As PayPal expands Bitcoin access to 346 million customers, Wall Street greed means the rest of the market isn’t far behind… Are you invested to profit from the coming Bitcoin megatrend?
By Teeka Tiwari, editor, Palm Beach Daily
Every time Bitcoin moves, I get a slew of questions asking why…
Most times I have no answer.
Bitcoin can move without rhyme or reason. It can be up $1,000… down $1,000… literally in a day.
In March, we saw Bitcoin drop 50%. Six weeks after that, it rose 100% off the bottom. Here we are in October… and bitcoin is up 199% off its March low.
It bears repeating: On any given day Bitcoin can do anything.
So why would you want to risk your money on something so unpredictable?
Here’s the thing most people miss about Bitcoin…
Over the short-term, it’s difficult to gauge what it’ll do. But over the longer term, its massive increase in value just might be the easiest prediction I’ve ever made.
Three things drive Bitcoin’s value. They are usefulness, rarity, and adoption (usage).
It’s important to remember things have value in our world because people find them useful or pleasing in some way.
If those things are also rare… then they can trade at wild values. That’s why Leonardo da Vinci’s Salvator Mundi painting can sell for $450 million. It’s why a garden gnome is worth $2.6 million. And why the “Black Lotus” Magic: The Gathering trading card is worth $250,000.
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When it comes to Bitcoin, it’s far more useful than any painting… lawn ornament… or trading card. Bitcoin allows you to store, send, and trade value globally. It does all of this without the need for a trusted middleman.
It’s a global payment network nobody owns. That means the wealth you hold in Bitcoin can’t be confiscated. It allows you to hold the most portable form of wealth I have ever seen.
On top of all of that, it’s rare. There will only ever be 21 million bitcoins. By anecdotal accounts relayed to me by early “bitcoiners,” at least six million bitcoin have been lost forever. That means out of the 17 million bitcoin “mined” so far, there are only about 11 million left.
According to Business Insider, there are 46.8 millionaires in the world. So if every millionaire wanted to own a whole bitcoin, they couldn’t. So you can begin to see that Bitcoin has all the hallmarks of a valuable asset.
It’s useful, it’s rare, and — most importantly of all — its adoption (usage) is exploding.
346 Million More Potential Buyers
Just last month, payments processing giant PayPal announced the launch of a new service allowing its customers to buy, hold, and sell crypto directly from their PayPal accounts.
PayPal has 346 million customers.
Chew on that for a moment.
Remember… If my insiders are right (and I think they are), there’s only about 11 million usable bitcoins in the world. That’s the definition of rarity to me.
The discussion on whether Bitcoin will survive or not is now moot.
Bitcoin has reached escape velocity. The reason why is something I prophesied three years ago: financial establishment greed.
I’ve been saying since 2017 that the established financial system will open its doors to Bitcoin and all of crypto for one simple reason: greed.
The profits for offering Bitcoin investing are massive. Just look at Square (a smaller version of PayPal) that serves just 24 million customers.
It started offering Bitcoin purchases on February 1, 2018. In the second quarter of this year, its gross profit on its Bitcoin service was a whopping $597 million. That accounted for almost a third of Square’s quarterly revenue.
If you look at PayPal’s fee page, you’ll see they will be charging as much as 2.9% on bitcoin purchases and 2.9% on bitcoin sales.
On top of that, they’ll charge a “spread.” The spread is the difference between the price people are willing to buy at (the bid) and the price people are willing to sell at (the offer).
The bid/asked spread on retail platforms can sometimes be hundreds of dollars. For example, a $13,000 bid and $13,200 offered. As a big player, you can bet PayPal will be buying bitcoin on the bid, selling it to their customers at the offer price, collecting the
$200 spread… and charging a 2.9% fee on top of that.
Can you see now why the financial system is embracing Bitcoin?
It’s going to be a fee bonanza unlike anything they have ever seen. That’s why I believe the financial system is getting ready to begin the mother of all marketing blitzes so they can shepherd their collective 500 million customers into high fee-paying crypto products.
That’s why it’s so easy for me to be bullish on the price of bitcoin. Every financial incentive that drives widespread adoption of an asset is perfectly aligned for every financial firm that matters to offer bitcoin investing to their clients.
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I’ve said this again and again: You’ll never go broke betting on the greed of financial systems.
So I want you to keep focusing on that narrative of adoption. It’s all you need to focus on to know that over the longer-term, bitcoin prices are headed much higher.
Friends, if you’re still not invested in Bitcoin, don’t get left behind… Buying now will put you ahead of mass adoption and leave you well-positioned to profit as companies like PayPal flood hundreds of millions of potential buyers into the market.
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