Welcome back to another wild Trader Top 9. We had a week full of ancient bitcoin history, modern bitcoin controversy, and a good reminder of the importance of execution. Here we go!
9. Last Friday was Bitcoin Pizza Day - the 10 year anniversary of a transaction where Laszlo Hanecz spent 10,000 bitcoin - worth approximately $91 million today - on pizza. While many have held it up as a reminder of why to HODL, investor Nic Carter shares a theory that it was an attempt by Hanecz to distribute coins mined via GPU, something that Satoshi didn’t support at the time.
8. Over the weekend, we saw a pile of coins move that Craig Wright had claimed to control as part of his claim to being Satoshi. Embedded in the transaction was a message calling Wright a fraud. Su Zhu had this interesting take on why old coins moving was a bullish signal, rather than something that should spook the market.
7. For some traders, however, the most interesting signals weren’t with bitcoin but with alt coins, which had some proclaiming the beginning of a new “alt season” as the small caps began to move.
6. The day trading crowd was also out in full force in traditional markets. Jesse Felder pointed out a study showing that a meaningful amount of COVID-19 relief had gone into the markets, while Lyn Alden suggested that the Robinhood crowd was counter-trading Buffet.
5. Alden also shared one of the most interesting charts of the week - an updated look of a chart by Ray Dalio of how the monetary base expands at the end of debt supercycles.
4. Of course, for many bitcoiners, the intersection with the mainstream finance world most of note this week was a webinar held by Godman Sach’s CIO of Wealth Management which argued vociferously against bitcoin - although, as some noted, using arguments reminiscent of long-ago FUD.
3. Still, if Goldman Sachs isn’t interested in bitcoin, it seems they might not be reflective of Wall Street as a whole.
2. Whatever the true state of Wall Street interest is, what is clear is that consolidation and new entrepreneurship is creating a much better infrastructure for them whenever that interest does tip over into action
1. And speaking of action, we close this week with a perpetually relevant reminder. It’s not just about understanding the market, but about nailing the execution.