A quick update on the crypto markets. After bottoming around $6400 a few weeks ago – bitcoin peeked over its own trend line around $8000 – which we called attention to members as a significant area.
Today, just a week later, bitcoin is hovering just over $9000 after reaching resistance around $9,500.
Meanwhile, EOS – has 5x’ed since its low of $4 – we recommended it at $10 and looked a bit stupid when it was down 60%, but now it’s up 100% – trading over $20. This it the wild wild west of cryptocurrencies – so you’ve got to be able to stomach pain and have a strategy in place – the strategy we recommend is the same as in our Warren Buffett video – dollar cost averaging.
Bitcoin. What is it?
Bitcoin is everywhere, literally. We hear about it on the news. Your friends, their parents, their cousins and uncles all hear about it, yet it can be hard to explain.
What exactly is it? Why should you care?
Yes, bitcoin has been used by drug dealers and money launderers in illegal scandals that have taken place in dark corners of the internet through shady marketplaces including something called the Silk Road. Yes, bitcoin has also been hacked – not the coin, but the exchange it was on – in the infamous Mount Gox collapse.
Yes, bitcoin has been called a fraud by respected CEO Jamie Dimon of JP Morgan. And yes, even legendary investor Warren Buffett said bitcoin will come to a bad ending.
Yet at the same time, bitcoin has revolutionized the concept of money and more importantly, the concept of trust as we know it. It is perhaps the most important financial development of this century, whether it works or not. Love it or hate it, you’ve got to at least understand it and its implications for what is to come.
Before we define bitcoin, let’s put it in context – from the beginning.
If you are new to crypto – the most popular place to get started is Coinbase – use this link to get $10 in bitcoin when you sign up. For smaller cryptos, I’ve been using Binance – though I’ve been having issues verifying my identity with them. So far it seems to be one of the better platforms for getting exposure to various cryptos.
Robinhood has $0 trade commission for stock and will soon have it for cryptos.
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