He was telling everyone to buy bitcoin back in 2011 and has continued to recommend it.
Jeff compares cryptocurrencies to the beginning of the Internet. It feels like we are entering the Internet 3.0 and Wall Street seems to be finally catching on. The bitcoin market is still tiny, and if it ever gets valued anywhere near gold, it will still go up thousands of percent. The entire thing is bizarre and mind-blowing.
He didn’t expect his bitcoin price target to more than double this year nor did he expect alt-coins to do so well. The space is volatile, and crashes are to be expected, but overall he is still quite bullish.
It’s tough to tell where we are at but very few people seem to own any bitcoin. Some individuals seem to be piling in, but when you look at valuations, they are still low quite at around 220 billion dollars. This is far less than the valuations for Facebook or Apple.
Just like most gold bugs he also wants to get rid of central banks and fiat currencies. Cryptocurrencies are exciting as they have the potential to help facilitate that change. If we can turn things around the world will be a much better place.
Jeff has always recommended that people have much of their money in gold and silver. It’s still an excellent hedge. He is becoming more interested in investing some crypto profits into gold stocks. They discuss how Mexican Gold Corp. is an exciting junior company and how they have recommended it recently.
The VanEck Vectors Gold Miners ETF (GDX) fell $0.01 (-0.04%) in premarket trading Monday. Year-to-date, GDX has gained 8.94%, versus a 16.42% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Palisade Research.