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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 26 4:00 PM EST

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From: Julius Wong	5/22/2021 8:56:33 AM
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Elon Musk is back at it on Bitcoin; NYDIG's Ross Stevens sticks to bull case May 22, 2021 8:32 AM ET Bitcoin USD (BTC-USD) Bitcoin USD (BTC-USD) By: Stephen Alpher, SA News Editor 7 Comments The only thing sillier than Elon Musk's tweets is sitting here on a beautiful Saturday morning writing about them. Nevertheless, the Technoking of Tesla took to Twitter about 90 minutes ago to give a breathlessly awaiting world his latest wisdom on Bitcoin ( BTC-USD): "The true battle is between fiat & crypto. On balance, I support the latter." The supportive tweet appears to have caused a slight wiggle upward in the price of bitcoin to $38.5K. For a more sentient discussion, NYDIG's Ross Stevens this week spoke at the MacroMinds Charitable Investment Symposium. Stevens is obviously a major bull on Bitcoin (as was his interviewer), but is happy to speak to the bearish issues. Of Warren Buffett and Charlie Munger who have combined to call Bitcoin "rat poison squared," "disgusting," and "contrary to human interest," Stevens asks what would The Oracle say to a previously unbanked individual in a poor, somewhat lawless, hyperinflationary country. And of the bearish view that world governments might try to throw a wrench into Bitcoin, Stevens is in agreement. He expects "enormous, coordinated" government efforts to do so. Bitcoin's unique properties (cryptography vs. physical), however, give Stevens hope that Bitcoin will survive. Cathie Wood overnight said deflation, rather than inflation should be the chief economic concern right now.

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