Thread: Bitcoin

Is this BitCoin trading some sort of FOREX trade - or is it via a stock/ETF purchase?

The reason I ask is because if it is a stock purchase it will be represented in our S-Fund. If it is a FOREX purchase it will not be.

It's largely a side show available for 24/7 gambling, but probably does have an effect on markets in general. The fact that Elon Musk can move crypto currencies 5-10% with a tweet is a sign there are zero fundamentals behind crypto currencies.

People who were crypto millionaires in April are 30% less rich today. Those people are now less willing to throw their newfound riches around at material objects.

I'd be surprised if S fund had any crypto miners besides RIOT and MARA but those are the only two US based miners I know of. S fund would not contain any non-US or pink sheet crypto miners. Same impact as marijuana stocks on the S fund - essentially zero.

The TSP and Chinese Investments

There's also GBTC, CLSK, SI... probably others. And a ton of stocks have exposure to crypto now, to a lesser degree. PayPal, VISA, TESLA, Square... name a fintech and it probably has some sort of tie to crypto.

I'm not really too concerned about a business that has elected to accept crypto. I am concerned that our S-Fund may be purchasing crypto stock (if they are stocks) directly and participating in the run up.

This is a bubble if I have ever seen or heard about a bubble. Not saying crypto is stupid - nope, kinda like it. However, even good stuff can go bonkers. This is bonkers. As Bullitt mentioned, if one dude can Tweet crash something it ain't nuthin' but a bubble.

I don't think the tweets mean its in a bubble. If Elon tweeted that Tesla was going to start doing business with Company XYZ, that company's stock would shoot up. Doesn't mean that company is in a bubble. The only difference is that example is illegal, so he can't, whereas he can with crypto because there are very few regulations on it.

I do think it's comical how the bitcoin bulls think that when a 3rd world country declares bitcoin as legal tender that it means the end of fiat currency. I'm sure El Salvador's congress threw a caveat in there somewhere so they can continue to receive US aid in the from of dollars.

Calling bubbles in anything is futile unless you can get the timing right. Bitcoin is currently the 2nd most crowded trade according to Bank of America and it was 1st by a long shot in May. Interesting that those tech stocks are in a very close 3rd.

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https://twitter.com/PMack1224/status...113089/photo/1

I would buy a crypto index. GBTC and OBTC are not indexes.

Global securities index publisher MSCI MSCI.N is looking at launching indexes for cryptocurrency assets, according to Chief Executive Henry Fernandez, in what would be another step towards mainstream acceptance for digital currencies and the companies trading in them.

https://www.nasdaq.com/articles/inde...xes-2021-06-17

$BTCUSD < $30,000

Bear flag and last gasp support?

A little fake out on the downside as the bear flag hangs on for another day.





https://www.cnbc.com/2021/06/23/bitc...below-30k.html

Just a reminder of the importance of 30k. Downside target is essentially zero. Smaller H&S from March to May has already played out.

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