Digital Gold (Or Digital Dud?)
“I think any one-size-fits-all solution is crazy,” a reader writes. “It certainly hasn’t worked well with COVID.
“There are many people, including myself, who don’t need any stimulus money. I am retired but my investments in IRAs and required minimum distributions plus social security more than meet my needs.
“Unfortunately, Congress cannot pass any targeted legislation, and the problem is only worsened by this last-minute garbage.”
Our next reader agrees: “I’m seeing a troublesome trend among my friends regarding stimulus checks. People who have steady jobs and haven’t been unemployed a single day are grousing about how they NEED more than $600.00.
“They’ve suffered zero negative economic consequences from the pandemic, and yet feel they deserve help from the federal government. I’m concerned grown-ups are behaving like children.”
Do you agree with our readers today? Have you noticed the same “troublesome trend”? Also, any ideas for a more targeted approach to helping hurting Americans?
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Wednesday, Jan. 6, 2021…
Six-Figure Bitcoin Prediction
JP Morgan made a bold bitcoin prediction Tuesday… with a caveat.
No doubt you’ve taken note of the lofty price of bitcoin recently. In fact, “the rush [has] led to bitcoin prices more than tripling in the past six months to a record peak of $34,800 on January 2,” Reuters reports.
In response, JP Morgan strategists said: “Bitcoin’s competition with gold has already started in our mind.” As proof, they cited $7 billion outflows from gold and over $3 billion flooding into the Grayscale Bitcoin Trust.
“Considering how big the financial investment into gold is,” JP Morgan said, “a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term.”
How much upside? JPM strategists predicted Bitcoin $146,000, adding that millennial investors might prefer “digital gold” over the real thing.
Ultimately, however, the JP Morgan note attributed Bitcoin’s most recent rally to little more than “current speculative mania”… which doesn’t speak well of the flagship digital currency, no?
“We note that the spectacular bitcoin rally of the past few weeks has moved bitcoin into more challenging territory, not only in terms of its positioning backdrop, but also in terms of its valuation,” JPM concluded.
What’s your Bitcoin prediction? How about your safe haven of choice? Drop us a line…
Market Rundown for Wednesday, Jan. 6, 2021
S&P 500 futures are down 17 points to 3,700.
Oil’s up above $50 for a barrel of WTI.
Gold is down $20.90 to $1,933.50 per ounce.
Bitcoin’s up 1.6% to $34,240.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We’ll be back Friday; until then, have an outstanding week.
For the Rundown,