A roundup of some of the talk today
Everyone is writing about cryptocurrencies today. The only trade on BitCoin is the hype trade. The fundamentals don't matter. The only thing that matters is how enthusiastic the true believers are.
The WSJ writes about an Ethereum get-together that expected 50 people and had 300.
- "This is internet 3.0," one attendee said. "I missed internet 2.0. I don't want to miss this."
- "If somebody gives you a chance to jump on a rocket ship that's taking off, you don't say no," said Tricia Lin, a 35-year-old from New Jersey who recently quit her job at Morgan Stanley to pursue a future in digital currencies
Bloomberg writes about what Goldman is telling clients about BitCoin:
- "Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching," analysts including Robert Boroujerdi and Jessica Binder Graham wrote in a Q&A sent to clients.
Commerzbank is marketing a bitcoin structured product that's a bit of smoke and mirrors. It's just a fund with Shopify Inc., DISH Network Corp. and Microsoft Corp., three companies that use blockchain technology.
- "Bitcoin has been the top-performing currency in the world in six of the past seven years, climbing from zero to a new high value of about $2,700," the Aug. 7 client recommendation says. "With bitcoin hitting record high prices recently, there are other ways of investing in the cryptocurrency and the technology behind it without buying it outright."
If you think BitCoin is a scam, marketing a fund with BitCoin that doesn't even hold BitCoin shows you why people are so fed up with the old players in the financial system.
I talk about the enthusiasm for BitCoin and other cryptocurrencies in this video, and why that will boost it much higher from here.
