by Jeff Berwick, Dollar Vigilante:
We spent much of the summer telling people to get into bitcoin for a number of reasons I’ll go over below… and I’ll expand on where I think it, gold & silver and the markets are going next and how they are all interrelated.
To begin, though, bitcoin has skyrocketed higher, up $55 today alone to $370 and up $132 in the last month.
Bitcoin is up 55% in just the last month and is the best performing asset class in the world during that time.
And we called it.
Did your financial advisor tell you to get into bitcoin? How about your older financial newsletter writer who is not even quite sure how email works yet? Or how about some Austrian economists (not all by any means) who are focused on gold and silver to the exclusion of all else. These individuals have forgotten what Murray Rothbard said: Anything can be “money” if people accept it.
And bitcoin is surely becoming money. People are willing to pay a lot for just one. Please internalize this. Things are changing fast and you need to change along with them. What is going on in bitcoin is just a part of the bigger picture. Here’s why.
BITCOIN IS THE CANARY IN THE COAL MINE
Over the years I’ve pointed out that when events, such as the Cyprus bank “bail-ins” occurred, how gold and silver should have risen dramatically… but didn’t. While during the same time period bitcoin tripled in price. And the reason I said that happened was because bitcoin is nowhere near of a controlled and manipulated market as gold and silver.
In that way, I see bitcoin as a canary in the coal mine. It had leveled off and stayed near $230-$250 nearly all year, which prompted me to give the “all clear” on it this summer for new investment and now it is literally skyrocketing.
Please follow SGT Report on Twitter & help share the message.