I woke up on Monday morning, had a cup of coffee, and then nearly spit it out when an altcoin push notification came across the top of my phone. That notification read:
Celo (CELO) is up 105%
Now, for those who are unaware, our most exclusive altcoin research service Ultimate Crypto added the token Celo (CELO) to its portfolio of explosive altcoins on July 22. The price? Just $2.35.
About a month later, on Monday morning, it crossed above $10.50. Thats a 350% return in a month.
Now, Im not saying this to brag. Rather, Im saying this show you the veracity of the current cryptocurrency breakout!
About a dozen altcoins have more than doubled over the past 30 days. Five have more than tripled. One has risen by nearly 5X.
The whole cryptocurrency market is on fire and naturally, you have to ask yourself: Why?
The answer is astonishingly simple: Because everyone is using cryptos these days, and because every investor wants a piece of the action, even the big boys on Wall Street.
On the first point, you have to remember that sometimes, in financial markets, asset prices go up and down for no good reason. So, while you mightve looked at the Bitcoin chart this past summer and assumed cryptos were dying, the exact opposite was happening.
Altcoin usage was soaring!
According to Chainalysis, a leading blockchain data analytics firm, worldwide adoption of cryptos and altcoins is growing by 880% year-over-year in 2021. Thats based on the value and volume of all cryptos being exchanged in the world.
This data isnt isolated. According to a report released last month by Crypto.com, the number of crypto and altcoin users in the world more than doubled from January (106 million users) to June (221 million users).
Get the point?
While Bitcoin prices were plunging, the everyday consumers usage of cryptos to either buy something, sell something, or trade something was sharply rising.
The fundamentals of Bitcoin never changed. In fact, they only improved throughout the summer. The asset price decline, then, was nothing more than near-term noise in a long-term uptrend and, ultimately, a great buying opportunity.
Of course, that is exactly what the smart money did: They bought the dip in cryptos this summer, and now, theyre profiting big-time.
Software analytics firm MicroStrategy bought a whole bunch of Bitcoin this summer. They now own about 4,000 coins for total market value of ~$180 million.
Morgan Stanley acquired about 6.5 million shares in the Grayscale Bitcoin Trust (GBTC) this summer.
Billionaire investor Bill Miller picked up about 1.5 million shares of the same trust.
Coinbase is gearing up to add $500 million worth of crypto assets to its balance sheet.
Again, the point here is obvious. Big Tech companies Big banks Big investors Big hedge funds Theyre all loading up on Bitcoin.
So we come full circle to why the whole crypto and altcoin market is on fire right now and the answer is so simple.
Everyones using crypto. Everyones buying crypto. Crypto prices are soaring. Its really that simple.
Of course, the million-dollar question is whether this is sustainable. The answer there, too, is simple: it absolutely is sustainable.
Lets go back to the core idea of cryptos. They serve to disintermediate inefficient, corrupt, and expensive economic systems, and replace them with faster, fairer, and freer versions.
Of course, that means cryptocurrency projects have the most value where the incumbent economic systems are the most inefficient, the most corrupt, and most expensive. That would be in developing economies, like certain parts of Asia and South America, where the governments have a long history of utilizing centralized economic systems to oppress the masses.
It should be no surprise, then, that the aforementioned Chainalysis report found that the three highest countries with the most robust cryptocurrency adoption are all located in Asia and have a history of government oppression: Vietnam, India, and Pakistan.
That means cryptos are working. Not just as an asset class to make you rich. But as a technology platform to improve the lives of people around the globe.
Why else would the peoples of Vietnam, India, and Pakistan be using cryptos so much? Theyre not in it for a quick buck to retire early. Theyre in it to fundamentally reshape their societies to be better for everyone.
This reality gives us confidence that regardless of where the prices of Bitcoin and altcoins trend over the next few months, these projects will survive this volatility and proceed to change the world.
Long-term investors who can stomach the volatility and keep their focus on the big picture will score enormous returns.
Indeed, they already have. As I mentioned earlier, a dozen cryptos have already doubled over the past 30 days and two of them were added to our Ultimate Crypto portfolio before they doubled.
Ill stop there because Im being redundant, and simply sum it up like this
Want to make big money in the financial markets over the long run? Plug into cryptos and dont plug out.
Click here to get plugged in.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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