Editor’s note: A “secret” currency market has been born. This radical new money is going to change how we buy groceries, pay our bills, and conduct business. It could even completely eliminate paper money.
And yet, most people have no clue this new currency even exists. Meanwhile, the “smart money” is pulling out of traditional investments and piling into this new space…hoping to cash in on “a new virtual gold rush.”
Today, Teeka Tiwari, editor of The Palm Beach Letter, shines a spotlight on this exciting new development. As you’ll see, this secret currency is about to turn a $2 trillion industry on its head…but that’s only the beginning. Eventually, this technology could be bigger than email, even the internet.
The good news is that you can get in on this currency revolution without putting a penny in the stock or bond market. Teeka reveals how at the end of today’s essay…
On a cold and rainy October day in 1971, Ray Tomlinson sent the first-ever email.
At the time, he didn’t think much of it. Nobody told him to do it… He just thought it was neat.
Tomlinson was a programmer working on a secret government project called ARPANET… a network of computers that could “talk” to one another.
It took two years before people realized just how powerful Tomlinson’s invention was. By then, email had gone from virtually none to 75% of all ARPANET traffic.
Today, 2.5 billion people send 2.5 million emails per second on ARPANET’s successor—the internet.
More than four decades after Tomlinson’s invention, email is still the single most used application on the internet. It was crucial to the growth of the web.
In the early days of the internet, email was its primary draw for users. There was no YouTube, Google, or iTunes Store.
Email birthed some of the earliest internet success stories… pioneering online service providers like Prodigy, CompuServe, and America Online that were all built on providing convenient email access.
Email was once a disruptive technology… Its use is so widespread that it’s putting the U.S. Postal Service out of business… It’s contributed to a 35% drop in first-class mail over the past decade.
Early investors in email support technology got rich, turning minute investments into millions and millions of dollars today.
It’s easy for us to dream what it would have been like to make that sort of fortune from an investment. Had we the right information back in the 1980s and 1990s, would we have invested? Would we have committed those dollars?
Today, I’m putting your feet to the fire.
Friends, we are on the brink of a budding new technology trend that is of the same scale—possibly bigger—as email and the internet. But this one will revolutionize the way we transact and do business… in the way email revolutionized communication.
It’s happening right now with only a few people watching…
• A revolutionary way to conduct business…
On Sept. 7, 2016, Barclays facilitated a $100,000 trade of cheese and butter between Irish food company Ornua and the Seychelles Trading Company.
This small trade will be just as revolutionary as the first email sent.
When two companies in different countries want to buy and sell from each other, they use a bank to guarantee the transaction… It’s called “trade finance.”
According to McKinsey & Co., about $2 trillion is conducted in trade finance each year.
For more than 400 years, trade finance hasn’t changed much. Banks act as intermediaries between trading partners. They use letters of credit to guarantee that everyone gets paid. Part of the due diligence process has always involved collecting a mass of paperwork.
Both sides have to prove that they truly own what they say they own. They also have to prove that the goods they are selling are of the size, quality, and quantity that the bank is guaranteeing.
As you can imagine, trade finance involves sending mounds of paperwork across oceans. Missing a signature? Sorry, please resend the package. It’s a time-consuming process desperately in need of change.
Even in today’s digital age, it takes 10 days on average just to handle the paperwork. Sometimes, it can take up to a month.
But all of that just changed on Sept. 7.
That $100,000 trade for butter and cheese was concluded in less than four hours. That’s a huge time-saver that will significantly reduce the price of international trade.
Here’s how the deal was done…