There it was, seven stories down on The Age website yesterday.
‘Bitcoin surges past US$9,000 for the first time.’
Yes even the mainstream news now reports on bitcoin’s price movements. Seven stories down is almost front page in the web era.
Though when you open the article, there’s the usual disappointing mix of basic facts and mainstream fund views.
It’s like asking a high school physics teacher about quantum physics.
Sure they could give you a good primer. But it doesn’t mean they fully understand it.
It’s like the mainstream news don’t quite believe it. But now they can’t ignore it.
In the past every article was dismissive of bitcoin and cryptocurrencies. ‘A fad, a scam, a money laundering exercise…’
Perhaps we’re starting to see the beginnings of a subtle change in the media’s reporting? Who knows?
But I bet they still won’t be brave enough to tell you about the hidden cryptos making even bigger gains than bitcoin!
No, they’ll wait for that ship to sail too no doubt.
‘Bitcoin’s ok but the rest of the cryptocurrency market is rotten,’ will be the new party line.
They’re wrong, of course.
They’ll get there with time. After these hidden cryptos go mainstream. At 10X, 50X or even more their current value.
What are these hidden cryptos, you ask?
Let me explain…
The hidden cryptocurrencies
Ever heard of RieCoin (RIC)?
I bet not…
Well while bitcoin went up a handy 8.94% yesterday to record highs, RieCoin went up 84.19%.
Now this was only one day.
And cryptocurrencies are renowned for volatility. So perhaps it will pull back tomorrow?
It probably will.
But there’s no question the opportunity was there yesterday to make 84% in a day. To make $89 profit on $100.
Now I’m not saying you should day trade cryptocurrencies.
Day trading any market is always hard unless you afford to sit in front of the trading screens 24/7 and have some kind of trading edge.
But I think it does demonstrate that bitcoin is not the only game in town.
Behind every cryptocurrency lies a technology that may have an exceedingly high valuation at some point in the future (or not).
When you realise this, it’s less a day at the pokies and more a high growth investment opportunity like any other. With big risks and big rewards.
Let’s look at another hidden crypto that has outperformed bitcoin, not just over one day but over the last month. And has actually been in a steady uptrend against bitcoin since April this year.
Source: Coin Market Cap
[Click to enlarge]
Vert Coin (VTC) was trading at just 7c on 9 April 2017. Or 0.000054 BTC.
Today it’s trading at US$5.48. Or 0.00056 BTC.
In fiat money terms that’s just over a 7,700% gain. $1,000 is now more than $78,000.
But here’s the important part…
It has actually grown 10 times faster than bitcoin has in the last seven months. So whatever you’d have made in bitcoin, you’d have made 10 times more in Vert Coin!
I bet you’ve not read any headlines about Vert Coin?
And I don’t expect you will any time soon.
To be clear, I’m just using Vert Coin as an example. If it succeeds or fails ultimately will be due to its technology, its usability and its competitive advantages.
There are literally thousands of cryptos out there vying for your attention. And you can’t rely on the mainstream news to direct you on where to look.
That’s my point.
They’ve only just (tentatively) got on board with bitcoin. I don’t think they will be in a hurry to tell you about the rest.
Winners and losers
In my opinion, in the next five years or so, you will be able to divide the world by what stage you got on board with cryptocurrencies.
There are the pioneers. The original cypher punks, who invented the whole concept.
Then there’s the early stage crypto investors. This stage has passed now.
The stage we are in now is when the early majority are getting into it.
The late majority investors will eventually buy in when their super fund or broker does it on their behalf.
And then bottom of the crypto pile are your die-hard crypto deniers. They will never do it — until bankrupt governments forces them to!
Editor, Money Morning