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In This Issue:
The Billionaire List
Bitcoin Thoughts And Analysis
Legacy Markets
Bitcoin Temporarily Drops on Hot Inflation
Ledger Integrates With Coinbase
The Penny is Useless
Bitcoin Breaks $50,000 | Massive Bull Run | Check These Altcoins!
The Billionaire List
Take a look at this list…
Elon Musk, Jack Dorsey, Chamath Palihapitiya, Tim Draper, Michael Saylor, Barry Silbert, Mark Cuban, Paul Tudor Jones, Ray Dalio, Stanley Druckenmiller, Peter Thiel, Marc Andreessen, Mike Novogratz, Alan Howard, Ricardo Salinas Pliego, Tim Cook, Sam Altman, Changpeng Zhao, Brian Armstrong, Dan Larimer, Anthony Di Iorio, Brad Garlinghouse, Roger Ver, Jihan Wu, Matthew Roszak, Brock Pierce, Gary Wang, Song Chi-Hyung, Jed McCaleb, Mark Zuckerberg, Sundar Pichai, Larry Ellison, Richard Branson, Carl Icahn, George Soros, Reid Hoffman, Jim Breyer, Winklevoss Twins, Joe Lubin, Abigail Johnson, Chris Larsen, Li Ka-Shing, Tim Draper, Fred Ehrsam, Larry Page, Larry Fink, Stephen Schwarzman and Steve Cohen.
In no particular order, I just created a list of 50 billionaires from around the world who have either invested in or expressed positive views on Bitcoin, cryptocurrency, blockchain, Web3, and or the metaverse.
Isn't it crazy to think how it used to be difficult to name a few billionaires interested in the space, and now it's hard to name all of them?
Conversely, it used to be hard to keep up with all the billionaires who were critics of the space, and now it's hard to find the few that are left standing.
Billionaire crypto critics have become an endangered species, while billionaire crypto supporters are reproducing at rapid rates.
My original intention was to include a positive quote from everyone on the list as I was building it out, but then it occurred to me just how much space and time that would take up.
I’m going to pivot here slightly, but what I want you to take away from this list is that sometimes the best path forward is to do what others are doing.
No, I’m not talking about following the masses, I’m talking about following wealthy, powerful, and brilliant founders, executives, fund managers, entrepreneurs, venture capitalists, bankers, movers, shakers, disruptors, and visionaries who are shaping the future of finance and technology.
Think about it this way - how often have you met a newcomer to the space, and they narrowly focused on the intricacies of the tech or mainstream FUD so much that they missed the bigger picture and wasted precious time?
I know this may sound controversial because the purpose of this newsletter is to keep you informed, but sometimes the best course of action is to let others do the thinking for you.
Fifty brilliant billionaires have essentially arrived at the same conclusion. What are the odds that they are all wrong? Along with the hundreds of others that didn't make it on the list or are yet to be known.
Just take my word here. Billionaires like Bitcoin, which probably means you should too.
I wrote this intro because of the recent news regarding Founders Fund, the venture capital firm founded by billionaire Peter Thiel, which is investing once again in Bitcoin and Ethereum.
There was a time when this news would have shocked the world, but now it's forgotten within 48 hours. And that's a good thing.
You can read the details of this story at Reuters HERE, but essentially, it's the same story we have heard some variation of hundreds if not thousands of times amongst the world’s billionaires.
We may never find ourselves on this list or even come remotely close, but we can replicate exactly what they are doing, trade for trade, in the moment, with completely unfettered access.
What other time in history has this been possible?
Never.
I hope you all enjoyed the list, just don't take it too seriously. Anyone who cares enough to push against the status quo is timelessly etched onto the only list that really matters, a list that includes all of us.
Have a great day, Wolf out.
Bitcoin Thoughts And Analysis
Bitcoin continues to push to the upside, powered by massive inflows into the spot ETFs. It’s beautiful to see the fundamentals that were expected playing out in real time.
You may remember the little blue circle on RSI from a few months ago. As I pointed out then, when RSI gets overbought on the weekly chart, that is a massively bullish signal - not the time to look for pullback. You can look on the left of the chart and see the last time it was oversold in 2020, when price was around $11,000 - before it went to $65,000.
We are squarely in the power zone here, and can stay or a very long time.
$52,100 is currently the main resistance, after we broke through $48,420. Above that, there’s a big zone around $57,000.
Enjoy this ride.
Legacy Markets
Stock markets advanced as the S&P 500 reclaimed the 5,000 level, driven by strong earnings and tech megacap gains, despite persistent inflation concerns. European stocks rose, mirroring gains in Asia and the US, where tech giants like Nvidia, Microsoft, and Apple significantly contributed. The optimism was tempered by a hotter-than-expected US inflation report, reducing hopes for an imminent Federal Reserve rate cut. Corporate earnings played a key role, with companies like Uber Technologies and Robinhood Markets posting notable gains after positive financial updates.
In the UK, the pound weakened following news of a technical recession in the latter half of 2023, challenging the economic outlook. Upcoming US economic data, including jobless claims and retail sales, is eagerly awaited for further policy direction clues. Despite recent inflation data, some Fed officials maintain a soft landing is achievable, suggesting a cautious approach to rate cuts.
Asian markets saw gains, with Taiwan Semiconductor Manufacturing Co. reaching a record high amid AI development optimism. Meanwhile, Japan's major exporters rallied, benefiting from strong earnings and a weaker yen. In commodities, oil prices fell after a rise in US crude inventories, highlighting ongoing market adjustments amidst economic and inflationary pressures.
Key Events This Week:
US Empire manufacturing, initial jobless claims, industrial production, retail sales, business inventories, Thursday
ECB President Christine Lagarde speaks, Thursday
Atlanta Fed President Raphael Bostic speaks, Thursday
Fed Governor Christopher Waller speaks, Thursday
ECB chief economist Philip Lane speaks, Thursday
US housing starts, PPI, University of Michigan consumer sentiment, Friday
San Francisco Fed President Mary Daly speaks, Friday
Fed Vice Chair for Supervision Michael Barr speaks, Friday
ECB executive board member Isabel Schnabel speaks, Friday
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.6% as of 8:43 a.m. London time
S&P 500 futures rose 0.2%
Nasdaq 100 futures rose 0.2%
Futures on the Dow Jones Industrial Average rose 0.2%
The MSCI Asia Pacific Index rose 0.9%
The MSCI Emerging Markets Index rose 0.8%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.0733
The Japanese yen rose 0.4% to 150.05 per dollar
The offshore yuan was little changed at 7.2233 per dollar
The British pound fell 0.1% to $1.2549
Cryptocurrencies
Bitcoin rose 0.3% to $51,949.8
Ether was little changed at $2,781.76
Bonds
The yield on 10-year Treasuries declined four basis points to 4.22%
Germany’s 10-year yield declined three basis points to 2.30%
Britain’s 10-year yield declined five basis points to 3.99%
Commodities
Brent crude fell 0.6% to $81.10 a barrel
Spot gold rose 0.1% to $1,994.55 an ounce
Title
Genesis Gets The Green Light to Sell BTC and ETH
The good news about this bad news is that the market doesn’t give a flying f**k. With ETFs effectively countering GBTC outflows and ETH withstanding Celsius selling, this seems like a non-issue. I maintain that the sooner any potential issues are addressed, the better. It will require a more compelling narrative to shake this market.
Bitcoin Temporarily Drops on Hot Inflation
Bitcoin likely experienced a drop two days ago, due to investors' knee-jerk reaction to inflation concerns. However, this doesn't diminish the fact that owning Bitcoin remains a direct hedge against inflation and excessive monetary debasement. Additionally, Bitcoin was flirting with a significant psychological barrier, namely the $50,000 mark, which has now been breached with substantial strength. Regarding inflation, “month-on-month CPI came in at 0.3%, with the year-on-year figure at 3.1% — 0.1% and 0.3% higher than predicted.”
The market's response (crypto + legacy) does not care that the anticipated March rate cut, once deemed highly probable (+75%), likely will not materialize (8.5%) (I have thoughts on this below). As a result, assets literally went into a temporary panic only to then continue the same path they have been on. All things considered; assets should continue their trajectory until compelling evidence suggests otherwise.
Ledger Integrates With Coinbase
You know that annoying feeling of stress and fee-paying to buy an asset on Coinbase, copy over an address, pay another fee to send, and then hope the crypto arrives safely on your ledger? That’s now a thing of the past because Ledger Live has teamed up with Coinbase Pay to allow users to directly receive purchased assets on their ledger. What’s exciting about the partnership is that it reduces vectors for accidents and encourages investors to safely store their crypto in their custody a win-win for end-users.
The Penny is Useless
Coinbase is crushing it in the marketing department. Unfortunately, we didn't witness this commercial during the Super Bowl, as it could have garnered even more viral attention on X. The commercial's premise features Abe Lincoln lamenting his once important role in the past. Ultimately, Abe envisions a future where he is once again relevant, and Coinbase demonstrates a seamless digital payment of $25.01, genius.
“Being on the penny used to mean something. It was worthy compensation for thoughts. Now it's useless fodder for petty wishes tossed out like common garbage one hundred and twenty million times per year… The currency of choice for paying people back with spite… Imagine me actually paying for stuff…Make me digital, make me soar…Old Abe just wants to be good at being money again.”
Bitcoin Breaks $50,000 | Massive Bull Run | Check These Altcoins!
Bitcoin is trading around $50,000 - everything suggests we are entering a huge bull run. Join me and John Wick, the anonymous veteran trader, as we dig into the charts!
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TheWolfOfAllStreets.io - The most comprehensive collection of everything I have going on. Plus over 100 blogs and other exclusive content.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.