The crypto candidate: Digital currencies, blockchain key to America's future … but we must act now
People are more likely to associate Snoop Dogg with cannabis than cryptocurrencies. But a performance by the rapper was a big highlight at last year's Consensus conference in New York, the largest crypto conference in the world.
I was one year too late to meet Snoop Dogg. But this year's event attracted someone else I did get to connect with briefly: U.S. presidential hopeful Andrew Yang.
And Yang's got some talking points that every crypto investor should hear. (If you're interested in cannabis stock investing, check out Weiss Ratings' training course, which kicked off TODAY, here.)
You might not have heard of Andrew Yang yet. As one of 23 confirmed 2020 Democratic presidential candidates, many with higher name ID, he is barely registering on the national polls.
Yang is considered a long, long shot to win the nomination. He is best known for his proposed "Freedom Dividend," a universal basic income of $1,000 a month for every American adult.
But what he really wants to be known for is having the crypto community's back.
Yang was a huge hit with the crypto crowd. At the Consensus conference, he displayed a genuine enthusiasm for cryptocurrencies and blockchain, which he called "one of the key technologies" for America's future.
Yang has even proposed a blockchain-based digital currency nicknamed the "Yang coin." He promised to be a friend to the industry, should he prevail in the 2020 election.
His most important comment was a warning to America's lawmakers …
Yang urged them to come up with clear regulatory guidelines. Otherwise, the U.S. is in danger of falling behind the rest of the world and missing out on the "immense potential" of blockchain technology.
"It's very very hard to invest and innovate if you don't know what the heck the regulatory landscape's gonna look like, and if you've got multiple agencies who may or may not have a say in what you're working on.
"And if you don't have that, then shocker, other countries will end up being more on the forefront of this technology wave."
Those "other countries" include China, Japan, Korea and the Mediterranean island country of Malta, which calls itself "Blockchain Island."
More importantly, blockchain is on the cusp of going mainstream. Remember, the mass adoption of social media only came after businesses started jumping on board. And the same thing is happening with blockchain.
On May 24, Facebook announced its plan to launch its own cryptocurrency, the GlobalCoin, by 2020. It is being called the "trojan horse" that will bring blockchain adoption to the masses.
Related post: New Facebook coin: 3 mistakes experts are making
The adoption process is already well underway. Earlier this year, Cisco predicted that 10% of the world's Gross Domestic Product will be tokenized assets by 2027, and that more than $9 billion will be spent on blockchain projects by 2021.
Image credit: Cisco.com
There is some huge, life-changing money to be made from blockchain. Heck, I expect it to be the most lucrative investment opportunity I'll see before I die.
Yes, it is that huge.
The best way to invest in blockchain is a barbell strategy of both giant global technology giants that are making blockchain a key part of their growth strategy and small, high-risk/high-reward startups that could go up by 1,000%, 5,000% or even 10,000%.
That is exactly the strategy I'm recommending in my Weiss Crypto Investor newsletter, and I hope you'll consider a no-risk trial to it. The grandchildren whom we are going to make wealthy from today's crypto technology investments will thank us.