I dunno, Mr Carter, Jim Cramer came out against BTC at the very moment it took off. It's uncanny how "well" he does this (scroll down to the second to the last graph in this article, https://www.zerohedge.com/crypto/bitcoin-breaches-60000-hits-record-high-dozen-other-currencies). I'm looking forward to his realization that BTC is here to stay and may be a good investment - so I can sell.
There is no question that every largish finance op has got its crypto ETF and, as you note, it has been a 13 year slog since the Winklevoss twins peddled their ETF.
Now, BTC, et al, are legitimized by the reflected glory of the ETF sponsors which isn't chopped liver. This has opened a floodgate of funds sloshing into the space which has driven prices higher.
I predict it goes to $100K by Christmas. I also predict an election funding scandal wherein Biden supporters used appreciated BTC to fund the old boy.
Back in 2021 you touted Helium/HNT and I did very well in that and today it has practical uses and has been referred to in most articles that speak to real world applications in a practical manner to benefit humanity and profit in the corporate world.
There are a handful of others, but it pays to keep in mind that from a longer-term perspective this is an industry that is still in its infancy and has gone from newborn to toddler stage in the course of a decade and a half, but most of the growth in the past half decade, as far as mainstream acceptance.
I stand by my original prediction that eventually the powers that be will get all the wokies(and many others for multiple reasons)behind them and they will demand that paper and metal currency fall by the wayside, because digital currency is much more efficient, when you take into account the manufacturing process involved in paper and metal Fiat currency versus the electricity needed to be generated for crypto. To me at least, it seems to be a no-brainer.
The ultimate power plan -- a not so distant cousin of the Chinese Social Credit System -- is USD digital wherein the gov't would be able to track every bit of income and every purchase you ever made.
They will digitize you.
Birth records, education, driver's/pilot's licenses, medical, prescriptions, travel, conduct, job, income, expenses, real estate, automobile and every bloody word you ever speak or write on your cell phone, computer, or social medial.
I saw where Alexi Gianoullis wants to digitize drivers licenses in Illinois, and allow you to make changes from your phone.....because Ol Alexi is an Obama minion and cost me my kids college tuition in the 529 plan he administered, I am suspicious. Could it be a way to get in front of Voter ID movements?
I confess. I have absolutely no understanding of the lure of Crypto. Though I found it amusing that Musk called his coin the Dogecoin. The Doge's were the rulers of Venice in the way back when and made millions for 100's of years. Very big on slavery but they would sell anyone to anyone. So equal opportunist color blind non racial type of slavery. Their palace is still there. You can tour it.
He pronounced it Dogie. Personally if I was going to name a Crypto currency after a dog I'd call it Krypto Crypto. A super coin, so to speak.
Gold has a 1000+ year history of being valuable. It's not an investment as such. It's a get out of Dodge and run for the hills investment. Ditto diamonds. Makes no practical sense but a long history of people wanting them. You have a market that will always be there. Lead is a more valuable investment than gold because if you have lead bullets you can take someone else's gold away. The Lone Ranger has the best of both worlds. The metal and the bullets.
One problem with Crypto is that if you loose your ledger or it's stolen you have no recourse. If your money is in a bank and the it's stolen you have insurance. Of course if you have you gold in the house and it's stolen you have the same problem. But then you can put it in a safety deposit box in a bank. Still might get stolen but harder to do.
There does seem to be a large and growing market for Crypto types of currency. But then some Beanie Babies and Hot Wheel cars are still very valuable.
Crypto isn't as secure as people think and the market is basically a tech market. No computers, no electricity, no real market. It's nice that they are doing physical token now. That helps. And since just about everyone has or will have a smart phone connected to the internet maybe there will be a very very large market. Still you need the WiFi, the electricity and the computers humming in the background. Something happens, Carrington Effect, long term black out, whatever. It's not only useless it's probably lost forever. Gold you can bury in your back yard.
Jeff, spot on with your assessment as usual. Crypto though, is really no different than any other currency in the world with perhaps the exception of how it is moved. As you rightly stated even gold is not a hedge necessarily, though it has more long term historical value hold. Crypto is no different then the EURO, Dollar, Yen, etc. They are all fiat, with nothing backing them other than the good name and reputation of their issuer. In the case of traditional currencies it is nation states, in the case of Crypto it is a bunch of geeks. Either way, it is all about perception; perception of stability and exchangeability for goods, services and super bowl tickets. If you can pay for almost anything with it, then all is well. It is a lot easier then going down to hear the all of the merchants barking about what they are looking to trade their goods and wares for. I will give you two pairs of socks for a cherry pie?
I dunno, Mr Carter, Jim Cramer came out against BTC at the very moment it took off. It's uncanny how "well" he does this (scroll down to the second to the last graph in this article, https://www.zerohedge.com/crypto/bitcoin-breaches-60000-hits-record-high-dozen-other-currencies). I'm looking forward to his realization that BTC is here to stay and may be a good investment - so I can sell.
Thanks, I didn't know Cramer called the bottom. Guy is uncanny.
There is no question that every largish finance op has got its crypto ETF and, as you note, it has been a 13 year slog since the Winklevoss twins peddled their ETF.
Now, BTC, et al, are legitimized by the reflected glory of the ETF sponsors which isn't chopped liver. This has opened a floodgate of funds sloshing into the space which has driven prices higher.
I predict it goes to $100K by Christmas. I also predict an election funding scandal wherein Biden supporters used appreciated BTC to fund the old boy.
BTW, Sith Lord is capitalized. I am 28% Sith.
JLM
www.themusingsofthebigredcar.com
I regret the error of punctuation and thank you for your service as editor.
I predict 100k by Labor Day. Speculative orgasms galore!
I will see your Labor Day and predict $100K by 4th of July.
JLM
www.themusingsofthebigredcar.com
Back in 2021 you touted Helium/HNT and I did very well in that and today it has practical uses and has been referred to in most articles that speak to real world applications in a practical manner to benefit humanity and profit in the corporate world.
There are a handful of others, but it pays to keep in mind that from a longer-term perspective this is an industry that is still in its infancy and has gone from newborn to toddler stage in the course of a decade and a half, but most of the growth in the past half decade, as far as mainstream acceptance.
I stand by my original prediction that eventually the powers that be will get all the wokies(and many others for multiple reasons)behind them and they will demand that paper and metal currency fall by the wayside, because digital currency is much more efficient, when you take into account the manufacturing process involved in paper and metal Fiat currency versus the electricity needed to be generated for crypto. To me at least, it seems to be a no-brainer.
The ultimate power plan -- a not so distant cousin of the Chinese Social Credit System -- is USD digital wherein the gov't would be able to track every bit of income and every purchase you ever made.
They will digitize you.
Birth records, education, driver's/pilot's licenses, medical, prescriptions, travel, conduct, job, income, expenses, real estate, automobile and every bloody word you ever speak or write on your cell phone, computer, or social medial.
It's coming.
JLM
www.themusingsofthebigredcar.com
I saw where Alexi Gianoullis wants to digitize drivers licenses in Illinois, and allow you to make changes from your phone.....because Ol Alexi is an Obama minion and cost me my kids college tuition in the 529 plan he administered, I am suspicious. Could it be a way to get in front of Voter ID movements?
This is worth a read:
https://brownstone.org/articles/american-totalitarian-crypto-dollar-may-come-before-the-election/
The one sad thing about the original Helium is it became a pump and dump. They have a new mobile one now and who is to say it won't be the same again?
Slope of Hope with a take: https://slopeofhope.com/2024/02/the-ashes-of-time-burned-away.html#more-254076. Read the comments for some levity
I confess. I have absolutely no understanding of the lure of Crypto. Though I found it amusing that Musk called his coin the Dogecoin. The Doge's were the rulers of Venice in the way back when and made millions for 100's of years. Very big on slavery but they would sell anyone to anyone. So equal opportunist color blind non racial type of slavery. Their palace is still there. You can tour it.
He pronounced it Dogie. Personally if I was going to name a Crypto currency after a dog I'd call it Krypto Crypto. A super coin, so to speak.
Gold has a 1000+ year history of being valuable. It's not an investment as such. It's a get out of Dodge and run for the hills investment. Ditto diamonds. Makes no practical sense but a long history of people wanting them. You have a market that will always be there. Lead is a more valuable investment than gold because if you have lead bullets you can take someone else's gold away. The Lone Ranger has the best of both worlds. The metal and the bullets.
One problem with Crypto is that if you loose your ledger or it's stolen you have no recourse. If your money is in a bank and the it's stolen you have insurance. Of course if you have you gold in the house and it's stolen you have the same problem. But then you can put it in a safety deposit box in a bank. Still might get stolen but harder to do.
There does seem to be a large and growing market for Crypto types of currency. But then some Beanie Babies and Hot Wheel cars are still very valuable.
Crypto isn't as secure as people think and the market is basically a tech market. No computers, no electricity, no real market. It's nice that they are doing physical token now. That helps. And since just about everyone has or will have a smart phone connected to the internet maybe there will be a very very large market. Still you need the WiFi, the electricity and the computers humming in the background. Something happens, Carrington Effect, long term black out, whatever. It's not only useless it's probably lost forever. Gold you can bury in your back yard.
Jeff, spot on with your assessment as usual. Crypto though, is really no different than any other currency in the world with perhaps the exception of how it is moved. As you rightly stated even gold is not a hedge necessarily, though it has more long term historical value hold. Crypto is no different then the EURO, Dollar, Yen, etc. They are all fiat, with nothing backing them other than the good name and reputation of their issuer. In the case of traditional currencies it is nation states, in the case of Crypto it is a bunch of geeks. Either way, it is all about perception; perception of stability and exchangeability for goods, services and super bowl tickets. If you can pay for almost anything with it, then all is well. It is a lot easier then going down to hear the all of the merchants barking about what they are looking to trade their goods and wares for. I will give you two pairs of socks for a cherry pie?