Economic Uncertainty Ahead



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At some point, the dollar has to give. You can’t just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding..
– Peter Schiff, chief global strategist of Euro Pacific Capital Inc.



Hey All,

Lately, we are experiencing a lot of global uncertainties. Just to name a few, currency crises in Venezuela and Argentina, Britain leaving the European Union, and trade wars between United States.

As a result, investors are buying up gold as a safe haven for the looming uncertainties. Could we begin to see investors moving into digital gold?

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MOON
Who’s up…

Salary payments in cryptocurrencies.

Way to go! New Zealand… will legally allow companies to pay salaries in cryptocurrency starting September 1, becoming the first nation to do so, according to a Financial Times report.

Bitcoin…to replace the New Zealand dollar on workers’ paychecks.

The Caveat… The country’s tax agency ruled salaries and wages may be paid in cryptocurrencies so long as the preferred digital coin is pegged to at least one standard, or fiat, currency.

THE TAKEAWAYS

  1. It is good sign when countries are viewing cryptocurrencies as an asset rather than a speculative pump and dump.
  2. September 1st is only two weeks away. Will be an interesting to see how many people take their salary in Bitcoin and if other countries follow.

Number Of The Week: $10 million
Initial minimum investment to join Facebook’s cryptocurrency, Libra foundation.

Samsung’s crypto wallet adds support for Bitcoin.  

Limited to few devices… Currently Samsung’s flagship devices, the Galaxy S10, S10+, S10 5G, and S10e, as well as the newly launched Note 10 and Note 10+, have the cryptocurrency wallet.

Available in 7 countries… Canada, Germany, South Korea, Switzerland, Spain, the United Kingdom, and the United States.

THE TAKEAWAYS

  1. Samsung is an early believer in the cryptocurrency movement more than most companies.
  2. Samsung continues to invest in the crypto space by integrating crypto wallets to their smart phone and buying blockchain patent.
  3. Currently, Samsung wallet supports Ethereum and Ethereum Tokens (ERC-20).

REKT
…Who’s down

Libra can not be a global coin. 

Bound to US jurisdiction… Andreas Antonopolous, a long time Bitcoin evangelist and spokesperson, said that Facebook’s cryptocurrency Libra cannot behave as a global coin because its services are limited to a few countries.

Not borderless.. Facebook’s Libra compromises on borderless transactions as they have to comply with sanctions, embargoes and currency regulations.

THE TAKEAWAYS

  1. Bitcoin > Libra. The decentralization feature to Bitcoin makes it immune to government intervention.
  2. If your going to send a subpoena to Bitcoin, where do you send it?
  3. Facebook is not permitted in a number countries where the citizens could benefit from a cryptocurrency. Countries such as Russia already said they will not accept Libra.

Argentina, South America’s second largest economy is at risk to default on debt. 

No confidence to paying back debt… The government and its subsidiaries currently have $15.9 billion in debt payments denominated in dollars and euros due in 2019, according to data compiled by Bloomberg.

Probability of default… 55% within a one-year period. Meanwhile, over a five-year period, the likelihood of default is seen at 82.5%.

Results… The currency has lost a quarter of its value so far this week, while Argentina’s main stock market has fallen nearly 35% in three days.

THE TAKEAWAYS 

  1. Currency depreciation has an impact on the local citizens and currency holders. Buying imported goods and traveling becomes more expensive.
  2. The age where people have all their wealth in a single currency is over. Investors know the importance of diversification so lets apply that logic to consumers.

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In the next 10 years there will be more digital currencies than fiat currencies, In 25 years, BTC may become a global currency.”

Anthony Pompliano, 2019

MOON
Who’s up…

Samsung Doubling Down On Crypto… South Korean technology giant Samsung has invested 2.6 million euros ($2.9 million) into crypto hardware startup Ledger. This news follows their recent announcement that the Samsung S10 will be equipped with a crypto wallet.

‘Crypto Winter’ Is Over… Bitcoin bull Tom Lee says ‘crypto winter’ is over and new all-time highs by 2020 are ‘likely’. Of the 11 signs that the crypto winter is over, Lee’s top bullish drivers for bitcoin have to do with blockchain, technical indicators and trading volumes.

Takeaways: The sentiment towards Bitcoin seems to be changing as experts have a positive outlook and is one of the best performing assets in 2019. Corporations are beginning to see the value and are investing for the next wave of innovation.

REKT
…Who’s down

2041 Recovery… According to an analyst at UBS – a Switzerland based International bank – Bitcoin may take up to 22 years to regain its previous dizzying highs based on the historical performance of similar asset bubbles…

Sorry Son… Softbank’s founder & billionaire, Masayoshi Son, lost a reported $130 million from buying bitcoin at the $20k peak and sold in early 2018. Don’t feel too bad, his net worth is still $24 billion.

Takeaways: To quote the legendary Warren Buffett, “Be fearful when others are greedy and greedy when others are fearful.” In other words buy low and sell high – and don’t follow the herd. Buffett advice could have saved Son millions if he didn’t get caught up in the crypto craze.

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