Crypto and Dot.com Bubble…
A reader doesn’t believe the Bitcoin hype: “I have Ethereum and precious metals.
“I don’t understand all the hype about Bitcoin when other cryptos do the same thing. All the characteristics of Bitcoin are also in Bitcoin Cash, but this crypto is trading so much lower than Bitcoin. (As for Dogecoin, how is this coin rising when it is like a token you get in your cereal box?)
“Once there are some regulations for these cryptos, many will fall in price and we will see which ones remain. I predict it will be just like the dot.com bubble.
“I personally think Bitcoin will not be the winner, but some other crypto will eventually get adopted by various businesses and countries.
“Crypto is a good trading vehicle right now, but look out in the future, and cryptos will have to be stable to function as currency.”
Interesting… Bitcoin just broke through a major barrier, but Ethereum’s in the green too — up 4.5% — at $1,820.51.
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Your Rundown for Wednesday, Feb. 17, 2021…
For more on Bitcoin (and retirees), a contributor writes: “I traded a friend of mine a couple of paddleboards and equipment for Bitcoin in 2017. Bitcoin was about $2,000 at the time.
“I knew about Bitcoin, but I’m not that techy, so I jumped at the opportunity. I got one coin, and it’s sitting in a digital wallet now.
“I just retired after working 40 years at the same job. I don’t really need the Bitcoin to live off, so I’ll stay in for a few more years of ups and downs. I’ll see what happens at that point.
“It will be a great thing to give to my kids if I don’t ever need the money.”
Our reader typifies a headline at Cointelegraph: “BNY Mellon’s crypto entrance seeks to bridge generational adoption gap.”
According to the article, “the banking giant, with $2.2 trillion in assets under management… announced its decision to hold, transfer and issue Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients, potentially exposing this asset class to an entirely new section of investors.”
While BNY Mellon’s crypto platform is still in the prototype phase, Hank Holland, founder of Pegasus Growth Capital, notes: “The strategic initiative addresses… important obstacles.
“For the average investor who doesn’t want to manage a private key, BNY’s custody solution provides a familiar ‘on-ramp’ to own BTC.”
With a regulated bank as custodian, do you think more Americans (and retirees) will feel comfortable investing in crypto?
Market Rundown for Wednesday, Feb. 17, 2021
S&P 500 futures are down 17 points to 3,910.
Oil is down 36 cents to $59.79 for a barrel of West Texas Intermediate.
Gold’s below $1,800 — down to $1,779.10 per ounce.
Bitcoin is up almost 5%, almost a shade under $51,000.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We’ll talk more Friday; until then, take care.
For the Rundown,