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- The Hoot #25
CScatt's Seeds for Thought:
🌱 Crypto is Under Attack 💣
🌱 VanEck: ETH could rival Treasury Bonds 💵
🌱 A Lucky Coinbase Trader 📈
🌱 Stanley Druckenmiller is 30-for-30 📊
Meme of The Week
Year-to-date Market Performance:
S&P 500: 11.96%
Dow: 2.20%
Nasdaq Comp: 26.68%
Bitcoin: 59.80%
Ethereum: 53.06%
Scatt Capital’s Fortune Strategy: 15.36% (Since Inception: 11.04%)
7-Day Change in Crypto Market Cap: -$48bn
Consumer Credit came in $200m+ higher than expected for April, representing the largest increase since Nov. 2022
Wholesale Inventories came in lower than expected in April, but still remain elevated relative to historical figures
Initial Jobless Claims came in at 261k vs. 235k est., surging to its highest since October 2021
The Week Ahead: CPI (May); FOMC Meeting & Rate Decision; PPI (May); U.S. Retail Sales
Crypto is Under Attack 💣
Kraken. Then Binance.US. And now Coinbase. The S.E.C. is on a roll.
We know the U.S. Govt isn’t a fan of crypto, but Gary Gensler (Chairman of the SEC) confirmed it this week filing multiple lawsuits against major exchanges.
The charges range from selling unregistered securities to commingling of funds 😬
The S.E.C. this week…
Is it frustrating? Yes. Was it expected? Also yes.
The market is actually showing some resilience and rallied on the news (obviously crypto folks are optimistic).
Binance.US. has already announced a complete USD halt (no more deposits) & Coinbase is starting to delist coins… here we go again 🙅🏻♂️
VanEck: ETH Could Rival Treasury Bonds 💵
The U.S. Treasury bond might be getting replaced.
VanEck, a behemoth-like asset manager, has predicted that the price of Ethereum will hit $11,800 by 2030, AND it will rival U.S. treasuries 😳
There was $645 billion in traded U.S. treasuries as of Dec. 2022. Come 2030, that kinda volume could shift to the Ethereum network which is GREAT news.
Big players like VanEck don’t make predictions for fun in their free time 💰
A Lucky Coinbase Trader 📈
At least someone is making money out of the recent lawsuits…
The day before the S.E.C. dropped the bomb on Coinbase, a lucky trader opened a $107,000 bet AGAINST Coinbase’s stock.
The next day when the lawsuit was announced, the stock tanked 💣 But these positions shot up nearly 2,600%.
His $107,000 bet turned into more than $2.75m in less than a day.
Somebody always knows.
Stanley Druckenmiller is 30-for-30 📊
A hedge fund & finance titan. A legendary investor.
Stanley Druckenmiller is a famous investor known for his & George Soros’ $1bn bet against the pound on Black Wednesday.
What you don’t know is that his hedge fund hasn’t had a down year since, and have returned an average of 30% a year for the last 30 years 🙃
In other words… had you invested just $10,000 with him initially, you’d have $26.2 million now.
He opened his own fund, Duquesne Capital, in 2000 & has around $4bn under management. He personally is worth $6.4bn.
As of their latest 13-F, Duquesne Capital have 53 holdings with their biggest positions being Coupang, Nvidia, and Microsoft.
You heard it here first… compound interest is the 8th wonder of the world.
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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 researchrypto