Before we dive into the question of “IS IT TOO LATE TO BUY BTC?”. Let’s first take a look at crypto and BTC’s most recent corrective period as that was scary for existing investors and looks scary to those thinking of jumping in. Bitcoin’s mid-February correction was very similar to Bitcoin’s mid-April correction period.
At this time, there is ample technical evidence to suggest that the Bitcoin correction is over.
Bitcoin’s current price action and contextual price positioning is very curious, almost mirroring BTC’s 2017 price movement:
Bitcoin is now challenging a very key resistance area around $59,000 USD. The red box is essentially the top of the Ascending Triangle that price is currently forming.
And if 2017 is any indicator, BTC could still reject from here and pullback towards the Higher Low and still maintain macro bullish momentum.
This sort of consolidation inside the Ascending Triangle will continue to enable Ethereum to steal the show, which in turn is setting up the stage for significant money flow into other Altcoins.
2017 has shown that the longer the consolidation from BTC, the better for the impending Altcoin rallies.
So will BTC go up short term or will it consolidate? If we take a look at the Stock-to-Flow model it makes us believe that BTC will make a significant move up in the next 2 weeks as that is when the S2F model will flatten out.
So what does this mean for crypto portfolios and/or people wondering if it is too late to invest in crypto?
If you are already invested. Buckle in for a really beautiful ride.
If you are not already invested. It is NOT too late. This is not financial advice.
The fact that BTC is consolidating right now is setting up a brand new money flow cycle.
What does this mean? How does the cycle work?
Every single crypto bull market usually has micro-cycles that go like this?
BTC makes an all time high. Settles down.
ETH makes an all time high. Settles down.
Midcap altcoins go absolutely wild.
Microcaps explode.
Should be a very exciting 2021!
So to answer your question… “IS IT TOO LATE TO BUY BTC?”… in our opinion, no it is not. It is the best performing asset since its inception and the most secure and agile store of value in the world.
But the real question you should be asking is “WHERE ARE THE LARGEST RETURNS IN THE CRYPTO MARKET?” because at this point in time, BTC is definitely not the most promising in terms of large multipliers.
Sign up for our newsletter and stay tunes as we begin to share our ALTCOIN picks for 2021 and beyond.
Starting with Everest $ID.
Current price: $0.70
PRICE TARGET FOR EVEREST $ID: $51 (75x)
We’re going to kick off our crypto fundamental series with one of our favourite tokens around: Everest $ID. For now it can only be found on the Uniswap exchange.
Let’s first chat about the inevitability of societies being digitized.
Estonia led the way for digitizing a society…..the government did it by digitizing users’ identities for the banks, and then layering on financial services, followed by governance, health, and even schooling.
India followed suit a decade or so later with Aadhaar + India Stack, digitizing all identities and financial transactions. Although both countries significantly increased their economic output, they relied on central databases and control mechanisms. Which is not efficient.
Imagine if we could take that blueprint to the blockchain, and give users control! Everest $ID did that.
Overview
Everest is an economic and value transfer platform, based in biometric identity. It is the world’s only device-free, globally accessible, self-sovereign digital wallet and payment solution.
Everest uses blockchain and distributed storage tech to empower banks, governments, NGOs, hospitals, businesses, and other institutions to transparently exchange value with hard-to-reach users, especially the five billion people who do not own smartphones
Without the fundamental elements of all human interaction (value exchange) crypto and blockchain communities will not be able to grow their economies. A comprehensive system with all the fundamental elements, not just a permissionless ledger & token, must be developed.
The attributes of that system, like all economies, absolutely require the following buckets:
1. Identity: a multi-faceted (unique, human, ability to associate in groups, verified for regulated services, etc.), homogenized identity creation + verification service. Without the ability to tie a wallet address to an individual “real person” with attributes, meaningful commerce and the value of crypto and blockchain, (especially regulated services), will be fundamentally limited.
2. Account : no device should be required by the user, and access is by only the user.
3. Ledger: transactions under 5 seconds for a fraction of a penny, and able to perform over 10 million transactions per minute.
4. A stablecoin currency: a recognized store of value that is stable over time. Pegged stablecoins are the best example to date. For example, USDT Tether being pegged 1 USDT to $1 USD. You need stability in the ecosystem.
5. Legal: a license or recognized ability to operate by powers that enforce laws, fines and jails is an absolute requirement.
6. Access to the ecosystem: APIs to the regulated financial and traditional world, and staking for said access is required.
Everest solved all of these issues, and built a platform to bring a global community into the 21st century.
Everest $ID is worlds only device-free, globally accessible, self sovereign digital wallet & payment solution.
Any smartphone can create a biometric ID with KYC/AML… and about 40%~ of the world’s population has a smartphone. Therefore, Everest’s adoption numbers could reach $3.2 billion humans. In addition, there are roughly 1.7 billion adults that are unbanked. All they need to become banked with Everest is a smartphone.
The International market access available through universally programmable & regulated currency.
Also, it is estimated that 1.1 billion people worldwide do not have verifiable identity. Because of this, they are unable to take part in national and international economic markets, denied access to healthcare, education, banking, and social benefits.
This primarily occurs in low income nations where the poorest remain the most disadvantaged in nearly every category that effects quality of life. This identification gap is, however, narrowing at a rapid pace.
Over the last decade, nearly 140 countries have issued digital ID, many included biometrics. Countries such as Malawi registered their entire population. Pakistan, India, and Indonesia have built multipurpose ID database covering much of their population.
How is Everest a Solutions for Banks and Financial Institutions?
- Account/wallet: no device required
- On-boarding with IDV for account opening
- Regulatory compliance/reporting
- eKYC /AML
- Cash transfer, payments, payroll
- Cross-border remittances
How is Everest a Solutions for Governments?
- Biometric identities
- Data exchange coordination
- Cash transfers
- Inter-agency smart contracts
- Documents that can be shared, signed and returned
- Payments that can be sent, received, audited, and tracked
Intro video: https://www.youtube.com/watch?v=syFkPIcAIE4
In conclusion, Everest Is an incredible project that has several needed real world use cases. It is currently unparalleled in crypto with all the makings of a future blue chip that could become the size of a national company.
And if you are an investor, right now is a prime opportunity to get in before it blows up. Because it will. Their market cap is currently sitting at $122,002,729
They launched 5 days ago, and already have 600+ users and over $2M in Total Value Locked on Everchain.
And also checkout this Indonesia case study where Indonesia leveraged Everest’s platform to streamline a subsidy program.
Resources:
https://www.everestlink.org/wp-content/uploads/2021/02/EverestFoundationPlatformTechBriefv320.pdf
https://everest.org/wp-content/uploads/2020/09/Everest-Bank-FI-24.pdf
