Bitcoin (BTC) wins the battle for safe haven, as buying another company results in $ 115 million in general ledgers.
Asset management giant Stone Ridge has confirmed that it made a major purchase through the New York Digital Investment Group, or NYDIG, which currently manages over $ 1 billion in assets.
Economist: The Federal Reserve is set to hit $ 5 trillion by 2021
“The general public health background has led many to reconsider the portfolio structure,” the company’s new CEO, Robert Gottman, told Forbes on October 13.
Michael Saylor, CEO of MicroStrategy, which bought $ 425 million from BTC in August and September, responded:
“As trillions of dollars in the balance sheet of banks, asset managers, insurance companies, legacies and family offices begin to move into the #Bitcoin world, they need companies like NEW to guide them. Another $ 1 billion will go. ”
The news comes in a new report that warns that the US Federal Reserve will need to print 5 trillion dollars next year.
A report by economists Lawrence “Larry” Summers and David Cutler, released on October 12, estimated the indirect cost of coronavirus at $ 16 trillion.
The total cost is estimated at more than $ 16 trillion, or almost 90% of US annual GDP. For a family of 4 people, the estimated loss is around $ 200,000. ”
Almost half of this amount is loss of income due to recession caused by COVID-19; The rest are the financial consequences of a shorter and less healthy life. ”
Commenting on the results, David Rosenberg, chief economist at Rosenberg Research & Associates, concluded that the Federal Reserve alone would need to print $ 5 trillion in cash by 2021.
This exacerbates the sense of unrest that began with the huge money pressure this year, which has brought US government debt to over $ 27 trillion.
Rosenberg advised Twitter followers to buy gold, but it is an obvious alternative for Max Kieser that makes more sense.
In response to Rosenberg, he wrote: “Gold works, but Bitcoin # is the fastest horse in the race.”
Bitcoin peaked at $ 11,690 on Tuesday before returning to $ 11,400 at the time of writing, still adding 10.5% monthly gains and 60% returns on an annual basis. As the Cointelegraph reports, high hopes for further gains in the short term, $ 17,000 will begin to become $ 12,000 inverting support.
From V to K.
But for the monetary economy, the picture is even darker, according to new comments from the International Monetary Fund (IMF).
IMF Executive Director Kristalina Georgieva spoke to CNBC last week and said that the outlook for many countries is no longer V-shaped, but rather K-shaped.
It predicted that most countries will face an uneven improvement, and in many cases we see a “K” when some sectors of the economy are doing well and others are doing well.
For the Emperor, this was the biblical definition of a phenomenon he calls “nevodism.” This means concentrating most of the world’s wealth alongside the state at the expense of the far away, and creating the modern equivalent of lords and peasants.
“The overconcentration of wealth created by Covid is becoming permanent,” he said on Twitter on Wednesday.
“Bitcoin fixes it.”