The price of Bitcoin has dropped by more than 18% in the past 30 days. Predictions that the world’s original crypto would top US$100,000 by the end of the year are beginning to look optimistic, to put it diplomatically. Yet Mark Yusko, chief executive and investment officer at Morgan Creek Capital, is holding firm in his belief that Bitcoin will be worth US$250,000 within the next five years. He says Bitcoin’s price, as denominated in U.S. dollars, is bunk. “It’s interesting that in the short run, when prices fall, as they have in the last few weeks, people start to get a little antsy and start to question these long-term trends and fundamentals,” Yusko told Forkast.News in a video interview. “Price is a liar.” In terms of Bitcoin’s actual value, the truth lies in gold, Yusko said, asserting that fiat currencies can conceal changes in real value. Watch Yusko’s full interview with Forkast.News Editor-in-Chief Angie Lau to learn more about the secular and cyclical dynamics of Bitcoin, the impact of Bitcoin futures ETFs on the market, how investors should distribute wealth in the crypto space, and upcoming opportunities in 2022. 00:00 Introduction 01:42 What is Bitcoin doing? 08:00 The global Bitcoin market 25:03 Bitcoin’s disruptions 34:47 Too late to buy Bitcoin? 41:32 Bitcoin risks and threats 49:50 Hidden opportunities in Asia? 56:42 Goodbye 2021, hello 2022 — HIGHLIGHTS Bitcoin’s secular dynamics: “One Bitcoin is one Bitcoin, and it will always be one Bitcoin. But you and I don’t buy Bitcoin in Bitcoin. We buy it in something else — we buy it in dollars, we buy it in yen, we buy it in euros. If we look at the price of Bitcoin in dollars, it’s materially higher today than it was at the beginning of the year. It’s materially higher than it was a year ago, or two years ago, or 10 years ago, or at the inception. That’s not necessarily because Bitcoin got better. It did become more broadly adopted, but more importantly, the dollar continues to get worse, or the yen continues to get worse, or the euro continues to get worse. That global race to the bottom is the secular trend that’s going to push prices higher, along with these halving cycles.” Bitcoin is borderless: “[Switzerland has] actual spot-based (Bitcoin) ETFs … and so that’s increasing demand for Bitcoin as money flows into that ETF. Canada has that, as well. There’s one about to launch in Australia. That’s positive for the ecosystem — that increases demand for physical Bitcoin, increases participation. It increases that network effect and it gives us rise to that Metcalfe’s Law parabolic curve that we’ve all seen, where the value of the network rises proportionally to the square of the number of participants in the network. But it’s such a globalized world — again, American exceptionalism: we think we drive everything in the world and Bitcoin, but we’re really, like, 25% of the market — and there’s still activity in all these big markets around the world, including China.” Everything will be tokenized: “What’s happening here is that we’re going to go through a period where these innovations around digital scarcity are going to apply to everything … All US$700 trillion of assets in the world are going to be tokenized, digitized, and they’re going to trade in this tokenized form and non-fungible tokens… ‘Oh, they’re just funky JPEGs’? No, no, no, no — everything will be an NFT. Your identity, my identity, my marriage license, my driver’s license — everything that I own, every piece of title, every piece of art — it’ll all be an NFT.” Don’t follow the money: “There’s the stock-to-flow model that everybody talks about that (pseudonymous analyst) Plan B created, and now everybody is all upset because he said it would be US$100,000 by the end of November, and it’s not. That means the model is broken. I say, ‘No, that just means price is a liar.’ The model is still accurate. It just means now the price is undervalued relative to the value. That [model] is about 95%, 96% correlated. The most highly correlated is actually the value of Bitcoin related to gold. How many ounces of gold does it take to buy a Bitcoin? That’s 99% correlated.” — #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Bitcoin #Gold #Currency #ETF #Innovation #Digitization #Tokenization #NFT #Stocks — MORE WORD ON THE BLOCK INTERVIEWS: https://youtube.com/playlist?list=PLENVHIZFjdMT-q2_LSNncbuoS_LGiuLz2
As Russia launches a war against Ukraine, the Nasdaq Composite — down more than 3% at Thursday's open — is mounting a furious comeback.
When I woke up this morning, the S&P 500 futures were down 100 and the Nasdaq was down almost 500 points. It was an ugly start to the day, but the situation has improved considerably since the open. The S&P 500 is down 0.
The traditional media is taking note today that the S&P 500 is now in 'correction' territory which is defined as a drop of 10% from highs but less than 20%. At 20%, the correction becomes a bear market. Most of the time, the 'correction' and 'bear market' definitions do provide some good insight into market conditions, but as I've been discussing for nearly a year now, there is a giant disparity between the indexes and various sectors and calling the current state of the market a 'correction' is a joke.
Shares of Block finished the regular session up 7% after having dropped as much as 7% early in the day. After hours, Block added another 23% gain as investors liked what they saw in the company's fourth-quarter financial report . Block's results were impressive.
(Bloomberg) — The Bank of Russia unveiled its first emergency measures in an attempt to stabilize the financial market after President Vladimir Putin ordered an attack Ukraine.Most Read from BloombergRussia Invasion of Ukraine Ignites European Security CrisisRussia Hits Airfields; Kyiv Imposes Martial Law: Ukraine UpdateHeavy Fighting Reported at Airport Near Kyiv: Ukraine UpdateThe $200 Billion Club Loses Last Member as Elon Musk’s Wealth TumblesStocks Sink, Oil Prices Top $100 on Russia Assau
(Bloomberg) — Russia’s rout on Thursday is the fifth-worst plunge in equity market history in local currency terms as investors sold the nation’s assets following the country’s invasion of Ukraine.Most Read from BloombergRussia Invasion of Ukraine Ignites European Security CrisisRussia Hits Airfields; Kyiv Imposes Martial Law: Ukraine UpdateWestern Allies See Kyiv Falling Within Hours: Ukraine UpdateStocks Pare Slide as U.S. Announces More Sanctions: Markets WrapThe $200 Billion Club Loses Last
Taiwan Semiconductor Manufacturing and United Microelectronics stock dropped Thursday even as those of other chipmakers rose.
In the months leading up to the invasion, Vladimir Putin has steadily girded Russia against the bite of economic reprisals.
Semiconductors are still in short supply, but the manufacturers have taken a beating in the market regardless.
The Dow Jones rallied after President Joe Biden increased sanctions on Russia. Tesla stock shot higher but Alibaba stock slumped.
Wedbush Securities Managing Director Dan Ives joins Yahoo Finance Live to discuss how the market and tech stocks are adjusting to Russia's invasion of Ukraine, how tech stocks are oversold, and supply chain moderation ahead of technology and semiconductor demands.
Traders in GameStop and AMC shares see trouble at Melvin Capital and Putin's aggression as more signals that the Mother of All Short Squeezes may be imminent.
What happened At approximately 10 p.m. Eastern last night, Russian military forces launched an all-out assault on their neighbor Ukraine. Russian stocks are plummeting as investors realize that a war, which we all hoped might remain limited in scope, has begun in earnest.
Stock futures opened lower Thursday evening after a dramatic swing into positive territory during the regular trading day.
Nikola Corp. said it would deliver between 300 and 500 electric trucks this year, add 400 people to its payroll and break ground on a hydrogen fueling hub somewhere in Arizona this year. See what else executives had to say about supply issues and more.
Shares of South Jersey Industries (NYSE: SJI) soared 40% on Thursday after the energy services company struck a deal to be acquired. Infrastructure Investments Fund, a private investment vehicle, intends to buy SJI for roughly $8.1 billion. "As energy markets across the U.S. and New Jersey accelerate the transition toward low carbon and renewable energy, the SJI board determined that now is the opportune time to join forces with IIF," SJI CEO Mike Renna said in a press release.
A market rally attempt began Thursday, as Western sanctions vs. Russia's invasion of Ukraine weren't as tough as feared.
BABA stock fell as the China e-commerce giant reported quarterly earnings that missed estimates as revenue growth slowed.
The digital display technologist reported so-so quarterly results and unveiled a game-changing upgrade.
While the cryptocurrency exchange reported $2.5 billion in quarterly revenue, surpassing consensus estimates, it also sees signs of a slowdown in the first quarter.
