NFT’s are a joke. I believe that, but there are many people in the financial world now pushing them, even frequent guests of CNBC, such as fund manager Cathie Wood. Last week she made pronouncements predicting Bitcoin $500,000 and saying of NFT’s that “this is how I felt when the internet came about.”
I believe she says these things to appeal to the audience of new traders and Robinhood types that has grown over the past year, as a way to encourage them to invest in her funds. But, my skepticism of NFT and crypto was shared in a podcast segment by poker player Mike Matusow this weekend when he mockingly declared that he is going to sell a “crypto pump” at an opening bid of $250,000. He then drew a stick figure on a piece of paper. Check out this video at the 33 minute mark.
Matusow say he hopes to get $5.1 million for his “stock figure crypto pump,” because “there is only one available.”
I believe he as just as likely to get that amount of money as Cathie Wood’s Bitcoin $500,000 target is to be hit. What is happening in El Salvador now is the reality of Bitcoin in the real world. Since forcing businesses to take Bitcoin its sovereign bonds have dived in value in the world markets and there are now mass demonstrations on the streets.
Yesterday the FOMC talked about tapering, but didn’t set a firm time of when they would do it. That means they’ll talk about it again in November and start doing it in December, which is the path that has been talked about in leaks to CNBC and the Wall Street Journal in the past TWO WEEKS.
In other words, Powell did what was expected. So the stock market rallied and some bought NFT’s – lol.
What energy and the XLE ETF – that is what is lining up.
Every morning I send out my stock market commentary before the opening bell. It’s free. To get it just click here.
-Mike
