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Bitcoin had a record-breaking year, quadrupling in value and, in the last month alone, hitting a 47% gain.
If you’re kicking yourself about missing out in 2020, the good news is that the party’s not over. At least not according to JPMorgan, who predicts BTC could rise as high as $100,000 (about 3x its current value) in 2021.
The year ahead will likely be a defining one for Bitcoin and other cryptocurrencies, led by many of the world’s largest financial organizations.
JP Morgan now sees Bitcoin as a real competitor with gold. Square, the $4.7 billion payment giant, just purchased $50 million of Bitcoin as it makes its entry into the asset class. PayPal plans to let users buy, sell, and exchange Bitcoin in 2021.
Best of all, crypto-tracking ETFs are on the way according to new SEC filings. Already, S&P Dow Jones plans to launch a cryptocurrency index fund later this year.
Many experts predict the price of Bitcoin is about to soar—by some accounts, as much as 10x current levels—due to widespread institutional adoption.
For the first time ever, many Wall Street critics are finally going long on Bitcoin this year. Now’s your chance to beat them.
Meanwhile, all signs indicate that the stock market has proven itself to be unstable. If you’re anywhere near retirement age, getting your money out of stocks and into safer assets might be the best thing you can do to protect your life savings.
The Fed is injecting massive amounts of liquidity into the market to keep up the facade of a well-functioning market. In reality, it’s anything but.
Millions more Americans are laid off or out of work than there were last year, and small businesses are completely reliant on government loans to get by. You don’t need a finance Ph.D. to question whether this is sustainable.
Eventually, the businesses accessing liquidity in the form of loans will have to foot the bill. Unless we see a miracle recovery from the pandemic in the months ahead, we could see record-setting company defaults.
What if our vaccines prove ineffective against the new coronavirus variant? Or what about tax hikes and national lockdowns now that the Democrats are predicted to win both Georgia senate runoffs?
This all might spell doom for the US economy. Amid the madness, precious metals and cryptocurrencies are the only safe havens we have left.
Get a head start on Wall Street—invest in Bitcoin and other cryptocurrencies today with a Crypto IRA. Or, for more diversification, open a precious metals IRA to load up on gold, silver, and other safe stores of value ahead of the potential economic disaster ahead. It never hurts to diversify early.
Mark Turner is an author and editor at Sophisticated Investor. He has over two decades of experience in the financial industry as a broker in both Chicago and New York and has written for several top tier publications. He currently covers the topics of alternative investments, geopolitical events, US economy, portfolio diversification and others.
