Cryptocurrencies as a sector just passed the $200 billion level.
At the start of 2017, the total valuation was only $18 billion meaning the cryptos have risen tenfold in less than a year.
Bitcoin has been a big part of it. In June, bitcoin hit an all-time low versus the other cryptocurrencies of just 37% dominance. As of today, it is at nearly 62%.
Bitcoin hit a new all-time high of $7,500 in the last day and half.
The question everyone's asking is, “How high will it go?”
I can say that two separate people contacted me wanting to buy $1 million in bitcoin this week. My first question to them was, “Where were you a few years ago?”
But we are really seeing the more conservative investors feeling compelled right now to purchase bitcoin. This is a big shift. And one that I’ve mentioned quite a few times. It has just been in the last few months that every stock broker or financial person I’ve known in my life have all been trying to contact me about getting in.
The insane thing about bitcoin is that even though we are up well more than 200,000% off our initial recommendation in 2011 at $3, there is still lots of potential upside.
Take this graphic from The Visual Capitalist to get an idea of how small cryptos still are in the grand scheme of things.
Everything seems to be going bitcoin’s way lately.
Even Alwaleed bin Talal, the Saudi Prince who called bitcoin a fraud last week was just arrested on fraud charges in Saudi Arabia!
Talk about instant karma.
Of course, the government anywhere “arresting” people is usually just a political power struggle. Whoever holds the ring of power can just “arrest” whoever they like and try to make it look legitimate.
But, if it appears bin Talal is the target of powerful people in his government who will likely confiscate his $17 billion net worth, bin Talal would be very sad to know that if he had just held a fairly large portion of his holdings in bitcoin, then no one could seize it.
Ah well, couldn’t have happened to a better guy, really.
Join us this February in Acapulco, Mexico for Anarchapulco, Cryptopulco and the TDV Investment Summit from February 15-19th where most of the players in the cryptocurrency market meet up each year on the beach to discuss world domination plans.
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The times they are a changin’ and I hope you’ll be a part of this evolution.