Welcome to week 49 with AGAM and Questra World.
In this week's blog post I'm going to focus on what may well have been an attempt by major governments and banks to manipulate the price of Bitcoin and a huge number of other popular cryptocurrencies.
But first... this week's results from AGAM.
WEEKLY INCOME OF THE MANAGERS IS 4,45% ON THE OUTCOME FROM 11.09.17 TILL 15.09.17
The company Atlantic Global Asset Management is pleased to announce of the completion of the current working week. The managers of Atlantic Global Asset Management have once again demonstrated the high level of professionalism, through a series of lucrative deals for the company and its customers by producing the result in the amount of 4,45% of the profit.This week the Fund Managers in AGAM returned a respectful 4.4512% as shown here from the results with my Black Investment Package.
Entering the figure of 4.4512% into my spreadsheet you can see what the first six investment packages faired this week:
I know that some people may feel a little disappointed to see a figure below 5%. The lowest figure I've seen in the 49 weeks I've been with AGAM was 4.2% back in early May 2017. 4.45% per week is far more than any bank will ever pay you!
Plus this week, I feel there may have been something else at work that may have been influential in a lower than average return...
As you know (or you should know at least, especially if you have an active account with AGAM), on the 22nd August 2017, AGAM announced a change in direction and the formation of a brand new company, Five Winds Asset Managment.
AGAM would be focusing on investments in Cryptocurrencies, Blockchain technologies, FinTech startups, and all things related to Bitcoin and the likes.
Over $1.2 billion in Cryptocurrency was raised through Initial Coin Offerings (“ICOs”) in the first half of 2017
Initial Coin Offerings
You may not know just how massive a market this is. When a new business looks for funding they would normally go to a someone like a Business Angel who would invest a lump sum into the company in return for a percentage of that company. This way of funding and investing into companies has been massively disrupted by a type of crowdfunding.
The modern way of gaining funds for business startups is with something called Initial Coin Offerings (ICOs)
ICO are 'tokens' and live on Ethereum's version of Blockchain.
Anyone can purchase 'tokens' in a company with the hope and expectation that as the company does well, the value of the token increases.
The tokens will eventually enter the exchanges and can be traded like any other cryptocurrency.
I myself have invested in Cloud Tokens.
Companies love this style of funding as they do not have to give up a percentage of the company to investors. They are not shares either so no dividends need be paid.
China's Crackdown
Two pieces of news came out of China recently that caused the price of Bitcoin, Altcoins (Alternative coins to Bitcoin, such as Litecoin, Ethereum, Ripple, etc.) and Tokens to take a large tumble!
China banned ICOs.
As well as a great way for legitimate companies to raise money, it's also another way to scam people out of theirs. I can't remember where I read this but apparently, 70% of all ICOs were scams designed to get money out of people. Some countries issued warnings about the high risk and others placed a ban on them altogether!
Following the ICO ban news, a rumor hit the internet - that again caused the price of Bitcoin to drop.
It was said that China would ban access to all Exchanges. "An unverified notice surfaced on the Internet about China moving to block access to all major cryptocurrency exchanges."
Fake News
The next piece of FAKE news came out of a comment by the CEO of Chase Bank, Jamie Dimon - calling Bitcoin 'Fake'.
All this news over the last week was, in my opinion, the reason all the prices dropped... but I also believe that part of this was manipulation of the price - so the banks could buy into Bitcoin at a lower price...
Here's proof they did just that! (Image from a twitter post)
People on twitter letting JP Morgan know that they are being watched. They say bad things about bitcoin on, then go on to purchase a stack of it when the price has dropped! - 'We see you J P Morgan'
Back to AGAM Results
Getting back to AGAM's results this week... with all that's happened, all the fake news and market manipulation, a 4.4512% return on investments, when crypto prices were going down, I think, is impressive!
Well done AGAM!!
Have a wonderful week, and remember when it comes to purchasing currencies or stocks, buy low, sell high!
Bill Thomson
