International Monetary Fund & Fidelity Jump In!

September 2, 2020

It’s been another big month in the world of crypto, and the word of the month is acceptance. Last month saw big business jump in. Now, we’re seeing more from Wall Street but, perhaps even more importantly, the International Monetary Fund (IMF) and the IRS are now focusing on crypto assets front and center.  You know if a three-letter agency that sets monetary policy (or regulates your earning of it) is paying attention then we all should be. To that end, I’m going to dive right in:

INTERNATIONAL MONETARY FUND POSTS CRYPTOCURRENCY COMMERCIAL

The international Monetary Fund published a two-minute commercial regarding cryptocurrency, stating in it that cryptocurrency “could be the next step in the evolution of money.”   Now, given the fact that the mandate of the IMF is to ensure the stability of the international monetary system, this is huge news.  Just a few years ago cryptocurrency was all but disregarded, and now they are not only acknowledging its existence, but that it could be where we are all headed. Check it out here.

FIDELITY APPLIES FOR BITCOIN FUND

Ah Fidelity. We all know you as that trusted conservative, financial institution that provides Mutual Funds, IRAs, 401Ks, and stock trading, along with instruments such as life insurance and credit cards.  You’ve been a bedrock of financial services since 1946, and your positioning as a conservative institution has earned you the trust of Wall Street and suburbia.   So, then, what am I to do with the fact that you are now filing for a bitcoin fund?  (The answer is, of course, to celebrate!)

In all seriousness, you know it’s big if Fidelity is getting involved, and based on the nature of that firm, you also know that crypto assets are no longer a radical fringe movement.   In fact, they note that in a survey of 800 institutional investors from the U.S. and Europe, 36% of respondents were already invested in digital assets, while 60% said digital assets had a place in their portfolio!   If you’re still unsure about this world, I encourage you to consider this another bellwether event.  You can read the Forbes article regarding Fidelity’s entry into the world of bitcoin here.

IRS PUTS CRYPTOCURRENCIES ON FRONT PAGE OF 2020 1040

If that wasn’t enough, the IRS has now put cryptocurrency acknowledgement on page 1 of the 1040.   While it used to be a schedule 1 question, they have now deemed it important enough -and profile enough – that they need to address it front and center and require that every taxpayer now confront the cryptocurrency question.  Now they want their piece of the pie. The Forbes article citing this can be read here.

CRYPTO ASSET INVESTING – TRADECRAFT’S OWN JAKE RYAN IN PRINT

Finally, after years of work honing systems and methodologies, proposing and refining our thesis, diving diligently into the world of Cryptocurrency and implementing all of this information and education via Tradecraft Capital, our Founder and CIO Jake Ryan’s book is now ready for pre-order.  Due out in December, you can now get a sneak peek of Crypto Asset Investing in the Age of Autonomy.

IN CLOSING

While being right isn’t everything, it sure is nice when you call a shot and it unfolds before your eyes. We’re excited because the powers that be are now paying attention.  No longer in the sidelines or the shadows, crypto assets are moving front and center.

If you’re not part of the crypto revolution and you’re also excited (or at least curious), please reach out and we can explore how you too can participate and profit from these historic events.

Until then, stay safe and we’ll continue to Decrypt: Crypto for you!

About the author James Diorio

James is a Principal and Chief Executive Officer of Tradecraft Capital.