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- The Hoot #30
Scatt's Seeds for Thought:
🌱 Crypto’s BIG Win 🥳
🌱 A Crypto Loan: Patek Philippe Edition ⌚️
🌱 $120,000 Bitcoin Projection 📈
🌱 SpaceX Rockets to $150bn 🚀
Meme of The Week
Year-to-date Market Performance:
S&P 500: 17.34%
Dow: 4.11%
Nasdaq Comp: 34.85%
Bitcoin: 82.56%
Ethereum: 59.76%
Scatt Capital’s Fortune Strategy: 9.15% (Since Inception (12/22): 4.81%)
Market News:
7-Day Change in Crypto Market Cap: +$27bn
INFLATION EASED TO 3% IN JUNE: LOWEST IN 2 YEARS
PRODUCER INFLATION CAME IN LOWER THAN ESTIMATES
MEGA HEDGE FUNDS ARE BETTING HARD AGAINST THE USD
ELON MUSK LAUNCHES NEW AI COMPANY: xAI
HEDGE FUND CRYPTO EXPOSURE INCREASES TO 7%
JAPANESE YEN HEADED FOR LONGEST RALLY SINCE 2018
CRUDE OIL AT HIGHEST IN 3 MONTHS
JP MORGAN SMASHES ESTIMATES TO KICK OFF Q2 EARNINGS
HOUSING MARKET STARTING TO CRUMBLE UNDER 7.7% RATES
US GOVT. INTEREST PAYMENTS SET TO HIT $1 TRILLION/YEAR
BINANCE LAYS OFF 1,000+ EMPLOYEES
THE WEEK AHEAD:
Retail Sales
Housing Starts
Existing Home Sales
Crypto’s BIG Win 🥳
This week marked a massive milestone in the crypto-verse.
The judge ruled that XRP (a popular cryptocurrency) is NOT a security.
To provide context… the S.E.C. has been throwing this allegation around on various coins, and have now finally gotten their answer.
This ruling (although still appealable) could set a VERY positive regulatory sentiment in the market going forward.
The market bounced hard on the news with XRP doubling in just 24 hrs.
Don’t you just love it though?
The old folks in charge decide one day that just because they don’t understand or like it, it must be thrown out of the picture entirely.
Sorry, Gary Gensler… not that easy.
We’re here for the long-haul. 🫡
A Crypto Loan: Patek Philippe Edition ⌚️
Need a loan… in crypto? We got you covered.
Here’s how a guy (let’s call him Fred) did it:
Fred needed a loan & wanted to use his Patek Philippe watch as collateral.
He then sent his watch to an escrow company.
An NFT representing the watch was then created, and listed on a marketplace.
Offers were then made, until Fred accepted a $35,000 loan at 12% APR.
You could also do this at your local pawn shop, BUT…
This route gives anyone ANYWHERE the opportunity to finance the loan.
Just imagine it… Global liquidity.
$120,000 Bitcoin Projection 📈
A traditional bank has just made a massive Bitcoin projection.
Standard Chartered - based in London - has $820bn in assets.
In a recent report, they estimate that Bitcoin will hit $120k by the end of 2024.
This is a 300% increase from their prior projection.
They largely attribute the halving (the process whereby miner rewards are cut in half) as the major driver of the price increase.
That’s a 4x increase from current prices from a bank with $820 BILLION in assets...
I’ll just leave you with that.
SpaceX Rockets to $150bn 🚀
Elon Musk is unstoppable.
His company SpaceX (a spacecraft manufacturer) is now the most highly-valued private company in the world.
They recently sold $750m of insider shares at $81 a pop.
This equates to a $150bn valuation… which makes it bigger than Morgan Stanley & American Express.
In January, the company was valued at $137bn. Crazy year to grow that quickly.
SpaceX owns Starlink (satellite internet provider) which is the biggest driver of this growth.
Can’t wait to see what Elon buys with the new equity.
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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 research