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Tomorrow: Our "Blockchain and the Media" webinar! Your humble columnists Sir John Hargrave and Mati Greenspan are joined by Jason Yanowitz from Blockworks to discuss how blockchain is changing the media ... for good! Click to RSVP: Tue May 4 at 6:00 pm ET. |
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Hi Everyone,
Once again, Warren Buffett and Charlie Munger attracted sneers from the crypto community during their earnings call.
Their contempt for bitcoin's success is a transparent attempt to maintain the status quo that continues to make them rich.
In the meantime, with the rise of alt season, we can see that Vitalik Buterin, the founder of Ethereum, now holds more than $1 billion worth of ether in a single wallet.
On the side of the "nocoiner" crypto antagonists, a new name has appeared.
Comedian Bill Maher released an anti-crypto skit over the weekend that went viral, which called all cryptocurrencies a joke. Surprise surprise, his thesis relies heavily on statements from Buffett.
However, what a comedian who writes jokes for first-world viewers may not realize is just how much value is being created.
He is quick to point out that Apple actually makes physical products that justify the value of their stock, but how about Facebook?
One of the world's largest companies doesn't actually produce anything tangible. Are they also a multibillion dollar joke to you?
Just because you didn't understand something after reading a few articles, that doesn't mean there's nothing there. Try using it, and then you'll see the advantages quite plainly.
For those within the FinTech industry, it's very easy to observe the power of this new technology. All of the world's largest payment providers have already realized it and are lunging into crypto headfirst.
Just yesterday, Revolut announced that they will soon allow people to withdraw bitcoin directly from their platform, and PayPal is now mulling the creation of their own stablecoin, according to sources who are familiar with the aforementioned developments.
In their monthly update, Ikagi Capital Management named 42 important advancements in the blockchain field for the month of April, each of which indicate extreme growth in this sector.
So, while Maher, Buffett, and Munger try to laugh us off, we'll just keep building, thank you. |
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Metal heads
Of course, a large part of the meteoric rise we've been seeing in cryptocurrencies lately is due to the excessive money printing from global governments and central banks.
As we've discussed many times, there is an unlimited amount of money competing for a limited amount of goods and services.
In a tweet earlier today, famous analyst Jim Bianco noted some pretty phenomenal moves that have taken place in the precious metals market lately. |
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The above screenshot shows some impressive increases for the price of copper and steel, which have risen sharply since last year.
Copper has climbed more than 100% since March 2020, and steel has more than doubled since the start of last year.
However, seeing as how bitcoin has risen approximately 600% since the beginning of 2020, and dogecoin is up more than 18,000%, I don't think that these metals are quite on the level of crypto.
What continues to bug me, however, is the underperformance of the world's traditional safe haven. Since the start of 2020, gold has risen less than 15%.
Perhaps it has to do with bitcoin coming in and taking much of its market share, but this sort of underperformance is very difficult to explain.
No matter, I'm glad to pick up the discount in this case, and I am still actively buying physical gold and silver. |
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Satoshi story
That's about it from me for today. One thing that I found interesting is a story out in Bitcoin Magazine written by the one and only Pete Rizzo, who takes a good look into... |
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No spoilers of course, but I thought that this story offered some rather unique insight into how and why Satoshi Nakamoto eventually passed the bitcoin leadership baton, though his complete disappearance does remain a mystery, as we hope it always will.
Have a wonderful week ahead! |
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Mati Greenspan Analysis, Advisory, Money Management |
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