Is overlooked by most PIs in stockpicking. Simply put, ARB will keep rising because demand exceeds supply with no prospect of additional shares being issued. What interests me is the fact a few PIs have dumped their entire holdings and the penny has now dropped - the share price powered on without them. They'll now buy-back at a higher price.
Just had Mark Carney, BoE Governor tell finance ministers at Jackson Hole, Wyoming, that cryptocurrencies are important rivals to dollar dominance and will allow essential devaluation of fiat currencies against cryptocurrencies, allowing the emergence of a more level playing field.
This is an unprecedented endorsement from such a globally respected figure. Further you hear this kind of stuff from folk after they leave their posts, as Carney is due to shortly, but he's already speaking his mind.
Once you start notching up daily rises consistently, investors will get the picture and join the party. We are at the beginning of a long journey. Some will join now, some at 15p, others over 40p. If you build it, people will come.
...Facebook and Binance are boosting the appeal of Bitcoin as the go to cryptocurrency. It's truly independent, has a fixed limit and is nobody else's liability.
So I read CLP CEOs message today with interest:
Francesco Gardin, CEO and Executive Chairman of Clear Leisure, commented, "Despite market and mining conditions remaining difficult compared to when the data centre operations commenced last year, the recent announcements of new initiatives in the sector, namely Facebook's Libra and Binance's Venus Stablecoin projects, appear to be having a strong positive impact on the price of cryptocurrencies. The trend towards wider acceptance of cryptocurrencies as a means of exchange and store of value, particularly in those regions which have a high unbanked population rate, continues to rise."
Facebook decided to shift ahead for fear of getting left too far behind on Libras. It’s thrown the spotlight onto how unique and independent btc actually is. Pretty much every major commentator is talking about a major shift toward crypto mining, the infrastructure and bitcoin as a haven currency that is being legitimised in the payment system.
Looking forward to that. Eagle eyes will have noticed about 460 new miners got installed between July and beginning of August update but didn’t show in the July figures. In other words, I expect at least an additional 460 miners to contribute to August full month numbers plus other miners installed early enough in the month.
That's the behaviour the market encourages so PIs trade like trained chimps. Few haven't got the memo on ARB - MMs and Brokers are torpedoed when there's no prospect of new shares being issued. No debt, hugely profitable and exponential growth. Hmm should I sell?
Watched a segment on Bloomberg re Bitcoin and cryptocurrencies.
Bitcoin standing out as digital gold. Most other cryptocurrencies will not be used for peer to peer transactions so new launches add weight to btc as the standout crypto, unique and nobody else's liability.
Talked about Libra which decided to move now whereas previously took "wait and see" approach. So alot of Libra's partners, large financial institutions and tech companies are now working hard behind the scenes to offer access to btc or embrace cryptocurrencies.
Volatility for Bitcoin guaranteed to get suppressed as Bakkt and new vehicles come to market allowing more people to get involved. Again making it more like gold.
More users, miners and nodes. Year for now new halving of btc mining rate will drive the price higher on stock to flow ratio.
Here's a little utilised investing tip that the most successful traders use - add to your winners. Indeed bank profit to de-risk but to jettison is entirely different. The odds of that approach leading to a more profitable outcome are slim, but we're all probably guilty of gambling at some point.