The Hoot #24

Scatt's Seeds for Thought:

🌱 Bitcoin Prices Over the Years 🤑

🌱 Hong Kong Says Yes to Crypto 🇭🇰

🌱 Gold & Bitcoin’s Relationship 🤝🏼

🌱 The 13-Digit Club 📈

Meme of The Week

Year-to-date Market Performance:

• S&P 500: 11.53%

• Dow: 1.86%

• Nasdaq Comp: 26.51%

• Bitcoin: 64.38%

• Ethereum: 58.63%

• Scatt Capital’s Fortune Strategy: 19.99% (Since Inception: 15.64%)

• 7-Day Change in Crypto Market Cap: +$27bn

• May’s Unemployment Report came in higher than expected at 3.7% indicating a tight labor market

• This is the 14th-consecutive month that it has exceeded expectations

• Contrarily, April Job Openings unexpectedly rose, pointing towards a a strong labor market. This might encourage the Fed to hike further

• Construction Spending came in higher than expected in April, pushing year/year growth to a whopping +104%

• The market is currently pricing in a 75% chance of a rate pause & 25% chance of a 25bps rate hike at the next Fed meeting on June 14

• The Week Ahead: Consumer Credit (April); Wholesale Inventories (April)

Bitcoin Prices Over the Years 🤑

For those that haven’t bought any crypto yet, I apologize in advance for the FOMO (fear of missing out) you’re about to experience…

What does this imply? Well, if you invested a simple $100 back then, it would be worth a whopping $22,071.31 today 🤑

In other words… BITCOIN IS OFFICIALLY the BEST PERFORMING ASSET OF THE DECADE 🎉

Hong Kong Says Yes to Crypto 🇭🇰

June 1st was a big day.

Hong Kong citizens are now legally able to buy & sell popular crypto on licensed exchanges. This is MASSIVE news.

China has had a strange relationship with crypto banning it one day, and unbanning it the next.

This is why Hong Kong’s move is so important… because it could well encourage other parts of China to engage in crypto🤞🏼

It might not sound big but should China unban it for all retail investors, they’d be giving 1.4 BILLION people the ability to buy/sell all major cryptos.

Come on Hoot readers… what do you think that’ll do to prices? 🤑

Gold & Bitcoin’s Relationship 🤝🏼

Gold has long been considered the alternative, safe haven asset.

That is until Satoshi Nakamoto created a better, safer digital version of it. But these 2 assets move in lockstep with one another.

The correlation between them recently hit its all-time high (57%), meaning that more than half the time they have increased/decreased in value by a similar/the same amount.

Despite there being obvious differences between the 2, Bitcoin has often been dubbed ‘Digital Gold’ which has psychologically been priced into the market.

Nevertheless, it is just a matter of time before the correlation falls & BTC continues to dominate the market to overtake gold 📊 

The 13-Digit Club 📈

The T-Club. The Trillion Dollar Club, that is. Incredibly exclusive.

Few have ever been able to reach the milestone. But last week we had a contender. Someone who pushed the boundary.

Nvidia became the 8th company to ever be worth 13-digits.

The stock is up ~180% this year, and recently SMASHED its earnings expectations, which was driven by AI chip demand.

The crazy part? 10 years ago Nvidia had a market cap of just $8 billion. AND Cathy Wood (CEO of Ark Invest) sold it at the start of the year…

If you like receiving market updates, check us out here on LinkedIn; here on Twitter; or here on Instagram 📊

See you next week 🦉

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.