via @matt-levine.bsky.social , financial markets have pockets of absurdity built upon absurdity, wrapped up in some insanity - ThreadSky

gilesyb.bsky.social • 100 days ago

via @matt-levine.bsky.social , financial markets have pockets of absurdity built upon absurdity, wrapped up in some insanity

Comments

neilrholmes.bsky.social•100 days ago

And they say there is no magic money tree.

savantfoxt.bsky.social•100 days ago

A 'currency' backed by nothing and used for dark money, laundering, drugs and crime. No wonder conservatives love it.

genevagnome.bsky.social•100 days ago

good piece in the FT about this the other day, start with the dotcom bust, the SEC's "cease and desist" order and go to the recent prospectus to buy 3% of all b coins and then the arbitrage case https://www.ft.com/content/30f9f510-5687-4749-84d9-4b29b5610e79

leetaylorbythesea.bsky.social•100 days ago

@francescoppola.bsky.social
One for you?

francescoppola.bsky.social•100 days ago

Microstrategy is a highly leveraged ETF embedded in a software company. Its entire business model is "number go up". And as long as it can attract enough real money to pump the Bitcoin price by buying bitcoins, it will be profitable.

gilesyb.bsky.social•100 days ago

but the arb between what it has and the price of Bitcoin is truly mad, right?

I am old enough to remember when Dixons share price was rocketting because it owned Freeserve, and then when the latter floated, there was a mad arb between the two

francescoppola.bsky.social•100 days ago

Yes, it's totally mad, but there's a lot of momentum. I guess it will crash eventually.

tinned-tom.bsky.social•100 days ago

I believe that they are now in the top 100 biggest us companies so will have to be bought by all by the funds and pensions etc? Driving prices higher still? Or am I wrong?

Plus US government moving to have a strategic bitcoin reserve will push that higher too