All tagged Bitcoin
Both agree the U.S. government has borrowed its way into disaster with the only way out being to debase the currency. Pal estimates the debasement to be 15% a year and thus if your investments and income isn’t rising by that much you are falling behind. Schiff doesn’t put a percentage on the money printing or debasement but essentially agrees. What a person is to do is where they disagree.
If Bitcoin is our lifeboat, indeed, as Ms. Demirors emphasizes, “Not owning Bitcoin is now irresponsible.”
In investmentland, it’s “Bitcoin, Bitcoin, Bitcoin,” again knocking on dollar door number 20,000, where it ventured in late 2017. Bloomberg’s November 21st edition features this flashy headline sure to inspire FOMO (fear of missing out) the predecessor of the more quaint Keynesian Animal Spirits
A year ago, it was tighten, tighten, tighten, now three rate cuts are expected by the market by year-end. Gromen told Harrison that Trump’s tariffs matter some, but, it’s the deficits that really matter and are forcing the Fed’s hand.
When the public was worried the end of the modern financial world was near, they were stocking up on gold, and presumably canned goods. However, the last few years has proven the coast is clear: paper and computer generated “assets” will do just fine.
The current price swings across seemingly every cryptocurrency are bringing to the fore a question that has loomed over the industry since its inception: to what extent can a virtual asset be a store of value? By swapping out of digital gold and into the real thing, some investors may be providing an answer.
Today was a dramatic day in some parts of Trump’s bubbleland, with Bitcoin closing at $10,124, down 25% for the day and a steep fall from $19,343 on December 19th. The DJIA broke 26,000 for the first time but closed lower, and the 2-year treasury note yield burst through 2 percent for the first time since the dark days of late 2007.
So cryptos are not money. They are rather what has come from a consensual suspension of the laws against private-sector counterfeiting.
In a word---Bitcoin, said Stansberry. Everything Stansberry sold last year had to have a bitcoin hook or angle to it. “We have to feed people the gruel they want,” he said.
So we have bitcoin, something everyone is talking about, but no one can see or understand, trading near $15,000 apiece. At the same time the President is like the simple-minded Chance in the movie “Being There” who has been educated only by television, has childlike naïveté, but rises, by accident, into the game of politics and the talk of the town.
Millennials are hoping Ronnie Moas is right. He said, "The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world," on CNBC's "The Rundown."
The popular delusion being posited that Murray Rothbard is somehow the father of the alt-right and, “Rothbard, who died in 1995, would’ve loved Donald Trump, and he seems to have foreseen his rise as if in a dream,” wrote Justin Raimondo, is an attempt to make Murray the boogie man yet again.
Certainly, for those of us not playing in the crypto space, Tucker provides an apt description, “It was as if a Maserati had sudden driven up alongside a fleet of Model Ts.”
However, the current bubble craze is Bitcoin and while more can be made--up to 21 million--the current boom is just getting started according to Former Fortress hedge fund manager Michael Novogratz.
Not bitcoin backed, not ethereum backed, g-o-l-d backed. How low tech of the Chinese. For the moment, oil is priced in dollars, whether it’s Brent or West Texas Intermediate.
My reflections on a certain real estate bubble and how it seemed similar to his acute certainty of how the future would progress made no dent in his enthusiasm.
Crypto fans might wonder what the “craft” refers to. Grant’s believes the burgeoning digital currencies have more in common with craft beers and government fiat currencies than Krugerrands, Eagles and the golden like.
The Elliott Wave folks remind us, “It’s always like this in the end. The easy way becomes the obvious way. In this case, all a person has to do is push a button and literally create money. What could go wrong?”
There is no Janet Yellen in the crypto-world to arbitrate this sort of monetary brouhaha. Decentralization is the silky petals of the crypto flower, but this battle between the miners and what is known as Core, a group of developers is thorny and no one knows how it will come out.
"HowMuch.net on Wednesday put things into perspective and demonstrated that for all the buzz and excitement bitcoin has generated, it still has a long way to go to be even remotely relevant.
