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Bitcoin has soared back above $48,000 this morning, after crashing near a $42,000 handle over the weekend, following Congress’ passing of Biden’s stimulus package.
“In the US a $1.9 trillion stimulus package is on the way. That’s more than all the cash currently sitting on the US Treasury account at the Federal Reserve,” on-chain analytics service Ecoinometrics summarized to Twitter followers.
“This is good for Bitcoin.”
However, perhaps most notably, in a 108-page deep-dive into cryptocurrencies, Citi said there had been a major change in bitcoin from “primarily a retail-focused endeavor to something that looks attractive for institutional investors” as they search for higher returns and alternative assets.
by Mike Gleason, Money Metals:
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
As financial markets gyrated this week, Federal Reserve chairman Jerome Powell touted the U.S. dollar as a form of “sound money.” More on that incredible take in a moment.
But first, let’s review this week’s market action.
Inflation fears helped drive another spike in long-term bond yields, and by Thursday that began to spook Wall Street. The Treasury market is now off to one of its roughest starts to a year on record. As a result, calls are mounting for the Fed to up its bond purchases.
by Luke Hogg, WND:
Amidst the regulatory blitz of President Biden’s first few weeks, the Financial Crimes Enforcement Network (FinCEN) quietly took further steps to regulate cryptocurrencies. While the White House was busy freezing all other pending rules, FinCEN was moving forward with the extension of a new rule that would require banks and money services businesses (MSB’s) to record and disclose the identities of individuals involved in crypto transactions. Although the proposed rule only targets transactions over $10,000, it nevertheless represents an existential threat to cryptocurrencies as we know them, and has prompted outrage from the crypto community.
by John Vibes, The Mind Unleashed:
Akon has been making significant progress on his development plans in Africa, which involve the creation of a futuristic city that runs on clean energy and cryptocurrency.
The rapper, entrepreneur, and philanthropist Akon has been making significant progress on his development plans in Africa, which involve the creation of a futuristic city that runs on clean energy and cryptocurrency.
In January of last year, Akon revealed that his agreements with Senegal President Macky Sall were going forward, and a few months later it was announced that the engineering and consulting firm KE International was awarded a $6 billion contract to build the city. The company previously said it had already received $4 billion from investors for the first two phases of Akon City’s construction, giving the project a price tag of at least $10 billion.
from Silver Doctors:
“…we can better stem the flow of dark money from organized crime and terrorist financiers…”. That doesn’t sound good…
(by Half Dollar) The Treasury Department is kind of publicly picking a fight with Bitcoin.
Here’s the question: Why would the Treasury Department publicly pick a fight with Bitcoin when there are myriad ways the ESF and the NSA could take down Bitcoin in less time than it takes to send a Satoshi from Chicago to a Cave in Afghanistan?
Perhaps to give the duped Bitcoin “Hodlers” time to get out?
by Greg Hunter, USA Watchdog:
Analyst, professional trader and financial writer Rick Ackerman says buckle up because Bitcoin is going to go much higher in price. Elon Musk is the latest in a line of billionaire investors that have bought the crypto currency that is now in the mid $40,000 range per unit. Ackerman says, “Bitcoin is pure speculation, and we are in a phase right now where the big players absolutely know they can’t lose. Just buy it now and announce in four weeks, six week or two months that they bought it, and it just keeps going up. . . . I don’t think there is an upper limit there really because it’s a pure speculation in a vehicle that is not constrained by earnings, multiples, real products or real service. Bitcoin is a complete abstraction. It’s just a speculation. . . . You might say there is a bit of a mismatch to this big dynamic vertical move in Bitcoin that is happening and whatever time remains to distribute it all to the rubes. In order to allocate all the Bitcoin they are acquiring right now to the rubes, they are going to have to have a way to allocate it fractionally. . . . When Bitcoin gets to a million dollars per coin, who are the buyers going to be?”
In retrospect, it was not only inevitable but clearly obvious… at least to those who read us.
Back on January 9, when discussing the recent surge of institutional and corporate purchases of bitcoin and conversion of cash into the cryptocurrency, we said that it was just a matter of time before Elon Musk joined MicorStrategy and bought “several billion” in bitcoin. Specifically, in “How Bitcoin Hits $100,000 Next: Morgan Stanley Boosts Stake In Microstrategy, Opening The Floodgates” we said…