Authored by Charles Hugh Smith via OfTwoMinds blog,
The point is institutional ownership of bitcoin is in the very early stages.
If I had a bitcoin for every time some pundit declared bitcoin is a bubble, I'd be a billionaire.
There are three problems with opining that bitcoin and cryptocurrencies are bubblicious:
Authored by David Stockman via Daily Reckoning blog,
Someone should remind the Donald that he actually is President and that it’s high time he accomplished something. Anything.
Back on April 21st, for example, he promised that a core feature of his platform — a sweeping, pro-jobs tax reduction — would be soon unveiled.
While stocks have been limping higher since around 2am ET (following headlines on an imminent ICBM launch) they remain lower from Friday's close:
But precious metals the biggest gainers of post-North Korean "hydrogen bomb" testing safe haven flows.
Silver broke above resistance at early June highs to test $18 and the highest levels since April 25th.
But that was clearly not acceptable to someone:
A month ago, we wrote about the bitcoin fork. We described the fork:
Picture a bank, the old-fashioned kind. Call it Acme (sorry, we watched too much Coyote and Road Runner growing up). A group of disgruntled employees leave. They take a copy of the book of accounts. They set up a new bank across the street, Wile E Bank. To win customers, they say if you had an account at Acme Bank, you now have an account at Wile, with the same balance!
With the US markets closed today, market events this week will be dominated by G10 central bank meetings, among which the ECB stands out, but also notable will be the RBA, BoC and Riksbank. Consensus does not expect policy changes yet. There is also a busy calendar for the UK (PMIs, housing, IP and trade balance) along with GDP/IP releases elsewhere. In EMs, there will be monetary policy meetings in Brazil, Poland and Malaysia. Brazil BCB is expected to cut rates by 100bp.
Central bank preview: