Cryptocurrencies have been garnering much attention from speculative investors, but it is time to take a look at what this technology can actually do for investors.
To famed investor Doug Casey, it gives people control and frees them from banking rules when it comes to their wealth.
And, that is why he’s not falling for the myth that cryptos will disappear any time soon.
“I’d rather be my own bank — which is possible with cryptos — than use conventional commercial banks,” he said during an interview with his colleagues at Casey Research.
“It’s important to remember that the real risk lies in the fiat currencies issued by governments. Not only can they be issued in unlimited volume, but they probably will be — because almost all the world’s governments are bankrupt, and are almost forced to print money to pay their bills.
A correctly chosen crypto obviates that problem.”
The contrarian investor has been particularly bullish on the leading crypto, Bitcoin. A sentiment also shared by two of Casey Research’s lead contributors: Marco Wutzer & Nick Giambruno.
In this discussion with Casey, these two experts shared their bullish outlook on the crypto market.
“I always tell my readers that owning Bitcoin lets you escape the matrix… the financial prison that governments have erected with fiat currencies, central banks, and privacy-killing regulations serving as the bars on the door. It’s like a Swiss bank account in your pocket,” said chief analyst Giambruno.
“The notion that any entity can shut down a global network like Bitcoin is a fairy tale. The unstoppable nature of cryptocurrencies is what makes them so powerful in the first place and is one of the main reasons they are so superior to fiat currencies,” noted Wutzer, editor of Disruptive Profits newsletter.
Doug Casey calls Wutzer his go-to “guy” when it comes to cryptos and is who he looks to for investment advice in the space.
So, what is the best way to invest in cryptos?
According to Wutzer, successful crypto speculators need to always think long-term.
“The internet took 30 years to become mainstream. Blockchain technology is barely 10 years old and has only received serious attention for the last three years or so. Rewiring the global financial system and the larger economy takes a long time,” he said.
“Still, the Blockchain Ecosystem is developing fast. And it’s spreading like a virus…It’ll be another three to five years or so until cryptocurrencies reach mass adoption. But luckily, we don’t have to wait for this to fully play out to profit as speculators.”
And he might not be wrong…
Just look at the number of blockchain wallets that have sprung up over the past two years. They have more than doubled, he pointed out.
“This growing pool of new adopters will be ready to participate in the new world of the Blockchain Ecosystem for the very first time. And where will new adopters go for their first dive into crypto? They’ll buy the most well-known cryptocurrency… the reserve of the crypto world — bitcoin,” Wutzer wrote.
“That’s why, whether you’re buying bitcoin for the first time or already own some, now is a great time to buy.”