Dear Member,
As you all know, it’s been another rough month for crypto markets. Altcoins have been hit especially hard.
As I write this, bitcoin is trading around $3,400. I can’t say when this bear market will end, but I will tell you that I haven’t sold any of my holdings during this downturn. I remain bullish over the mid and long term. But over the short term, it’s very difficult to predict.
People are worried, and not just about crypto markets. They’re worried about debt, stock valuations and what the Fed will do with interest rates.
Encouragingly, many of the world’s best investors continue to invest aggressively in crypto markets. Fidelity and Nasdaq just joined forces to invest in ErisX, a new institutional cryptocurrency exchange, with $27.5 million in new funding.
Sequoia Capital, widely regarded as the best venture capital firm in the world, just invested in Conflux, a highly scalable blockchain platform based on directed acyclic graph (DAG) technology. That’s the same technology that powers Nano.
Early next year will bring the launch of Fidelity’s institutional crypto investment platform and Intercontinental Exchange’s Bakkt. Both businesses will be providing enterprise-grade crypto services to financial firms. I believe this will kick off an institutional boom in crypto.
We will continue to seek out the best pure cryptocurrencies for members, and I believe this strategy will be rewarding over time.
If you’re looking to buy the dip, now is a fine time to do so. If you’re using a dollar-cost-averaging strategy (buying the same amount of crypto on a daily, weekly or monthly basis), don’t stop now. These are the times when your overall cost basis can be brought down significantly.
Good investing,
Adam