China’s Crypto-Rocket Takes Aim at Bitcoin
Ten years ago, cryptocurrencies were once written off as a nerdy economics projects with no future as “money.”
After growing into a $130 billion market with over 800 currencies actively trading on major exchanges, it’s impossible to ignore them now.
Bitcoin and Ethereum have soaked up much of the press on cryptos as the two most valuable cryptos.
And rightfully so, since they racked up gains of more than 300% and 3,000% on the year, respectively.
But overseas, one cryptocurrency has left both big names squarely in the dust.
Better still, it trades at a fraction of the cost of either top crypto. (For a list of “penny cryptos” ready to skyrocket higher in the coming months, click here.)
China’s Answer to Bitcoin
As the world’s most populous country, China has had a lot to celebrate this year.
Some of its most popular stocks will soon be included in MSCI’s Emerging Markets Index, all but assuring billions of dollars of inflows into the country.
Its homegrown smartphone-makers are giving Apple a run for its money in the country. Chinese tech firms dominated the top three phone shipment spots in May, according to Canalys.
And on a sinking dollar, the yuan has gained 5% on the year.
But what’s truly flown under the radar is a Chinese-developed cryptocurrency that’s soaring up the chart.
It’s called NEO, and it’s laid waste to competing cryptos.
Changing the Crypto Game
This red-hot cryptocurrency began life as AntShares in 2014 and rebranded as NEO last month.
And if Ethereum is the cryptocurrency market’s answer to Bitcoin, then NEO is the answer to Ethereum.As you may know, Bitcoin was THE revolutionary decentralized digital currency.
It’s backed by a network of computers around the world logging transactions in an immutable “blockchain.”
Ethereum took cryptocurrencies to the next level. The currency features a virtual machine that can process “smart contract” transactions and run thousands of apps — right on top of its network.
But there’s a catch for Ethereum: You can only write apps using its native programming language.
Well, NEO takes Ethereum’s model a big step further…
NEO — which also houses an onboard virtual machine — allows developers to write apps using almost any programming language.
This means the platform attracts a larger pool of developer talent.
And even in China, where censorship and regulation weigh heavily on business, the currency has the indirect backing of the government.
In fact, NEO developers are working directly with Chinese certificate authorities to integrate real-world assets into smart contracts, according to a report from Bitcoinist.
Within China, the currency has become very popular.
Steemit reports that “80% of the [crypto’s] volumes are traded in China, and Bittrex is the only exchange outside of China where [NEO] is trading.”
As a result, worldwide coverage on NEO is scarce.
That won’t be the case for much longer…
A Tiny Crypto With Huge Potential
In the last three months, NEO has gained 9,528% — 76 times greater than Bitcoin’s growth over the same period.
And in the last year, it’s gone from trading for pennies to more than $46 — a gain of more than 32,000%.
What’s more, despite its stellar run, it boasts a market cap of just $1.8 billion — less than 3% the size of Bitcoin.
In other words, this coin still has loads of upside.
Here’s the rub, though…
Until NEO gains more mainstream global exposure, the crypto will likely be volatile.
But when the currency receives the attention surely headed its way, there’s no telling how high NEO could run.
So if you’re an enterprising crypto investor willing to take on spoonful of risk for a bowl of heaping profits… NEO could be for you.
Ahead of the tape,
Chief Investment Strategist, Wall Street Daily