Business

Just yesterday we noted that billionaire hedge fund legend Mike Novogratz said "the institutionalization of [the crypto space] is coming... and it's coming quick."

Novogratz said he expects major financial firms will soon start to offer bitcoin or similar products as an investment option, one that could be easily purchased over the phone.

“When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think,”

Authored by Jon LeSage via OilPrice.com,

While Google’s Waymo company has taken center stage for bringing self-driving cars to roads, autonomous trucking may make it to the mainstream first. 

Silicon Valley startups, technologists, and venture capitalists see great potential in the technology - even more than most traditional trucking companies are supporting.

Traditionally one of the most boring, and telegraphed 13-Fs, today's update of Berkshire holdings did not contain any major surprises, well maybe with one exception: while it was already well-known that at the end of June Buffett converted roughly 700 million Bank of America preferred shares into common, which now appear on Berkshire's 13F, there were two notable changes.

WTI/RBOB prices tumbled today on demand outlook cuts (and late comments from Brazil and Russia with regard OPEC cuts) ahead of tonight's API report which is expected to show crude and gasoline draws. However, WTI/RBOB prices extended their losses as Crude  (biggest in 9 months) and Gasoline saw significant builds.

API

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worthless, and with its collapse, Venezuela is witnessing the world’s worst inflation.