The Brief for November 9, 2020

Bitcoin hit $16,000 and the U.S. will get a new president in January. Some say these two events are related. I’ll talk more about that in the monthly issue (my thoughts might surprise you).

Also, great news on the COVID-19 vaccine. Expect more good news over the next month or so. I realize this is a small consolation to those who remain in lockdown. Keep the faith!

What about crypto? Are altcoins lagging behind or getting ready to rip? Will bitcoin go straight to all-time highs?

I’ll have an update to premium subscribers soon. Meanwhile, here are two short articles, both about bitcoin BUT relevant to alts, too.

• ‘Bond King’ who called Bitcoin a lie now says BTC is a hedge against inflation

  • Bottom line: another Wall Street naysayer begrudgingly accepts bitcoin is legit.

  • My take: first JP Morgan, then Paul Tudor Jones, then Nouriel Roubini, now another guy well-known among the smart money gang. While none of those people have necessarily said anything good about cryptocurrency, they’ve all capitulated into accepting it as a legitimate asset class.

  • Why we care: once smart money capitulates, others do, too. Those kinds of shifts—inevitable, from my perspective—signal a bigger shift in mindset, and consequently, money. We need to stay ahead of that. (Just wait until the bitcoin maximalists start to say “maybe Ethereum’s not so bad” or “DeFi’s good for bitcoin” that’s when you can guarantee alts will go nutz with a “Z”.)

• Crypto survey: Trust in Bitcoin has almost overtaken banks, shares, real estate and gold

  • Bottom line: a survey of 5,000 people in 17 different countries shows a massive leap in favorable opinions about bitcoin.

  • My take: no asset goes up 4x in two years without generating some good vibes. Today, bitcoin. Tomorrow, altcoins. Did you know the total altcoin market also did 4x over the same time, but nobody realizes it? They will soon.

  • Why we care: if you want crypto to go up, you need other people to put money into it. If you want people to put money into it, they need to think they’ll be better off for doing so. Opinions matter and they’re heading in the right direction.

Relax and enjoy the ride!