So far this year, the price of Bitcoin has hit peak gains of some 1,900%.
Some of that can be chalked up to the crypto craze we’ve been seeing, no doubt. I don’t know about you, but nearly every conversation I’ve had at Christmas parties this year has revolved around Bitcoin.
But what all those folks are buying – what they’re hanging they’re hopes on – is good, old high technology. And as we all know, the road to wealth is paved by tech.
See, the technology underlying Bitcoin and other cryptocurrencies – known as blockchain – adds new dimensions to data that layers in both time logging and other ledger characteristics that create layers of security by design.
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And that’s what has Silicon Valley, Wall Street, and just about everyone else so excited about getting into a field that almost no one had heard of when I first started telling folks about it way back in early 2013.
Blockchain is a highly secure, cryptographic system that functions as a global distributed ledger. This system not only undergirds Bitcoin and other currencies, but it bypasses banks and governments, operates transparently, and is virtually hack-proof.
That means, almost immediately, many of us will be settling contracts with blockchain. By doing so, we’ll avoid bank fees, possible litigation, and all lot of other issues that economists like to refer as “friction.” Plus, you can go online and watch these transactions occurring in near real time.
Plus – and here’s where it gets good – blockchain technology is the source of those hared forks… if you own some Bitcoin.
Here’s what I mean…
But These Hard Forks Could Be Your Biggest Source of Profits in 2018
Hard forks happen when developers feel the Bitcoin blockchain needs new features. You see, Bitcoin is kind of like gold – it’s good to buy and store in a vault. It’s not very useful. But many of these “fork coins” have special utilities that many people would find very useful.
These developers can also set up a Bitcoin fork when they feel the cost of mining has gotten so expensive that only a few elite code warriors can participate.
With each fork, Bitcoin is subdivided into two currencies – the original and the new coin. To facilitate these forks, the Bitcoin community then spins off the fork coin to current Bitcoin owners… for free. If you own one Bitcoin, you get one fork coin – if you own 0.33 Bitcoin, you get 0.33 of the fork coin, etc.
There already have been two major hard forks this year. The first occurred back on Aug. 1 when Bitcoin Cash emerged. That event marked the new currency at roughly $291; Cash quickly jumped to more than $400 before selling off again.
But as the price of Bitcoin has risen recently, so has Bitcoin Cash’s. When Coinbase added the currency to its lineup earlier this month, the price leaped as high as $3,575.
Bitcoin Futures Trading Could Send Prices to $50,000 in 2018
Bitcoin futures trading started at the CBOE on Dec. 10 and on the much larger CME on Dec. 18. Nasdaq plans to begin trading Bitcoin futures in the first half of next year. Further big rises in the price of Bitcoin – currently trading at around $16,000 – may seem far-fetched given the 1,700% increase it’s had in 2017. But while another 1,700% gain in one year would be a stretch, the Bitcoin price should have enough of a tailwind to triple – or even quadruple – in 2018. Consider what’s happened over the past four months…
Another hard fork came on Oct. 24 with the spinoff of Bitcoin Gold.
At the time, the financial media was rife with stories about how this hard fork would damage the value of Bitcoin itself.
Yes, Bitcoin hit a short-term decline, falling to $5,374. But as you’ve seen, the price since then has more than tripled. To me, that means these forks have been good for both Bitcoin and the fork coins.
As for Bitcoin Gold, it promptly lost more than 50% of its value. Then it traded sideways for several days before ramping back up again. Recently trading in the $320 range, Bitcoin Gold is still off its entry price of roughly $485.
But remember, Bitcoin has gone through similar periods of declines – only to ramp up and hand investors massive gains.
And that’s why you shouldn’t be selling all your Bitcoin holdings. You want these hard forks and the profits they bring you in 2018 – and beyond.
Take Some Gains – but Not All of Them
That said. I still believe in treating your Bitcoin and other cryptocurrencies the same way you would stocks or other investments.
Take some profits along the way, ideally winning all your original capital back. Then you pocket those big gains, and keep playing the field using the “house’s” money.
If you stay in Bitcoin now, you’re setting yourself up for what currently looks like eight more hard forks in the near future…
Bitcoin Cash Plus
It’s impossible to predict the price or performance of any of these upcoming spinoffs. But that’s beside the point.
As a Bitcoin owner, you’ll keep getting these new coins for free.
If in 2018 these spinoffs climb just 10% of Bitcoin’s stratospheric rise this year, you’ll see returns of 190% – multiple times over.
Even if selling all your Bitcoin right now seems very tempting, with so much money on the table, these spin-off coins are a deal just too good to pass up.