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THE INVESTMENT OF THE DECADE

THREE MUST-OWN STOCKS THAT WILL POWER BLOCKCHAIN’S 295,000% REVOLUTION

By Teeka Tiwari
 THE INVESTMENT OF THE DECADE
THREE MUST-OWN STOCKS THAT WILL POWER BLOCKCHAIN’S 295,000% REVOLUTION
By Teeka Tiwari
For More Reports
Telegram Contact: @symphonyconfidential
Most people familiar with the blockchain know it
as the underlying technology of cryptocurrencies.
That’s true… The blockchain’s main use has been
to record crypto transactions. But that’s not the
only thing it’s capable of.
It’s a groundbreaking technology that we’ll even-
tually use to record any type of transaction. For
instance, you’ll be able to sell your car, home, or
even artwork on the blockchain. That’s why some
people are calling the blockchain the new internet.
Now, for most people, the blockchain is a difficult
concept to grasp. After all, it’s a new technology.
But don’t let that scare you.
Consider this…
Imagine you’re back in 1970. And I tell you that
more people would send mail electronically than
through mail carriers…
You’d probably think that was incredible, too. Or
you’d think that I’m crazy.
Fast-forward 50 years… and today, people send
more mail over the internet than through the
postal service.
That’s the thing about groundbreaking technol-
ogy. In the early stages, we don’t always see how
it’ll change society.
So what exactly is the blockchain?
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At its core, a blockchain is simply a decentralized,
distributed online network.
The internet is a great example of this type of
network. No no one owns the internet. And each
computer logged into the internet is a “host.”
Even if you shut down one host, it won’t shut
down the entire system.
The blockchain works the same way.
Today, the internet is a global network linking
millions of computers. There are nearly 4.5 bil-
lion internet users and 1.7 billion websites.
Everyone on the internet can communicate with
everyone else.
Think of the internet as an online postal service,
and the blockchain as an online financial
services firm.
Like the postal service, the internet exchanges
communications between people. But it exchang-
es them much faster and more efficiently than the
postal service.
Like a financial services company, the blockchain
exchanges value between people. But it exchanges
value much faster and more efficiently than a bank.
Today, we can instantly send text, voice, and vid-
eo messages to anyone around the world with just
a click of a button.
Soon, you’ll be able to exchange something of
 value online as well – like a stock certificate, land
deed, or even a car title – with just the click of a
button.
So just like how the internet revolutionized how
we exchange communications… the blockchain
will revolutionize how we exchange value.
That’s why the World Economic Forum has
projected that blockchain will store 10% of the
world’s GDP by 2027. That’s $8.6 trillion.
Based on those projections, we could see block-
chain technology soar 295,762% over the next
seven years alone – up from just $2.9 billion.
And the World Economic Forum isn’t alone.
Deutsche Bank also forecasts that by 2027, block-
chain systems will record transactions for about
10% of global GDP.
Meanwhile, global investment bank RBC Capi-
tal Markets estimates the blockchain ecosystem
could be worth up to $10 trillion within the next
10 to 15 years.
So blockchain-based systems will impact
businesses and our lives more than the internet
does today.
And Wall Street is taking notice…
According to investment analytics firm Crunch-
base, businesses did 472 deals in the blockchain
space during the first nine months of 2019. This
put the 2019 annual figure on pace to hit 629
deals – more than the total number of deals from
2014, 2015, and 2016 combined.
This is going to lead to an absolute explosion in
the technology… and a flood of institutional mon-
ey heading into this space.
According to Crunchbase News, venture capital
(VC) investment in blockchain startups reached
nearly $1.6 billion last year.
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And 2020 is shaping up to be even better. Ac-
cording to VC firm Insight Partners, the market
size for blockchain is expected to top $4 billion.
Research firm MarketsandMarkets expects the
global blockchain market to grow at a compound
annual growth rate (CAGR) of 66% over the next
five years to reach $55.5 billion by 2025.
And in this report, we’ve found three must-own
stocks that’ll power this blockchain revolution.
The first company has positioned itself as the sole
“gatekeeper” of blockchain assets. You see, it’s
the only company cleared by the Securities and
Exchange Commission (SEC) to trade blockchain
investments like cryptos.
As blockchain goes mainstream… more investors
rush in… and new financial blockchain products
are introduced, this company will make a cut on
every transaction.
Over the next three years, we believe this com-
pany will dominate the crypto exchange market.
And based on that alone, we think it could be an
easy triple.
The second company will disrupt the debit and
credit card industries with much safer “block-
chain-based” cards. We believe it can become the
next Visa of the payments industry.
Its stock has already climbed 8x since Febru-
ary 2016. But we believe it could climb another
16x from here – which would turn $5,000 into
$80,000.
And the third company has positioned itself to
scoop up billions of dollars in revenue by supply-
ing the hardware needed to power the blockchain
boom.
Already, major car makers like Honda are work-
ing with this company. And big institutions are
buying shares.
 The stock has already started a big move, shoot-
ing up 57% in the last six months alone.
But this is just the beginning. Conservatively, it
could triple over the next three years. And we
believe it could even do much better.
With all this in mind, let’s get to them...
Must-Own Blockchain Stock No. 1:
Intercontinental Exchange
Intercontinental Exchange (ICE) owns 12
global exchanges, including the largest in the
world – the New York Stock Exchange (NYSE).
It also provides markets for stocks, derivatives,
interest rates, credit, foreign exchange, metals,
and agricultural commodities.
Think of ICE like a global casino operator.
It takes a little piece of every trade on every ex-
change it owns. Unlike a casino operator, though,
it takes on no risk. When somebody wins, it’s the
loser who pays the winner.
ICE is there to ensure the buyers and sellers have
a market they can operate in.
That’s how ICE makes its money. It rakes in
trading fees from its primary exchange business.
They might be pennies, half-pennies, and half of
half-pennies… But they quickly add up.
With 40% profit margins, ICE pulled in earnings
of $2 billion on $5.2 billion in revenues over the
last year.
The company is also the leading global exchange
for commodities – including futures contracts for
oil, natural gas, sugar, cotton, and coffee.
Its old-school trading and clearing fee model
accounts for 58% of the company’s revenues (in-
cluding 10% from listing fees). It dominates the
exchange business, but management isn’t resting
on its laurels.
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Over the last several years, the company diversi-
fied its revenue stream.
Today, 43% of ICE’s revenues come from data
services. ICE licenses indexes, software, termi-
nals, and other data sets to financial institutions.
The result of this dominance shows in ICE’s stel-
lar stock market performance.
When ICE went public in 2005, its market cap
was $2 billion. Today, its market cap is $54
billion. That’s 24% compound annual growth
– crushing the S&P Global’s 15.5% and the Nas-
daq’s 13.7%.
And the company’s visionary CEO, Jeffrey Spre-
cher, has been the driving force behind its growth
and innovation.
Fortune once dubbed Sprecher as a “disrupter
par excellence.” That’s because he “stands alone
as the leading force in modernizing the world’s
exchanges in recent years from open-outcry pits
into super-efficient electronic marketplaces.”
Sprecher spearheaded ICE’s recent blockbust-
er project: Bakkt (pronounced “backed”). It’s
a global platform for trading digital assets that
launched last year.
ICE partnered with several big guns on the Bakkt
project, including Microsoft, Boston Consulting
Group, Starbucks, Fortress Investment Group, Ea-
gle Seven, and Susquehanna International Group.
And Bakkt is continuing to build a secure plat-
form where global institutions can store, transact,
trade, and transfer digital assets.
For example, on the institutional trading product
side, Bakkt launched its one-day, physically set-
tled bitcoin futures contracts in September 2019.
It’s seen as much as $40.8 million in daily trading
volume since then.
And we expect that to grow exponentially…
 You see, when institutions complete daily futures
trading with Bakkt, they receive actual bitcoin.
This is different from Chicago Mercantile Ex-
change (CME) and Chicago Board Options Ex-
change (CBOE) contracts, which are cash-settled
futures contracts.
This is monumental because it allows financial
firms to deal directly in crypto assets, not crypto
derivatives. ICE has set itself up to be the epicen-
ter of serious institutional crypto trading.
And the stakes are massive. ICE is the first glob-
ally recognized company to offer crypto custody
and trading for institutional investors.
In the crypto space, similar first movers were
Coinbase (the most popular crypto exchange for
individuals) and Binance (the major Chinese
crypto exchange). These two tiny companies op-
erate in a tiny ecosystem.
It’s estimated that there are only 35 million cryp-
to buyers. Yet between the two, they made prof-
its of over $1 billion last year. That’s more than
Deutsche Bank – the 148-year-old German bank
– made that year.
So as crypto trading goes mainstream, we think
ICE could emerge as a global linchpin offering
crypto trading services to a worldwide base of
500 million stock buyers.
And as ICE sees demand for its bitcoin futures
product ramp up, it’ll launch other crypto trading
products, too.
In fact, it’s already launched the Bakkt Ware-
house (which provides safe custody of bitcoin for
all institutions)... bitcoin cash-settled futures in
Singapore… and the first regulated options con-
tract for bitcoin futures.
This is all showing up in the company’s bottom
line… ICE had a strong 2019, with its stock was
up 24.3%. The company set records in sales,
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operating income, earnings per share (EPS), and
cash flow.
But there’s still more room for growth in the
years ahead. As mentioned, the company will
continue to launch new products that’ll earn more
fees. Fees from Bakkt’s crypto trading alone could
add billions more to ICE’s bottom line.
Over the next three years, earnings could double
just based on the profits generated by the Bakkt
platform.
But even without Bakkt, ICE is a stock we want to
own. You see, ICE is fundamentally undervalued.
It trades at a 40% discount to its exchange-oper-
ator peers and a 22% discount to its market data
provider peers...
Factoring in the crypto component, and the stock
could trade nearly three times higher from where
it is today.
Operating as a traditional exchange and data pro-
vider, ICE has been a marvelous stock to own.
It sports an annualized return of 23% since its
2005 IPO. That’s 2.5 times the S&P 500’s 9%
over the same span. And we even get a 1.1% divi-
dend to boot. That’s just about unheard of from a
growth stock.
With ICE, you have all the upside of the crypto
market wrapped up in a traditional exchange pow-
erhouse that’ll go on making billions in profits with
or without the crypto market (which could become
the largest alternative asset class in the world).
Owning ICE today is a no-brainer. Regardless of
the potential upside of its Bakkt division, it’s a
stock you want in your portfolio.
Action to Take: Buy Intercontinental Exchange
(ICE).
Buy-up-to Price: $110 per share
Position Size: Up to 1%
Asset Allocation: Equities

Important Note: Due to the recent market
sell-off and volatility we’re seeing now over
the coronavirus outbreak, we will not be
using stop losses on these positions. Instead,
as part of our risk-management strategy, we
recommend a position size of up to 1% for
these picks. With lots of runway ahead, we
don’t want to let market volatility shake us
out of these long-term plays.
Must-Own Blockchain Stock No. 2: Square
Twitter co-founder Jack Dorsey launched
Square (SQ) with Jim McKelvey in 2009.
Their goal was to simplify the transaction process
between merchants and customers.
At the time, small- and mid-sized retailers had no
options other than to use “merchant accounts.”
These accounts involved long contracts, onerous
fees, and pricey rental devices.
But that all changed in 2010, when Square de-
buted its Square Reader.
It’s a little “square” device that plugs into a smart-
phone or tablet. You can swipe your card through
it for payments. In fact, you’ve likely used this
device before at cafés or other small shops.
This debit and credit card reader revolutionized
the payment-processing industry for smaller
retailers…
It’s cheap and easy to use. And users weren’t
bound by the hassle of contracts. Rather than
charging monthly fees and set-up costs, Square
simply charges a 2.75% fee on every transaction.
And it’s been a successful method for the com-
pany. In 2018, Square processed $85 billion in
payments. In 2019, it was on pace to hit over
$100 billion.
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Digging into the most recent top and bottom
lines, Q3 2019 growth was impressive. Total net
revenues grew 44% year-over-year to $1.3 billion.
And adjusted earnings hit $131 million – up 85%
year over year.
Plus, the company is continuing to roll out one
innovation after another:
• Square Stand (2012): Turns the Apple iPad
into a complete point-of-sale system (POS)
• Square Capital (2014): Offers business
financing to merchants
• Square Payroll (2015): Automatically han-
dles payroll and taxes
• Cash App (2015): Allows person-to-person
money transfer
• Square Register (2017): A faster, more
powerful, all-in-one POS
• Square Crypto (2019): Dedicated to the
growth of the crypto ecosystem
And while these business parts are very valuable
by themselves... combining them will unlock sig-
nificant value.
No other company commands both merchants
and consumers in the space the way that Square
does. It has a huge competitive advantage.
Take Square Capital, for example…
It monitors Square transactions to proactively ap-
proach merchants for loans. Merchants can then
borrow money and pay it back through a small
percentage of sales. It’s genius.
Square can weed out risk by approaching only
strong retailers. And by taking a fixed percentage
of daily sales, the repayment plans are basically
on autopilot.
 Others have taken notice, too. In fact, fintech
company Stripe launched Stripe Capital to piggy-
back off of Square’s idea.
But Square’s major upside is in its blockchain-en-
abled Cash App.
It’s a digital wallet where users can send, spend,
store, and invest money. And in 2018, it added the
ability to buy and deposit bitcoin. (Square assigns
a small transaction markup for the convenience.)
Cash App did $339 million in bitcoin revenue
in the first nine months of 2019 – up from $114
million during the same period in 2018. That’s
almost 200% year-over-year growth.
So Square has made it incredibly easy to trans-
act in bitcoin. In fact, it’s estimated that Square
absorbs 10% of all bitcoin supply daily.
And over the last year, the Cash App consumer
base has grown by more than 100%, with an esti-
mated 25 million users. Plus, Square has done so
with very low customer acquisition costs.
While big banks and credit card companies pay
millions of dollars each year for advertising, Cash
App’s peer-to-peer system has seen a viral net-
work effect grow its user base.
With this in mind, Square stands to benefit from
accelerating U.S. digital wallet adoption. Digital
wallets not only lower the cost of customer acqui-
sition… they also enhance user experience.
Fully monetized, Cash App could reach 200 mil-
lion customers in the next few years. That would
allow Square to rival the big banks and credit
card companies.
And this is only beginning. Dorsey firmly stands
behind the blockchain and crypto movement...
In 2019, he launched Square Crypto. Its develop-
ers aim to build out a crypto ecosystem... make
bitcoin easier to use... and increase adoption.
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Dorsey believes we can solve many problems with
blockchain. He’s even said, “Bitcoin has a high
probability of becoming the internet’s native cur-
rency or the basis for all payments made online.”
What’s more, Dorsey was just awarded a patent
for real-time swapping between crypto and fiat
currencies. This means a merchant would be
able to accept crypto, but still receive U.S. dollars
during transactions.
This is the kind of innovation that’ll break down
the barriers for buying everyday goods with cryp-
to. And it’s why I believe Square will become the
“next Visa.”
While the general public hasn’t caught on to the
company’s potential, some of Wall Street’s smart
money has...
Square’s board includes heavyweights from top
VC firms – like Kleiner Perkins, Sequoia Capital,
and Google’s Gradient Ventures. Even former
Treasury Secretary Larry Summers has a seat.
And Vanguard, Blackrock, Fidelity, State Street,
and Morgan Stanley have stockpiled a total of 67
million shares.
Whether it takes 10 years, five years, or less, SQ
has the potential to climb 16x from here. And
now’s the time to get in, before the rest of the
investment world catches on.
Action to Take: Buy Square (SQ).
Buy-up-to Price: $100 per share
Position Size: Up to 1%
Asset Allocation: Equities
Important Note: Before we removed our
stop losses on these blockchain plays, we
were stopped out of our initial position in SQ
due to the volatility we mentioned above.
However, we still strongly believe the com-

pany will benefit from the blockchain revo-
lution. So we’re closely monitoring SQ as a
potential buy again. And we’ll likely be able
to reenter at an even better price.
When we do initiate a position again, be sure
not to use a stop loss. Instead, use a position
size of up to 1% as part of your risk-manage-
ment strategy. With lots of runway ahead, we
don’t want to let market volatility shake us
out of this long-term play.
Must-Own Blockchain Stock No. 3: Nvidia
Nvidia (NVDA) makes cutting-edge hardware
and software for computers. Its chips – also known
as graphics processing units (GPUs) – are the driv-
ing force behind everything from mobile phones to
personal computers and even game consoles.
Of course, there’s competition (Advanced Micro
Devices, Intel, Qualcomm, etc.)... But Nvidia
makes best-in-class GPUs and has the dominant
market share. In fact, we haven’t seen this type of
monopoly in the semiconductor space in decades.
Noted business magazine, Fast Company has
called it the “Most Innovative Company.” MIT
Technology Review has included it in its list of
the world’s “50 Smartest Companies.”
And Harvard Business Review says it has the
“World’s Best Performing CEO.”
Now, Nvidia has a $150 billion market cap... an-
nual revenue of almost $12 billion... 13,000 em-
ployees… and a staggering 1.6 million developers.
It’s been cranking out hardware and software for
25-plus years. Its platform is installed in hun-
dreds of millions of computers and is available
from every server maker. Plus, it powers 136 of
the Top 500 supercomputers in the world.
Simply put, Nvidia’s GPUs are powering all the
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largest, most disruptive trends in technology:
• Artificial intelligence (AI): AI is a key
foundational technology for the next gen-
eration of the internet. The total address-
able market could touch $10 billion in
the next few years. And Nvidia has a 99%
share of the chips used in deep-learning
programs (a type of AI).
• Autonomous driving: The company’s
processors will be widely deployed in
self-driving cars as the world moves to-
ward autonomous transport. Honda, Audi,
Mercedes-Benz, Toyota, Volvo, and Volk-
swagen have all partnered with Nvidia.
• Gaming: Gamers want instantaneous
system responses. And Nvidia’s GPUs
and algorithms render the highest-quality
graphics at the fastest speeds. The compa-
ny now commands about 70% of the $150
global video game market.
• Supercomputers: Nvidia’s DGX Sys-
tems are over 100x faster than standard
supercomputers – for a fraction of the
cost. Common uses include weather fore-
casting, cancer research, and oil and gas
exploration. IBM, Hewlett-Packard, and
other big players have long teamed up with
Nvidia on supercomputer tech.
Now, these systems didn’t exist five or 10 years
ago. Yet today, they’re becoming ubiquitous
across many industries. And over the last five
years, Nvidia’s stock is up over 1,120%.
But there’s still room for it to march higher.
You see, there’s one technology Nvidia is also
powering that Wall Street analysts aren’t paying
attention to: crypto mining.
Cryptos are a decentralized system of digital
money. And tokens must be “mined.” Basically,
 your computer constantly tries to solve complex
math problems. If it succeeds, you’re rewarded in
crypto, like bitcoin.
Here’s the thing… Anyone with a computer can
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mine because crypto-mining algorithms rely on
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GPUs. And it’s led to a huge demand for GPUs
over the past several years.
Think back to 2017, when the crypto market
soared and bitcoin was up 1,200%-plus. This surge
in crypto mining put pressure on the GPU market.
Everyday folks jumped into the mining market,
hoping to strike it rich. In turn, Nvidia had to
increase its GPU supply – and prices – to meet
demand.
Now, this trend slowed at the end of 2018, when
bitcoin fell more than 70%. But bitcoin has since
recovered – up 85% in 2019. And the trend in
GPU demand is sharply reversing again, too.
It’s a trend we expect to continue as bitcoin prices
continue to rise and crypto shows it’s here to
stay. With lots of runway ahead for crypto prices,
Nvidia is set to benefit.
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companies are building massive opera-
tions. For example, Dallas-based HODL Ranch
Mining Company has 174 acres reserved just for
crypto mining.
Even without the crypto mining element, I’m con-
fident the stock can double or triple in the next
three years. After all, Nvidia is leading the charge
in several disruptive technologies that’ll ramp up
in the years ahead.
And if it is able to capitalize on crypto mining, it
could go up much more. So if you want to tap into
the most innovative trends in technology, Nvidia
is the clear choice.
Action to Take: Buy Nvidia (NVDA).
Buy-up-to Price: $350 per share
Position Size: Up to 1%
Asset Allocation: Equities

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