Because Bitcoin was the first cryptocurrency, because it’s a household name, because it garners headlines, including being quoted regularly by financial news outlets, because what underlies Bitcoin, blockchain, is the technology of the future, a lot of people think Bitcoin conveys legitimacy on other cryptocurrencies
Nothing could be further from the truth.
Bitcoin is nothing more than an experiment that proves a blockchain cryptocurrency is possible.
It isn’t real currency. It isn’t a store of value. It isn’t a widely accepted means of exchange. It isn’t any of the things that it’s supposed to be, including proof that cryptocurrencies are the future of money.
Bitcoin is a false prophet of cryptocurrencies, with one exception, which will make you sick.
Here’s why Bitcoin’s hopeless and what the only exception to “going-nowhere-cryptocurrencies” will be…
Last Wednesday’s plunging Chicago PMI (Purchasing Managers Index) reading rekindled recession fears and shook up equity markets.
Then Friday’s ISM (Institute for Supply Management) PMI numbers came out. While the national-based index was also under 50, it showed an uptick from September’s 10-year low level.
As a result, markets shoved the recession narrative to the curb and stocks rallied to new all-time highs.
Manufacturing’s under pressure across the American landscape precisely because the U.S. is in a battle over manufacturing and trade with the world’s second biggest economic power, China.
It should come as no surprise, tariff wars aren’t only hitting China, they’re knocking down U.S. domestic manufacturing too.
Here’s what’s going on with PMI numbers, what’s going to change, why the recession narrative is overly hyped, and where the stock market’s likely to go from here…