If you happen to be a subscriber on James Altucher’s email list, you will notice he’s jumped on the Bitcoin bandwagon. He is aggressively promoting a cryptocurrency investment opportunity, making crazy claims that he can help anyone make a fortune with a mere $100 investment. Once I started reading his email, my bullshit meter was going through the roof. James Altucher is a former hedge fund manager and highly respected author, so why is he promoting this crap? He must have money problems if he’s partnering with Agora Financial!
I clicked on the link within the email and it brought me to his sale pages. It’s a nicely designed webpage that advertises a get rich quick scheme. The video on the page plays automatically, and it’s obvious he’s reading off a sales pitch that some copywriter wrote for him. He starts off by talking about the vast amount of money that could be made investing early in altcoins. He states that he is already a crypto millionaire, having banked profits of $1.8 million and more recently made an 800% return on a tiny cryptocurrency. It’s too late to invest in Bitcoin now but James mentions there are hundreds of new digital currencies that could become the next Bitcoin. Luckily for you, these coins are trading for pennies.
In reality, the chances of investing in the next big Ethereum are extremely unlikely. You’ll have better odds at the casino and Altucher knows this too. He goes on to further discuss the profit potential if you invested early into other cryptocurrencies that exploded in value. Verge, a small unknown crypto coin, improved upon Bitcoins security and privacy. A hundred-dollar investment would have been turned into a staggering $60,000. DigiByte, a crypto coin created to protect users from cyber attacks. A $2,000 gamble with DigiByte back in April 2017 would have earned you $600,000. Altucher is analyzing these price movements in hindsight, if he’s such a shrewd why didn’t he invest early into these altcoins.
Throughout the sales video, he continues to sprout out hyperbole and build scarcity. He’s creating this false sense of scarcity to motivate people to act now and buy his product. “If you don’t take action now, you’ll miss out on the biggest financial boom ever.” Apparently, he has a secret three step script that will make you a fortune with no risk. This is an outright lie; you can’t invest without the risk of losing money. Understanding the three-step script won’t give you an edge, it’s just a normal economic boom cycle. Finding the right altcoin to buy will be the tricky part as 99% of them are scams.
Three Stages In the Boom Cycle
- The early enthusiasts who were crazy enough to invest when nobody had a clue about crypto coins. There are so many success stories of people such as Jeremy Gardner and Erik Finman who invested a few thousand when it was trading under a $1.
- Institutional investors get involved, i.e. the smart money.
- The ordinary public joins, causing a massive spike in price.
According to Altucher, we’re moving into phase two on February 2nd 2018. Hedge funds and venture capitalists such as Mark Cuban & Richard Branson are looking to get a piece of the pie. All the “smart money” is flooding into this market and the regular guy on the street is going to miss out. No need to worry though, James’ amazing six-part video masterclass will teach you how to profit. In the free video lessons, he will teach you the basics and then up-sell you expensive products.
The reason why James Altucher is so bullish on cryptocurrencies is because of Amazon. There is speculation the e-commerce superpower will soon start accepting Bitcoin as a payment method. If Amazon integrates Bitcoin into their business, it would be colossal for the crypto market. Bitcoin could skyrocket well above $10,000 per coin, dragging with it the price of smaller altcoins. As the saying goes, “a rising tide lifts all boats”. If Amazon accepts Bitcoin then their competitors, eBay and Overwatch, will have to follow suit. Vice of President of Amazon Pay, recently said due to lack of demand they had no plans to accept digital currencies. Despite this, Amazon recently purchased three cryptocurrency related domain names. More likely this is to protect their trademark or maybe they will enter the sector.
Right now he’s also promoting other investing newsletters on Agora Financial, a very shady company! They are well-known for scamming people. With so much money to be made in the Bitcoin sector, there will always be people like Altucher taking advantage of others. He becomes wealthier selling high-priced newsletters while suckers buying his products get poorer. Based on experience from his previous newsletters, his stock picks are very hit and miss. He’ll talk about his winners but never his losing trades.
Right now he’s promoting various get rich quick schemes with Agora Financial. One that caught my attention is Magic Secret Income. He created a promotional video where he approached a random girl in a coffee shop. He shows her his secret investing technique and somehow the girl makes $600 in minutes buying Apple put options. Clearly it’s a fake video and she’s an actor. I’m slowly losing respect for Altucher and his online marketing tactics.