On June 6, 2023, the Securities and Exchange Commission announced on, all that it had filed a complaint against crypto brokerage giant Coinbase for allegedly violating various securities laws.
The news caused Coinbase shares to fall from 60$ a day earlier.to 40$.
My immediate reaction was to log into my brokerage account and buy a bunch of Coinbase shares at $42.53, almost catching the lowest price.
Today Coinbase is north of $180 and was above $250 before the latest (and temporary) pullback.
The panic selling was wrong...
The SEC was always going to lose its case.
The jump in Coinbase stock was an obvious bargain with very limited downside and a huge amount of upside.
Which brings me to the real topic of today's message: the Big Lie of the moment, happening right now...
As is always the case, cryptocurrency is again in a temporary crisis, pushed down by worries about the US economy.
But it's a momentary distraction and that moment is a lie.
The truth is tomorrow - the future.
And for crypto, the future is so bright.. This moment is another opportunity to own a few specially selected cryptocurrencies before tomorrow. Because just like the SEC/Coinbase mess, crypto prices will be much-much!!!- higher, and soon.
But why, you might rightly think?
Well, we have a set of events coming together to boost crypto. When governments open the money spigots by expanding the money supply, crypto is the market that swallows them like a leech.
We also have the Federal Reserve on the verge of a new interest rate cycle that will cut rates several times this year and next. Financial markets around the world widely expect those cuts to begin this month.
Other major central banks have already started to cut interest rates - the Bank of England, the European Central Bank, the Swiss National Bank, etc.
This makes money easier to access for consumers and businesses, which means more money in the system... more cash splashing around.
Finally, we have the US presidential election in November. No matter who wins, America is 100% guaranteed to see another mountain of debt added to the over 35 trillion dollars we already owe. Both candidates have already laid out plans that apparently rely on big borrowing...
The result is bad news for the dollar ... and great news for bitcoin, because it thrives when the dollar weakens. And when bitcoin rises, it tends to bring the rest of the crypto market with it...
So... now is the time to be a buyer. We'll see something similar with bitcoin - a price that rises from less than $60,000 today to more than $250,000 before the current bull market ends.