Those who have followed my recent career path know I have changed my views so dramatically, it’s hard to believe I’m the same person. To wit, I was literally one of the world’s ten or 20 most well-known Precious Metal advocates for many years – until I changed my tune, care of Bitcoin.
The process was evolutionary, as I first recognized Bitcoin back in 2013 - when I earned a “red badge of courage” for losing exactly 1 BTC at Mt Gox. However, it wasn’t until January 2016 when I started to significantly invest and write about Bitcoin in my blog – navigating dangerous career waters, given that I was Marketing Director of a major bullion dealer…which ultimately cost me my job (thank God), after THIS podcast performance.
Then again, I swore off mining stocks in mid-2011, whilst a Director of one of the largest mining stock investor relations firms…for the same reason I’ve sworn off Precious Metals now; i.e., my thoughts evolved – first gradually, and at the end, RAPIDLY.
To that end, I’ve made MANY evolutionary changes throughout my career – from Wall Street, to mining stocks, bullion, and Bitcoin. In some cases, it helped me to profit (or avoid further losses); and others, to merely survive. In that way, I liken myself to the highly adaptive cockroach – as NOTHING has been easy, or permanent, throughout my 29-year career. To that end, every time I ponder this concept, I think of one of the funniest comedy sketches ever…Al Bundy’s “Mighty Cockroach” from Married with Children.
Back to Bitcoin, my “Maximalism” is as well-known as anyone in the space – as I’ve spent 2½ years proselytizing its benefits; whilst being 100% invested in BTC, and recommending anyone who’s asked to do the same. Actually, that’s not entirely correct…as there were a few months last summer that I had a 10% position in Litecoin – which at the time, I considered “silver to Bitcoin’s gold.” However, after Bitcoin SegWit locked in in July, I sold my LTC for BTC, as I no longer saw a scenario where Litecoin could outperform Bitcoin over time.
Throughout the August through December Bitcoin explosion; and ESPECIALLY when the sector collapsed in January, February, and March, my anti-altcoin vigilance was extremely powerful – to the point that I believed it possible most altcoins would be wiped out. After all, 90-plus percent were pump-and-dump money grabs with no viable use case…which, I might add, 90-plus percent STILL are.
However, as I watched altcoins’ cumulative price performance in the crash aftermath, it occurred to me that the sector had significant investor support…that early on, I attributed to investor ignorance. However, it eventually occurred to me that if Bitcoin is indeed destined to change the world, an enormous cryptocurrency ecosystem would be built around it.
No altcoin will EVER be able to usurp Bitcoin’s primary use cases as the top global wealth storage asset; and potentially, cornerstone of future monetary regimes. However, many niches will need to be filled, that smart developers will figure out…and investors will pay large amounts for. Heck, I actually wrote this back in September – mere days after launching CryptoGoldCentral.com; when I proclaimed TRILLIONS of capital will enter the cryptocurrency space; perhaps, HALF in Bitcoin. Thus, if HALF enters altcoins, the investment gains for those who pick the RIGHT ones will be unfathomable.
Now that I’ve seen altcoins’ performance in the wake of one of the worst sector crashes in memory, I’ve evolved my thought to believe they are here to stay. For me personally, I have no intention of investing in altcoins – but only because my risk profile is very conservative. After all, I’m nearly 48 years old, married, and raising a young child.
However, I recognize that, just as many Precious Metal investors were more interested in high-risk mining stocks than physical gold and silver, many crypto investors are more interested in high-risk altcoins than Bitcoin. And when I see alts like BRhodium (scheduled to launch this summer) with viable, long-term use cases - it makes me realize the potential for significant; albeit, high-risk; investment gains are possible. And I do mean HIGH-RISK…particularly, as very few altcoins afford the option of controlling one’s private keys.
To that end, my decision to offer professional consulting and marketing services to altcoin developers – of existing and yet-to-be-launched coins; was simply an extension of my evolving thought process. Not to mention, seven years of marketing oilfield service stocks as a Wall Street sell-side analyst (Salomon Smith Barney, 1998-2005); five years of serving as an investor relations officer and consultant to dozens of publicly-traded mining and energy companies; five years as Marketing Director of a major bullion dealer; and 2½ years of being one of the world’s most vocal Bitcoin “marketers.”
As of yet, I have no clients- and actually, have turned several potential clients away. The reason being, I will ONLY accept clients where I believe management is competent and trustworthy, and the coin worthy of investment. It may take time – but given my expectation that the Digital Age will be dominated by cryptocurrency, I anticipate no shortage of worthy candidates in the future; this, as I continue to focus my personal investment on Bitcoin…the KING of cryptocurrency.
So, to the question of my (evolving) view on altcoins, I believe that as a group, it will trade with a 100% directional correlation with Bitcoin for the foreseeable future. Most will never be useful for anything but speculation; but assuming Bitcoin doesn’t collapse…which will NOT happen…there will likely be plenty of speculation to go around, given how many crypto investors SEEK altcoins' high-risk, high- reward potential. And for those that select the precious few with viable, defensible, long-term use cases, the potential gains could be legendary. To that end, please listen to the One-on-One podcast I taped TODAY, in which I discuss all of these topics in detail.