As panic spreads through the world’s banking system, bitcoin is suddenly looking like a safe haven…
Since January, the Financial Select Sector SPDR ETF (XLF) – a proxy for the U.S. banking industry – is down 10%. Some regional banks are down way more than that.
Meanwhile, bitcoin has been up as much as 70% since January, making it the best-performing asset so far this year.
So how did bitcoin evolve from risky asset to safe haven virtually overnight?
Here’s the take from Daily editor Teeka Tiwari:
Bitcoin is no one else’s liability. As long as you custody your own bitcoin, it’s free of counterparty risk. In addition to that, it’s impossible to dilute bitcoin’s value beyond its preprogrammed creation schedule.
Sure, bitcoin is volatile. And yes, you might wake up one morning and see it down 30%, 40%, or even 50%.
But bitcoin always comes roaring back (like we’re seeing now). After every bone-crushing crash, it always powers back to new all-time highs.
People are realizing it’s better to deal with volatility than the risk of a 100% loss that currently exists in the fiat-based banking system. That’s why I believe bitcoin will continue rising from here.
While buying bitcoin is great, Teeka says it’s NOT the best move you can make right now.
On Wednesday night, he shared details about a tiny subsector of the crypto market that will benefit from a coming “buying panic.”
If you don’t own these tokens, you’ll get wiped out as the broad crypto market (excluding bitcoin) gets crushed. But if you do, you’ll have the potential to make a killing from this buying panic.
Unlike most cryptocurrencies, these tokens are programmed to pay you monthly income on top of capital gains. And they’re set to benefit from a surge of activity coming to one of crypto’s largest networks as early as next month.
During his special event, he explained what this catalyst is and what types of tokens will benefit from it. For a limited time, you can stream it right here.
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Regards,
Chaka Ferguson
Editorial Director, Palm Beach Daily