Trader Top 9: Charlie Munger Hates Bitcoin but Nobody Cares

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Welcome back to another exciting Trader Top 9!  Last week, the headlines centered around Ethereum's dominance, rising adoption of crypto, and the growth of Binance.US.  This week, the major news involved Yellen's warning of possible rising interest rates, Charlie Munger's temper tantrum, and Ethereum's continued path toward greatness.

9. There has been a lot of talk lately, mostly by those against crypto, that the industry needs more regulation.  Although more investor protection is always welcome, the fact is that the crypto industry, at least in the U.S., is already heavily regulated. 

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8. Although regulation has been a major talking point this year, inflation has perhaps been an even bigger issue.  As governments around the world continue to print money, crypto has been regularly mentioned as a great way to hedge against the risk of inflation.  Jerome Powell, the Fed Chair, has said he doesn't see inflation as a primary risk right now.  However, in order to keep it that way, do interest rates have to rise?  Treasury Secretary Yellen seems to think so.

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7. Speaking of inflation, the below illustration perfectly sums up why people can't simply leave money in a bank account.  Investors must put their money to work and right now crypto is the place to be.

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6. There have been countless news stories of institutions getting into crypto but what about the average consumer?  Well, if the below survey is any indication, the number of people interested in using cryptocurrency is growing fast!

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5. In April, the popular crypto exchange FTX, entered into a naming rights agreement with the Miami Heat.  That was the first such deal between a professional sports franchise and a cryptocurrency company.  Now, Grayscale is getting in on the fun by inking a similar deal with the NFL's New York Giants. 

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4. The Miami Heat and the New York Giants might love crypto but not nearly as much as the Oakland A's.  The A's really, really, love crypto.  In March, they became the first team in the MLB to sell a full-season suite for bitcoin.  Not only that but the team announced it would hold that bitcoin on its balance sheet.  And now, the A's have completed their first Dogecoin transaction.  Much wow!

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3. Charlie Munger, the vice chairman of Berkshire Hathaway, has had an amazing career as an investor.  However, his temper tantrum when asked about bitcoin was quite comical.  Munger called bitcoin "disgusting and contrary to the interests of civilization."  It seems someone is a bit salty that they missed out on some explosive gains.  

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2. Bitcoin is king.  You've likely seen these words in a few of our blogs and across crypto twitter more times than you care to remember.  And it's true, bitcoin is king.  But, Ethereum has been dominating for the past few weeks and with EIP-1559 coming in July, is there a chance that Ethereum could take bitcoin's crown?

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1. Crypto is not only a way for people to make money, it also has the potential to transform the way people go about their every day lives.  Perhaps the coolest story of the week was about Alexis Gauba sending some ETH to her 11-year old sister.  Her sister then swapped ETH for DAI on Uniswap and ended up getting the UNI airdrop in September 2020.  As a side note, UNI is now available for trading at Cove Markets.  If you'd like to learn how, please visit our "How to trade Uniswap blog."

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🔥 Cove Markets now has a Telegram group and a Reddit community page.  Please stop by and let us know what you thought about this week's Trader Top 9! 🔥

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