This week’s top stories…
Bitcoin $10,000: Back in 2013, the Outsider Club’s own Nick Hodge predicted Bitcoin would hit $10,000. “As an encrypted online currency, Bitcoin doesn’t have the same liabilities traditional currencies do,” he said. “Their supply isn’t controlled by scheming central bankers. They’re not backed by a supposedly trustworthy sovereign nation. And they can’t be arbitrarily seized if things get ugly.”
The cryptocurrency was worth just $1,000 at the time. Today, it’s trading at a record high above $9,600.
Cannabis Royalties: A new superstar investment team has just unveiled what could be the single biggest breakthrough the legal marijuana industry has ever seen. It’s developed the world’s first cannabis streaming company. Find out more here.
Deficit Schmeficit: “The facts are very, very clear: The United States is heading toward a debt crisis,” House Speaker Paul Ryan once said. “We face a crushing burden of debt which will take down our economy — which will lower our living standards.” Apparently that’s no longer a concern, as the House tax plan set to pass will add least $1 trillion in debt over the next decade.
Oil to Spike?: Economist and former Goldman Sachs Chairman Jim O’Neill thinks Brent crude oil might surge to $80 a barrel in the next year before falling back to roughly $60 by next November. That would be a 26% jump from its current level of $63.50 a barrel. O’Neill believes global economic growth is gaining momentum and likely to reach a rate of 4% or higher.
Time for Koch: Time Inc., the publisher of Time, Sports Illustrated, and People is being sold to the Koch Bros, or more specifically Meredith Corp, for $3 billion. The acquisition will give Meredith, which is largely based in the Midwest, a wider, more diversified readership.
