal is to make sending money as easy as sending a Facebook message. Governments are getting in on the act, too… They know that paper money is practically a thing of the past. And that people are moving increasingly to digital alternatives. So central banks are rolling out their own e-currencies in response to Libra and cryptocurrencies such as bitcoin. In April, the Chinese central bank launched its first public test of its digital-only version of the Chinese national currency, the renminbi. And last month, the European Central Bank (ECB), which issues the euro across 19 countries, launched a public consultation on a digital euro. In September, the ECB went as far as trademarking the term “digital euro.” These two major central banks join 36 others with e-currency projects in place. | Recommended Link | THE CURE EVENT [OFFICIAL INVITE] Tech millionaire Jeff Brown is putting it all on the line. He has agreed to televise his Biotech Masterclass. This 100% free event will give you unprecedented access to the biggest biotech story in America right now… In one day, a small cap could start to soar up to 1,000% thanks to a mandate from a $2 trillion federal government agency. Don’t wait on this rare millionaire-making opportunity. | | | -- | Why will bitcoin thrive in a world where all money is digital? It’s simple. It will be the only digital currency that enshrines sound money principles. Governments and central banks can’t create more of it with a few keystrokes at a computer terminal. An algorithm controls the supply of new bitcoin. And unlike the supply of fiat currencies, the bitcoin supply tapers off over time. Roughly every four years, the supply of new bitcoin entering circulation halves. This will continue until we reach the hard cap of 21 million bitcoin in circulation. After that, there will be no new bitcoin. Compare that with the U.S. dollar supply… One way to measure that is through something called M2. It tracks the bills and coins in circulation, plus the dollars that exist in electronic form in bank accounts and money market mutual funds. According to figures from Bloomberg, M2 has been growing at a year-on-year rate of more than 20%. That compares with an average yearly increase of 5.9% in the supply of U.S. dollars since 1982. On average, over the past three years, the supply of new bitcoin has grown at just under 4% a year. And as I mentioned above, bitcoin’s new supply will taper off over time. The same can’t be said of the U.S. dollar. President-elect Joe Biden has tapped former Fed chairwoman Janet Yellen to head up the Department of the Treasury. She’s on record saying the U.S. needs more spending. And she’ll work hand in glove with Jay Powell over at the Fed to make sure that happens. A 20% growth rate for U.S. dollar supply may seem like a lot – now. After four years of Biden, Yellen, and Powell at the helm, it will look conservative. Bitcoin avoids this problem… And when the supply of something stays fixed or falls, and demand increases, its price goes up. This is happening to bitcoin already. The chart below tracks the U.S. dollar’s exchange value versus a basket of rival fiat currencies (as measured by the Dollar Index)… an ounce of gold bullion… and bitcoin. 
As you can see, the dollar is down 5% this year versus a basket of its fiat-currency rivals. Gold is up 17%. Bitcoin is up 171%. One reason people like bitcoin is it’s inflation-proof… It’s the only currency – outside of gold – that protects you from fiat-currency debasement. That’s no coincidence… We still don’t know the identity of bitcoin’s pseudonymous creator, Satoshi Nakamoto. What we do know is he/she/they wanted bitcoin to be a digital version of gold. That’s why the folks who verify bitcoin transactions in return for newly issued bitcoin are called “miners.” It’s also why, in order to verify transactions, these miners have to solve complicated math puzzles that use huge amounts of computer processing power and electricity. Nakamoto wanted new bitcoin – like gold – to be costly to get into circulation. Bitcoin’s resilience to inflation has helped it rise from a value of $0.06 when the first easily accessible cryptocurrency exchange went live in 2010… to where it is today at $19,400. It’s also helped bitcoin spread to almost 100 million holders… Right now, that’s growing by 1 million new holders a month. Just imagine where it’s headed as inflation in the dollar, the euro, the yen… and even the Swiss franc picks up. Traditionally, investors hid out in Japanese yen or Swiss francs when other currencies were being debased. But now, with money-printing the name of the game around the world, there are no longer any fiat-currency safe havens. Folks who want to protect their wealth have to look outside of fiat currencies altogether. Corporate treasurers are starting to see the writing on the wall… One of the most bullish developments for bitcoin in 2020 is its adoption as a reserve asset by corporate treasurers looking to protect the value of the cash reserves they manage. In August, MicroStrategy (MSTR), an enterprise software company, bought bitcoin worth $425 million. Square (SQ), an online payments company, bought bitcoin worth $50 million last month. With the price of bitcoin skyrocketing higher versus the dollar, there’s powerful incentive for other corporate treasurers to make the leap into bitcoin now. Otherwise, they risk paying higher prices for bitcoin’s inflation protection. How high can bitcoin go? Right now, all the bitcoin in circulation together are worth $359 billion. And all the above-ground gold in the world is worth $9 trillion. So, as colleague Nick Giambruno has pointed out over at The Casey Report, if bitcoin becomes as valuable as gold, that implies a bitcoin price of $428,571. That would be a gain of 2,109%. That won’t happen overnight… but it’s a reasonable assumption given people’s growing need for an escape from fiat currencies. And even if bitcoin becomes only half as valuable as gold, we’re still talking a gain of 1,005% from here. So if you haven’t already, now’s the time to dip a toe in the water. You can find out how to buy your first bitcoin in our free special report. Just remember to keep your position size reasonable… and don’t bet the farm. Teeka recommends an initial stake of $200 to $400 for smaller investors, and $500 to $1,000 for larger investors. In the mailbag: “Bitcoin makes the belly full, but the heart empty”… Regular readers already know how we bang the drum for both bitcoin and gold here at the Cut. We see them as safe havens for your wealth. As fiat currencies around the world lose value, bitcoin and gold are hard-to-produce assets you can rely on. But not all the analysts here at Legacy Research are bullish on bitcoin. Globetrotting goldbug Tom Dyson kickstarted a debate in our mailbag by arguing bitcoin is just a “clump of electrons” – which will prove to be worthless. And many of you share Tom’s misgivings about the world’s first cryptocurrency… Reader comment: Am I going to take my chance on a cryptocurrency that I don’t know who invented… and therefore why it was really invented… that I can never see… and have to take it on faith that I actually own a small fraction of a coin… that I can’t even prove exists? Give me a gold coin I can hold in my hand any day. Reader comment: I must admit I am on Tom’s side on this one… for a simple, fundamental reason. Every government has the ability to turn the internet off. So think, just for a moment, as your screen dims, what is the value now of your bitcoin? Hmmm? That said, blockchain technology is remarkable and will greatly impact and improve our world – just not as a currency or store of value. Reader comment: Your skepticism toward bitcoin has merit. I am concerned that the entire cryptocurrency system could become nil in an electronic magnetic pulse (EMP) situation. I’m aware my attitude sounds fatalistic. But if war should occur, a first strike would likely be an EMP strike. Any electronic system, including home computers, would become useless. Picture not just our country, but many countries, suffering EMP attacks. Any funds held in bitcoin and other accounts would just disappear, never to be restored. Reader comment: All bitcoin investors want other people to invest their hard-earned money in bitcoin. Why? So they themselves get more of other people’s wealth, without having to give anything in return. Investing in such a way can work well for a very long time. And it can bring huge profits, as we see from the bitcoin price. But to invest in this way is deeply immoral. Even if gigantic profits attract investors, it is not good to wish that other people invest money in something that is ultimately worthless or bad for everyone. That is the case with bitcoin. Gold is different. Gold always has value. It has many uses, not just as money. Many cultures even consider it divine. Bitcoin may make the belly full. But it also makes the heart empty. Do you have doubts about bitcoin? Or is it the future of money? Send us your thoughts at feedback@legacyresearch.com. Regards, Chris Lowe
November 30, 2020
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