‘Here’s a little interesting data about the ultimate buyer of all of these tech stocks, which is the Nasdaq right people that buy stocks in the Nasdaq. Listen to this: as of yesterday, more than 45% of stocks on the Nasdaq are now down 50%. So basically one and two, more than 22% of stocks on the Nasdaq are down 75%. So almost one in four and more than one in five, more than 5% of stocks, one and twenty on the Nasdaq are down 90%.’
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History is Repeating?
We are in the midst of one of the most severe financial market crashes in history. In fact, the only real comparisons would be the dot-com crash of 2000 and the housing crisis of 2008. And just to read this specifically, the only comparisons are October 2000 to October 2002 as well as November 2008 to April 2009.
That is where we are in global markets right now, and if we look back, this is where we were in 2000, this is where we were in 2008, and this is where we are today in 2022. The black line on top represents the Nasdaq.
What do you notice? Well, first off, from 2000 to 2002, we fell way lower in 2008 to 2009. We again fall way lower compared to where we are right now in 2022. So if everything were equal. Most people would say:
Maybe, everybody makes their own decisions, does their own research, nobody can see the future. Maybe this could be nearing the bottom, or maybe this could be just the beginning. If you hold bitcoin, nobody can see the future now. We are going to go over specific alt coins that are still implementing that are still progressing, what you need to know.
Paul Tudor Jones: “This is WORST Macro Environment EVER”
Let’s just finish with is this global recession almost over or do we have much more of a crash to come. Chamath as well as Paul Tudor Jones, such valuable minds in the investing space, are both on record that:
This just happened to Paul Tudor Jones, flat out saying you don’t want to own bonds, you don’t want to own stocks right now, and what happens next in the market has everything to do with what the Fed will do next.
‘Do you look at that poll and think to yourself, “Everything’s on sale, I’ve got to buy things,” or “I’ve got to short this market,” I mean, what’s the deal? I know you say, “I don’t have a stride in mind,” but you must be telling the truth.
I mean, look clearly. You don’t want to own bonds and stocks? If you start with that, it’s going to be a very negative situation for either one of those asset classes. You can’t think of a worse macro environment than where we are right now for financial assets. One of the reasons I think maybe the biggest differentiator between now and those other periods over the past 40 years is that we look at the level of overvaluation that we had both in rates as well as in stocks. So that’s one reason why even with this tightening in financial conditions, the Fed still probably has to raise rates to get inflation under control. Heck, we had a CPI greater than 8%. Maybe it comes down to 4% this year. If they stay the course and stay tight, maybe it comes down to 3%. It’s very difficult to calibrate once it escapes like it has now. That’s the scary part for Jay Pal, that the genie’s out of the bottle. And we’ve seen in history when the genie has gotten out of the bottle, it’s really hard to put it back in there, so no, I wouldn’t want to. I wouldn’t want to be in his seat.’
Essentially, what Paul Tudor Jones is saying is that the Federal Reserve right now is stuck between a rock and a hard place. Yes, if they raise rates, they will almost certainly taper inflation. The economy into recession. If they don’t raise rates, then inflation goes crazy and continues to go crazy. All investors are watching the Federal Reserve’s actions right now.
Is Bitcoin About to Crash?
Let me just be very honest with you: if traditional markets tank, crypto will tank with them. Everything is correlated with everything else in the short term. Gold dipped along with the Nasdaq, along with stocks, and along with housing. Gold was dipped along with everything else. Gold crashed, but it was one of the first to recover.
If you compare the US dollar to a basket of the other top currencies in the world, like the yen, the pound, etc., the US dollar is growing in purchasing power and value when you compare it to those other nation-state currencies. So the US dollar is sort of like the best garbage out of all the garbage.
Looking historically, in the last decade, the US dollar currency index reached this sort of peak. That’s when bitcoin has historically rallied. That’s when assets historically rally because the US dollar has more purchasing power, relatively speaking, and money capital flows into harder assets.
Paul Tudor Jones Reveals Why He’s NOT Selling His Bitcoin
Paul Tudor Jones said that he is still bullish on bitcoin and crypto in the long term. He just said don’t own stocks. He just said don’t own bonds right now but he is still bullish on crypto because of the long term potential:
‘Here’s what I see. I see a generational divide and it’s a digital divide. Unfortunately, Joe, you and I are probably on the other side of it. I think we’re both scrambling as fast as we can to understand it. I see it all the time in our quad groups. I see it all the time in my kids’ friends. If you look at the smartest and brightest minds coming out of colleges today, so many of them are going into crypto, so many of them are going into the Internet 3.0, it’s hard not to want to be long crypto because of the intellectual capital, just the sheer amount of intellectual capital that’s going into that space.
The number one thing that’s holding it back is the fact that you’re not going to get buyings from governments because they lose the ability to control the creation and supply of money. Having said that, in a world where we’re starting to de-globalize and break down, that ability to have the borderless internet, to have a store of value outside of necessarily having your money to nominate, whether it’s in rubles or yen or dollars, it becomes very attractive. I’ve got my modest allocation to crypto, and I have a trading position on top of that.’
My takeaway is that Paul Tudor Jones is essentially saying, “Hey, this is not going to be easy. It’s not going to be a smooth road for crypto. ” We’re seeing that now in choppy markets, but cryptocurrency is inevitable. This industry is only growing, and Paul Tudor Jones is still huddling.
Algorand (ALGO) Huge Partnership w/ FIFA World Cup
Moving forward, the first piece of altcoin news for Algorand. The proof-of-stake blockchain will assist FIFA in developing a digital asset strategy along with providing an official wallet solution. Why does this matter? Because FIFA is huge. In fact, if you’re a part of our European audience, tell us how big FIFA is. This deal, announced on Monday May 2nd, will also see Algorand become a regional supporter in North America and Europe for the 2022 FIFA World Cup to be held in Qatar in November and December as well as Algorand will be an official sponsor of the FIFA Women’s World Cup in Australia and New Zealand next year in 2023. If you like Algorand, you’ll like this, but let’s keep moving.
Charlie Lee Confirms Litecoin Privacy Feature INCOMING!
The next piece of quick news for Litecoin is confirmed. Litecoin’s MWEB privacy feature is locked in. This was confirmed by Charlie Lee himself about 12 hours ago. MWEB locked, he said in emojis. What does this mean? If you’re a Litecoin holder, hot off the press, it’s been officially confirmed that litecoins MWEB privacy feature is locked in. MWEB is an optional privacy feature that, amongst other things, allows the user to hide the amount of crypto being transferred and the crypto address itself. If you buy a cup of coffee with Litecoin, the cashier doesn’t have to see your whole bank account. You can keep your financials private and still pay with crypto with Litecoin.
For a couple of reasons, this is a major development in the privacy space. Firstly, Litecoin is easily accessible and available on many exchanges, allowing users ease of access when using the privacy feature, so most people already own Litecoin, or have PayPal or Coinbase, and can easily get Litecoin. That’s huge for their network effect.
Second, because the privacy feature is optional, it allows exchanges to opt out if regulation becomes an issue, so they can opt out, but you could still opt in. Pretty cool for the space now. I’m not sure when this exactly becomes active for you and me, the average user, but code wise, it is locked in the code pretty cool.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/Lw_YPYzbqhM ]