Crack the CryptoCode to Make Money With Bitcoins-James Altucher | CORPORATE ETHOS

Crack the CryptoCode to Make Money With Bitcoins-James Altucher

By: | December 25, 2017
bitcoin-new

The hottest sensation in investing worldwide – cryptocurrency seems to have taken investors  with prices sharply falling after a spike, making one wonder whether there is any good strategy to make money in it.

Just as in equities, commodity derivatives or equity futures or mutual funds, successful investing in any asset requires doing your homework, understanding the market and employing the right strategies. If fundamental, technical research and intuition are vital in equities and commodities, in crypto currency, the success lies in cracking the crypto code, according to James Altucher, US hedge fund manager, entrepreneur, author, venture capitalist and podcaster.

Also a computer wizard and Silicon Valley insider, he claims to have cracked the code of crypto currencies that went bullish in a short period of time. Armed with this knowledge, he picked penny crypto currencies that turned every $25000 into $1.8 mn in 18 months.

Now he has found a 24 cent crypto currency with a potential to grow 1000%. With over 30 years as a successful tech investor, Altucher says with confidence that he has never seen an opportunity as big as the current crypto currency markets.

His analysis of bullish crypto currencies revealed that all of them had the same crypto code.

Why Bitcoin prices shot up?
You may wonder how Bitcoin prices shot to a record high of $19,783 on December 17,2017 but subsequently fell to below $11,000 mark. Altucher says that as with any other currency, scarcity has a bearing on its price. The number of bitcoins in circulation has been capped at 21 billion, which means one bitcoin per every 500 people.

As with any other asset class, demand-supply relations will have an impact on prices from time time. Bitcoins are a bit volatile asset class with prices moving up and down in succession as there are other competing crypto currencies too.

Some Facts About Bitcoins
`-In the last five years, the total value of all bit coin outstanding (ie.market capitalization) has grown from less than $1 bn to over $262 bn with a daily notional turnover of $21 bn.

-Total value of all crypto currency tokens outstanding is $423.7 bn.
-Chicago Board of Exchange (CBOE) on December 10 launched the Cboe bitcoin futures (XBT). On the first day it traded 4127 contracts.

-In India also crypto currency exchanges are functioning but not regulated by any agency. The India Government and Reserve Bank of India had issued several cautionary notices to investors but interest in this asset is only rising.
– India Government has set up a panel with senior officials from RBI, Securities and Exchange Board Of India (SEBI) and IT Department to observe the functioning of crypto currency exchanges.

-With the digital nature of the cryptocurrency, concerns about cyber threats have surfaced. In South Korea, the Youbit exchange that deals in crypto currencies discontinued operations and declared itself bankrupt as hacking caused loss of 17% of its assets.

-Bollywood Superstar Amitabh Bachchan who became richer by $100 mn investing indirectly through Stampede Capital of Hyderabad saw his asset value fall sharply as crypto currencies turned bearish.