When I first arrived in NYC about 30 years ago, real estate prices seemed insane.
2-bedrooms were selling for about $250,000. “Prices seem way too high,” I remember thinking. “I wonder if it’s too late to get in.”
But as it turns out, it wasn’t too late at all. Today, those apartments sell for about $2 million.
Why am I bringing this up today? Because there a new asset class in town: crypto. And investors like you are all wondering the same thing:
“Crypto prices sure seem high. Is it too late to get in?”
After all, if it’s too late, the biggest profits have already been made. So you should steer clear.
But if it’s not too late, it might be like NYC real estate all over again — and you could still make a fortune.
So today, I’m going to dig into this question and start giving you some answers.
Side #1: Too Late
To kick things off, let’s look at the first side of this argument: “It’s too late!”
I mean, since 2015, bitcoin is up about 30,000%. That means early investors had the chance to turn every $5,000 they invested into $1.5 million.
Even in the last year alone, investors could have 5x’d their money.
It’s a similar story for Ethereum:
In the last seven years, it’s up about 600,000%. That’s enough to turn $5,000 into $30 million. And in the last year alone, it’s up more than 10x.
Furthermore, many “alt” coins have climbed even faster than Ethereum over the last year:
- Cardano (ADA) is up about 33x…
- Quant (QNT) has gained about 55x…
- And Terra (LUNA) has skyrocketed up about 164x.
With gains like these, it sure seems like the biggest profits have been delivered already, right?
Furthermore, given the beliefs of many “experts,” it seems the next move for cryptos will be down, down, down…
“Rat-Poison Squared”
For example, last month, JPMorgan Chase CEO Jamie Dimon called bitcoin “fool’s gold” that has “no intrinsic value.”
And legendary investor Warren Buffett has said bitcoin is “rat poison-squared.”
Others have been more specific about their negativity…
For example, here’s what NYU Business School professor Nouriel Roubini said about bitcoin: "It's not scaleable, it's not secure, it's not decentralized, it's not a currency."
Ouch!
If these experts are right, it means that cryptos have enjoyed a spectacular trip to the moon…
But now it’s about time for them to come crashing down.
Side 2#: Definitely Not Too Late
But now let’s look at the other side of this argument:
“It’s definitely not too late!”
For starters, despite Jamie Dimon’s public comments, his bank recently began offering its clients access to half a dozen crypto funds.
And just last week, JP Morgan renewed its $146,000 price target for bitcoin, and said it could potentially go as high as $650,000.
Perhaps that explains why the bank is currently hiring crypto staff hand over fist.
In fact, JP Morgan, BNY Mellon, Wells Fargo, Citigroup, Goldman Sachs, Morgan Stanley, Capital One, UBS, Bank of America, and Barclays have all gone on a major hiring spree lately…
As Devin Banerjee, LinkedIn’s Editor of business and finance, told Yahoo Finance, “Big banks were the ones kind of hesitant and scratching their heads over adoption of cryptocurrency and the need for crypto talent, but now they’re getting in the game.”
Well, it doesn’t take a genius to figure this one out:
If banks are finally jumping on crypto — and ordinary investors can finally access cryptos through their regular bank — cryptos are likely on the cusp of going mainstream…
And likely on the cusp of soaring even higher.
In another sign of this mainstreaming, the first bitcoin ETF, ProShares Bitcoin Strategy ETF (BITO), started trading last month…
Just two days of trading, BITO had already attracted $1.1 billion in assets. That makes it the fastest ETF ever to eclipse the $1 billion mark.
Bottom line: there are plenty of arguments to be made that “it’s definitely not too late!”
And Now… The $1 Million Question
As you learned today, there are many reasons to believe it’s too late to start investing in cryptos…
And many reasons to believe that it’s definitely not too late.
So, where do Wayne and I stand on this question?
To us, the answer is obvious.
So tune in tomorrow — and Wayne will tell you everything!
Best Regards,
Founder
Crowdability.com
