Goldman Sachs Head of Commodities Calls for a Decade-long Supercycle

Jeffrey Currie recommended investors “stay long” on commodities due to the supercycle, led by a structural decline in supply and a rise in demand.

Former WeWork CEO Adam Neumann is interested in investing in cryptocurrencies.

Speaking publicly for the first time in two years, at the New York Times DealBook Summit on Tuesday, Neumann said that he is currently investing through a family office in cryptocurrencies.

Neumann reportedly sold shares worth more than $700 million to start his own family office.

Cryptocurrencies have had a bullish start of the week as Bitcoin made a new all-time high just above $68,500 while Ether went to hit a new high at $4,845.

The total market cap of the cryptocurrency market has also surpassed $3 trillion.

According to Goldman Sachs’ global head of commodities research, Jeffrey Currie, commodities are in a supercycle driven by the recovery from the COVID-19 pandemic and stimulus measures boosting demand.

“We expect a structural bull market in commodities, very similar to what we saw in the 2000s or the 1970s,” said Currie at the Reuters Commodities Summit. “At its core is not only a structural decline in supply across the whole commodity complex, but it’s also a structural rise in demand,” he added.

According to Currie, this supercycle could be “multi-year, potentially a decade.”

He further cited decarbonization efforts, US-China rivalry to control future technologies, and efforts like the trillion-dollar infrastructure plan that was passed very recently to improve living standards as the reason for a rise in demand for commodities.

While Currie didn’t refer to Bitcoin, but oil, copper, and aluminum when he recommended investors to “stay long” on commodities due to supercycle, crypto market participants like Three Arrows Capital CEO and co-founder Su Zhu have been calling for a crypto supercycle throughout this year.

“Now that the world understands crypto is in a supercycle,” Zhu said, renewable mining projects are popping up all over the world, especially in poorer nations. “This creates tremendous soft power, provenance, and aligns the nonaligned to a real Third Way,” he added.

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Author: AnTy

Publicly Traded Company Buys 833,000,000 SHIB to Offer its Investors Meme Exposure

Publicly Traded Company Buys 833,000,000 SHIB to Offer its Investors Meme Exposure

Though worth just $50k, Tokens.com notes it is the first publicly-traded company to expose its investors to the SHIB cryptocurrency.

Publicly traded company Tokens.com Corp announced on Monday that it had bought 833 million SHIB tokens earlier this month.

While a good amount of tokens, this investment was worth between $50,000 and $60,000 the day the company bought the tokens. Tokens.com said it bought SHIB tokens on Nov. 3, less than a week after its ATH, when the price was between $0.000071 and $0.0000632.

But the fact that a publicly-traded company has invested in the meme coin, though a crypto-focused company, it’s a good thing for SHIB.

“We believe we are the first publicly-traded company to provide its investors with exposure to SHIB tokens,” commented CEO Andrew Kiguel.

As of writing, SHIB has been trading at $0.00005606, down 35.5% from its all-time high of $0.00008616 hit eleven days back when it surpassed its competitor Dogecoin in market cap. Since then, the $36.8 billion market cap DOGE has taken its place, at 9th place, above Shiba Inu’s 11th place with a market cap of $30.7 bln.

In its official announcement, the company defined Shiba Inu as an Ethereum-based token alternative to Dogecoin (DOGE), which operates on the environmentally friendly Proof-of-Stake (PoS) platform. Unlike Dogecoin, which is just a meme coin, the SHIB ecosystem also supports NFT, GameFi, and decentralized trading through Shibaswap.

“Shiba Inu has evolved to become one of the largest, most popular, and liquid cryptocurrencies in the world with a very loyal following,” said Kiguel adding it was due to the low trading price of SHIB that they were able to purchase a significant number of tokens.

Recently, the SHIB community got some excitement going for it when it was found that the source code of Elon Musk’s electric car maker Tesla’s website had Shib under the payment type section.

ShibaSwap developer also acknowledged this on Twitter but said Musk could very well be trolling the SHIB community, or it could be a code name for some other dog currency like Dogecoin, which Musk favors. Nothing regarding this has been revealed by Tesla yet.

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Author: AnTy

Even JPMorgan Has Turned Bullish, Now Saying “The Previous Phase Of Demand Weakness Is Over”

“Significant impulse” seen in the futures as a sharp rebound of crypto “caught most investors by surprise,” more so on ETH, whose OI on CME has hit a new peak in USD, all the while on the back of low leverage. At the same time, the long USD continues to soar to new highs.

Bitcoin and Ether are recovering spectacularly from the losses recorded in the second half of May, the entire June, and much of July.

August is finally looking good after nearly three months of red, with BTC almost touching $48,000 on Friday and Ether climbing to $3,330. The total crypto market cap aims for $2.1 trillion, now closer to the $2.55 trillion peak from mid-May.

Interestingly, just like crypto-assets rallied into the end of 2020 to the 2017 ATHs, this time, prices are slowly moving towards their 2021 peaks without the high leverage. FRNT Financial CEO Stephane Ouellette said in an interview,

“Typically, we look at that as more of a strong-handed rally, which implies that the leverage portion of the rally comes later.”

“If that is the case, those $100,000 targets are very reasonable, I’d suggest. The last time we saw a move of this little leverage, we were pointing towards $20,000, and we didn’t really see the leverage come into the market in an aggressive way until we got to $40,000, which took us to $65,000.”

On Binance, BTC’s annualized daily basis is currently 3.56%, down from 41.4% in mid-April, which was a mere 0.2% in late March just before its peak. As of writing, the highest Bitcoin funding rate is 0.0240% on FTX while keeping around 0.1% on the majority of the crypto exchanges, as per Bybt.

As for ETH, it’s 3.72% (7DMA, APY), while in February, it was above 50% on Binance compared to 131% on Bybit and 113.7% on BitMEX. Currently, it is 21% on BitMEX and 3.72% on Bybit.

All the while, open interest on futures continues to climb; on Bitcoin contracts, it is $16.72 bln back to May levels. This OI is up 57.4% from the late June low and still down 39.6% from the April high.

As for Ether, OI is currently sitting at just above $9 bln, up 104% from late June low but down 22% from May high.

On CME, OI on Bitcoin futures is $1.71 bln, down from a $3.26 high on Feb. 21 but up from $1.14 bln on July 1st — accounting for 10.23% of the market share. Unlike BTC, on Eth futures, OI on CME has surpassed the May 14 peak of $607.88 mln to reach $648.5 mln — accounting for a 7.02% market share.

Traders on CME are also closing their short positions, which have hit their smallest since mid-May. Bitcoin net shorts have fallen to 1,104 contracts from 1,290 in the previous week.

Amidst this, US dollar net longs rose again to reach their highest level, $3.08 billion, since early March last year. US dollar positioning has been net long for four weeks in a row now after staying net short for 16 months. JPMorgan strategist Nick Panigirtzoglou wrote in his latest crypto report,

“There are clear signs of demand improvement in futures markets pointing to rising institutional demand for crypto. Momentum traders such as CTAs have likely amplified recent crypto price moves as the shorter lookback period momentum signals shifted from negative to positive territory for both bitcoin and ethereum. Typically this is when momentum traders’ impact is mostly felt as they are forced to exit short positions and start building up long positions.”

According to the strategist, the institutional buying of crypto has reversed and spiked after several months of muted activity.

This is because “the sharp rebound of crypto markets over the past three weeks caught most investors by surprise,” wrote Panigirtzoglou.

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JPM now sees a “significant impulse” in the futures. They have now come around on backwardation as well, which they previously saw as a bearish signal. Back in early June, in contrast, trader CL of eGirl Capital had said that longing BTC every time it’s in backwardation has resulted in significant profits.

Now JPM is also arguing “that the previous phase of demand weakness is over.”

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Author: AnTy

ECB Promises to Pump Money; IMF Praises Fed for Being ‘Highly Effective’ at Overshooting 2% Inflation

Amidst this, former BitMEX CEO talks about an investor’s ability to really outperform $4.72 trillion of money created out of thin air in 2021.

European Central Bank (ECB) keeps its monetary policy steady and will continue to be more accommodative for a more extended period.

The central bank has committed to purchasing 1.85 trillion euros ($2.2 trillion) of bonds until March 2022, and policymakers voted to keep this stimulus injection into the market going for the time being.

Interest rates were also left unchanged, with that on the primary deposit facility remaining at 0.5%, the benchmark refinancing rate at 0%, and the marginal lending facility at 0.25%.

Additionally, ECB said it wanted to see inflation stabilizing at 2% over the medium terms adding, this may also imply a transitory period where inflation is “moderately above target.”

Prices rose 1.9% this year to June in the 19-member euro bloc, down from 2% this year to May, which has the ECB expecting inflation to drop, forecasting a decrease of 1.5% – 1.4% in 2022 and 2023, respectively.

The central bank had changed its guidance “to underline our commitment to maintain a persistently accommodative monetary policy stance to meet our inflation target,” said ECB President Christine Lagarde.

“There is still a long way to go before the damage to the economy caused by the pandemic is offset.”

On Friday, ECB member Francois Villeroy de Galhau, who is also the governor of the Bank of France, said it was justified to keep an accommodative monetary policy for now.

Villeroy also said that the ECB sees the midpoint of its forecast horizon for a 2% inflation target coming in around 12-18 months in the eurozone.

Fed “Highly Effective”

As for the US, the Federal Reserve has started to talk about tapering, but Chair Jerome Powell has assured that it is “still a ways off,” and President Joe Biden gave the Fed his blessing to “take whatever steps necessary” to support a strong economy.

The International Monetary Fund’s Executive Board also commended the Fed for being “highly effective” at managing the COVID-l9 crisis and supporting recovery with its commitment to overshoot a 2% inflation target in the near term.

While raising concerns about higher interest rates that will drain capital flows from emerging markets, the board also said that the Fed must carefully communicate its thinking to ensure the eventual withdrawal of monetary accommodation. The IMF said this scaling back,

 “will require deft communications, under a potentially tight timeline, to avoid market misunderstandings, volatility in market pricing, and/or an unwarranted tightening in financial conditions.”

The Fund’s board also said that the US should prioritize spending towards programs that have the most significant impact on productivity and that more could be done to boost tax revenues.

“Don’t Get Shook.”

In 2021, a total of $4.72 trillion has been created out of thin air, collectively in the US, China, and EU. “If the quantum of money increases, it must go somewhere,” noted Arthur Hayes, former BitMEX CEO, in his latest write-up.

“The Fed has removed $1.4 trillion of the highest quality collateral from the system…Whatever anyone says about a taper in the future, in the present, asset managers must replace this collateral with higher risk stuff.”

The Fed’s balance sheet has expanded at a YoY pace of +22.74% and +13.21% YTD. ECB grew its balance sheet by +25.18% YoY, and YTD +13.34%, and China’s most recent 2Q21 YoY GDP print was +7.9% using an 11% growth in credit.

So, how does one outperform this? Bonds are certainly not the answer.

The US GDP forecast for 2021 is +6.60%, vs. the 10-Year bonds that yield 1.20%, equating to a rough negative real yield of -5.40%. In the “strongest Eurozone economy,” Germany, 2021 GDP is expected to print at 4.5%, with real yields approaching negative 5%.

Here, crypto comes as a clear winner, with Bitcoin up 10% YTD and Ethereum 182% and about 250% and 700% YoY, respectively.

“The data is clear – central banks continue to print money. When / if that changes, the data will show us. There is no need to predict when it stops if you own scarce assets that appreciate in fiat terms at least at the same pace of balance sheet expansion. On the past 6-month horizon, crypto underperformed, but from the onset of the COVID pandemic till today, crypto markedly outperformed as central bankers stepped on the gas. Don’t get shook.”

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Author: AnTy

Grayscale to Launch a DeFi Fund and Index for Institutional Investors to Gain Broad-based Exposure

Grayscale to Launch a DeFi Fund and Index for Institutional Investors to Gain Broad-based Exposure

Grayscale CEO Michael Sonnenshein said they are committed to turning its flagship product GBTC into an ETF which in the US “is a matter of when, not if,” as regulators look for different points of maturation, the “final stages” of it being approved.

The world’s largest digital asset manager, Grayscale Investments, announced on Monday that it is launching a DeFi Index and Fund.

In an interview with CNBC Squawk Box, Grayscale CEO Michael Sonnenshein said they had seen interest from a broad base of its existing and prospective investors for decentralized finance (DeFi) assets.

As such, Grayscale has developed an institutional-grade fund and index.

Through this singular investment vehicle of theirs, Grayscale will allow its investors the ability to invest in DeFi protocols such as Uniswap (UNI), Aave (AAVE), and SushiSwap (SUSHI) and offer “broad” exposure.

The firm now offers trusts for Bitcoin, Ether, and a bunch of other cryptocurrencies along with a Digital Large Cap Fund (GDCL), which it recently announced has become an SEC reporting company after GBTC and ETHE.

During the interview, Sonnenshein also reiterated that they are committed to turning its main product Bitcoin Trust (GBTC), currently trading at a heavy discount of 12.32%, into a Bitcoin ETF. Just last week, the firm announced that it is working with the biggest custodian bank BNY Mellon to achieve this.

“We are 100% committed to converting our flagship product GBTC into an ETF when regulatory approvals are ready for that type of product,” he said, adding the SEC is looking for a couple of different points of maturation in the underlying market, and that’s the “final stages” that they think regulators need to approve such a product and give investors the protections they are looking for.

For the US, to approve a Bitcoin ETF “is a matter of when not if,” Sonnenshein said.

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Author: AnTy

Sushi Summar Drama: VCs Dumping Tokens & Counter-Proposing Premium Buy to Get Their Hands on Millions of SUSHI

Popular decentralized finance  project Sushi is now aiming to attract institutional investors, a growing trend in the DeFi sector as seen with Compound Finance’s fixed 4% interest rate feature and Aave launching Aave Pro.

But Sushi thrives in drama, and after a controversial beginning this summer, we have yet another spectacle.

“To onboard institutional investors,” a new proposal called “Sushi Phantom Troupe – Strategic Raise” has been introduced that offers to use a portion of 51 million SUSHI, currently worth $357 million.

Following an “insane” month in terms of volume and an “attractive pipeline of upcoming releases,” the distribution as part of the broader Treasury Diversification plan has proposed up to $60 million, 25% of Developer Treasury to VCs with 10 million allocated to community members.

“SushiSwap has been a DeFi Community darling since inception, and at this juncture, we feel that it’s ready to welcome established crypto funds and cement SushiSwap as a household DeFi blue chip,” reads the proposal.

Sushi aims to raise capital and deploy it into productive assets via safe yield solutions, including Yearn vault, seed liquidity in key Kashi markets, and LP in a stable pool on Sushi to generate liquidity.

The fresh capital will be raised by selling its $60 million worth of tokens (SUSHI) to VCs, which will be converted into xSushi and receive xSushi yield whilst vesting for a “6-month cliff followed by 18-month linear vesting.”

These SUSHI tokens are proposed to be offered at a 20% to 30% discount to 30-Day TWAP.

The proposal has mentioned a “confirmed strategic Investor list,” which includes the likes of Spartan, Dragonfly Capital, Polychain, Blockchain.com, Pantera Capital, Jump, 3AC, Zee Prime, CMS Holding, DeFiance Capital, and others.

“Most interested parties already have stakes in SUSHI, and voting through this capital raise via governance should be a formality,” it added.

What seems to be in anticipation of buying back at low prices, some funds are speculated to have sold their SUSHI sending the price of the token crashing by over 25% to $6.39 in about the last nine days when the proposal was first introduced.

Most crypto VCs are chasing 100x returns, “generally focus on private market where their perceived edge is stronger,” said Arthur Cheong, founder of DeFiance Capital, noting while institutions have arrived, they are not venturing beyond Bitcoin.

Unlike the traditional market, crypto doesn’t have mutual/passive index funds to smoothen the volatility, and “the buying pressure of all VC unlocked bags almost 100% go to retails, with occasional trading in and out by the crypto hedge funds and prop trading firms.”

The proposal, however, is receiving some flak with Jeff Dorman, CIO at Arca, the digital asset management company that holds 7.51% of the xSUSHI circulating supply, saying it is “value-destroying,” and has made a counter-proposal.

“Sushiswap does not need money… We agree that there is merit to diversifying the Treasury, but not at current depressed prices,” wrote Dorman, who advocates for a diversified community of many smaller investors than a concentrated group of large passive investors.

Instead of a discount, Arca actually proposes to buy at a higher price with a minimum purchase of $10mm at the first offering price of $7.04. SUSHI is currently trading at $7, down 70% from its all-time high of $23.38 four months back.

The discount and short lock-up are “not indicative of a vibrant growth project like SUSHI,” and Dorman believes SUHSI is currently trading at a massive discount to its fair value.

“Now is absolutely not the time to be selling,” he added.

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Author: AnTy

$9.5T BlackRock CEO says, Investors May Not Come to Them for Crypto, Not That “Type of Demand”

$9.5T BlackRock CEO says, Investors May Not Come to Them for Crypto, Not That “Type of Demand”

This could be why Larry Fink didn’t take a single question about crypto in the past two weeks while on his business travels but for the US stock market, he believes “the trend line is still going to be upward,” due to “the amount of cash that is looking to be put to work.”

BlackRock CEO Larry Fink said he does not see much demand for crypto assets.

In an interview with CNBC Squawk Box published Wednesday, Fink said while he has been asked about Bitcoin and cryptos, in the past two weeks of his business travel, not a single question has been asked about digital assets.

“That is not part of the focus on retirement and long-term investors,” he said, adding, “We see very little in terms of investor demand on those types of things.”

While acknowledging that that kind of demand may not come to the asset manager, he said retirement funds are more interested in their portfolio over the long term. Fink said,

“Quite frankly, they may not come to BlackRock for that type of demand, but I would say for all the pension funds and insurance companies, for all that RIAs that we are talking to for their clients on behalf of their retirements, the dialogue is about how should I navigate my portfolio and how should I think about my portfolio over the long horizon.”

Previously, the CEO of the world’s largest manager said the leading cryptocurrency “had caught the attention and the imagination of many people” who are “fascinated” by it but noted that it hadn’t proven its long-term viability.

Just back in April, he said, Bitcoin can become a “great asset class.”

At the time as well, he said, “We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide,” adding that institutions may be “talking to somebody else.”

Upwards Trajectory

The asset management firm reported an adjusted quarterly profit of $10.03 per share during the quarter, beating the estimate, and had its assets under management surging to a record $9.49 trillion.

Still, BlackRock today fell 1.4% in premarket action.

Meanwhile, in his interview with CNBC, Fink said the long-term trend remains strong while talking about the US stock market. But, of course, he’s “not” saying that it’s going to be a straight-line upward. He added,

“But overall, with the amount of fiscal stimulus and monetary stimulus, and more importantly with the amount of cash that is looking to be put to work, I believe the trend line is still going to be upward.”

This, combined with low or negative rates is why, “Asset owners are the biggest beneficiaries of monetary policy,” he said.

As for meme stocks, Fink is hoping for improved financial literacy so that instead of only focusing on speculating, more people are investing in the long run — “I look at this as a possibly good first step,” he said.

However, he does not believe that inflation will be transitory as the Federal Reserve has been emphasizing; rather, it will be “more systematical.” Fink said,

“I believe it is a fundamental, foundational change in how we navigate economic policy…now we are saying jobs are more important than consumerism.”

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Author: AnTy

82% Wealth Managers & Institutional Investors to Dramatically Increase Crypto Holdings within 3 Yrs

82% of Wealth Managers & Institutional Investors say They will Dramatically Increase their Crypto Holdings within 3 Years

Only 7% of this new survey respondents said they would reduce their crypto exposure, and a mere 1% said they would sell their entire holding.

Four out of ten institutional investors and wealth managers from the US, UK, France, Germany, and the UAE who have exposure to crypto-assets revealed that they will dramatically increase their holdings between now and 2023.

These findings were revealed by a new survey conducted by Nickel Digital Asset Management in early June. At the time, Bitcoin’s price was between $30k and $35k.

According to the firm, in most cases, institutional investors with holdings in cryptocurrencies have very low levels of exposure as they start testing the markets. Anatoly Crachilov, co-founder and CEO of Nickel Digital said,

“The number of institutional investors and corporates holding bitcoin and other cryptoassets is growing, and their confidence in the asset class is also increasing.”

The survey further reported that while 82% expect to increase their exposure, only 7% said they would reduce their crypto exposure, and a mere 1% said they would sell their entire holdings.

When it comes to what is driving this interest, 58% of respondents said the main reason for investing more in digital assets is the long-term capital growth prospects of crypto assets. This was followed by 38% saying they are getting more comfortable and confident in holding the asset class.

37% cited more leading fund managers and corporates investing, giving them more confidence to invest, with 34% saying an improving regulatory environment is also a key factor in wanting to raise their allocation.

Many of these professional investors who already hold crypto and are looking to increase their exposure are driven by several factors, including strong market performance during the Covid-19 crisis, said Crachilov.

Crachilov also pointed to more established investors and corporations endorsing the market, and the improving infrastructure and regulatory framework as other factors for the same, saying, “These trends will continue to expand.”

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Author: AnTy

Where’s Retail? Individual Investors Pouring Billions in Stocks But The Tide is Now Turning

Individual investors are now accounting for a bigger share of US equities trading volume with new brokerage accounts by them going above 10 million, already the first half of 2021 roughly matches the total accounts created throughout 2020.

Volume on cryptocurrency exchanges is drying fast, and gas fees on the Ethereum Network is staying at a single digit.

Mere $35 billion is currently recorded in exchange volume, down from nearly $90 billion in late May, representing a fall of more than 60%. The same is the case for Google Search volumes for crypto assets, NFTs, and centralized and decentralized exchanges. New Twitter followers in space have also gone down, much like the ranking of crypto apps on the App store.

The crypto market may have seen an exodus of retail, but the stock market is seeing an increased stream of retailers.

Retail has poured in a net $140.57 billion into the US market this year, up 33% during the same period a year ago and over six times the amount invested by them in 2019, according to data from Vanda Research.

Inflows surged again in recent weeks, but the tide is now turning, having fallen 17% over the past week.

“This is changing the way that one potentially trades these spaces—gone are the days when you can buy and hold a small-cap name and hope it yields 50% over time. It almost does that now in a matter of days,” said Viraj Patel, global macro strategist for Vanda Research.

Growing Share

The flood of new retail traders that started last year during the coronavirus pandemic has now turned into a leading indicator.

According to Goldman’s Derivatives Research group, retail trading activity is an indication of a large number of traders “paying attention” to a stock.

Because retail is not short-sellers and chooses between “buying” or “not-buying” the stock, it results in temporary net-buying flow from retail investors, pushing the stock up temporarily.

This volatility then attracts the institutional investors’ attention, who then uses their understanding of options market positioning, delta hedging requirements of market makers, and fundamental valuation to position for outsized profits.

And at some point, retail traders become a smaller percentage of overall volume resulting in a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.

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A WSJ report published Friday shared that new brokerage accounts opened by individual investors in the first half of 2021 have already roughly matched the total created throughout 2020.

These new individual brokerage accounts have hit more than 10 million, according to estimates from JMP Securities.

Individual investors’ share of US equities trading volume, which surged to 20% last year, roughly double the figure from a decade before, has also increased to 26%, according to data from Larry Tabb, head of market-structure research at Bloomberg Intelligence.

Some online brokerages account for a sizable chunk of this, with Robinhood Markets accounting for 4% and E*Trade estimated to be 2.4%.

While the traditional market is seeing increased participation from retail, the crypto market is getting institutionalized. However, it is possible this is a rotation of profits from crypto into stocks which may get rotated back into crypto after some time. But that’s to be seen, for now, the market is devoid of much activity, and prices are trading sideways in a “crab market.”

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Author: AnTy

Senator Ted Cruz: Investors Attracted to ‘BTC as a Hedge’ Against Inflation Due to Biden’s $7T Spending

Senator Ted Cruz: Investors Attracted to “Bitcoin as a Hedge” Against Inflation Due To Biden’s $7T Spending

Senate Foreign Relations Committee member Ted Cruz, R-Texas, believes Bitcoin has a lot of potential.

In an interview with Sean Hannity on Fox News, when asked about the cryptocurrency, Sen. Cruz said its growth is the result of inflation caused by monetary policy.

“I think it has a lot of potential. I think we’re seeing enormous growth in it. I think part of the reason we’re seeing people go to Bitcoin is because we’re on the verge of an inflation crisis. Joe Biden has proposed $7 trillion in spending and we’re seeing inflation.”

Cruz pointed out how the prices across different sectors have been going up, which is prompting people to turn to BTC as a hedge.

“We’re seeing lumber going up, homes going up, oil going up, gasoline going up, energy going up, commodities going up and I think people are going to Bitcoin as a hedge against that.”

However, he noted that there is an inherent risk with Bitcoin as an investment.

“That being said, it is a new cryptocurrency. To be honest, I don’t understand it. I think a lot of people don’t, and so I would say it has upside, but there’s risk there.”

Cruz’s bitcoin endorsement could be of significance as Bitcoin is particularly popular among millennials who see it as digital gold, a store of value, while 37% of Fox News viewers are 65 or older, according to research from 2020.

Not only the older generation has found it hard to grasp the cryptocurrency, but they are also the ones with the big pockets, with the biggest ever generational wealth transfer involving trillions of dollars underway.

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Author: AnTy