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Global Macro Financial Environment

Today Jerome Powell has announced new inflation targets for the CPI (consumer price index) which are expected to be 2% up to 3% which eventually could double our current inflation rate.  Neutral ATM also believes real inflation is much higher than what the CPI index shows.  We watch the Chapwood Index.  

High profile Quotes about Bitcoin recently:

  • “This investment reflects our belief that Bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash” Michael Saylor CEO of MicroStrategy who invested $250Million of their cash reserves into Bitcoin instead of cash.
  • Amazon, and Blackrock are among the boardmembers of MicroStrategy who approved this.
  • “MicroStrategy, a $1.2 Billion company, just turned itself into a publicly traded bitcoin play.  Smart”. Barry Silbert CEO of Greyscale
  • “I am not a hard money nor a crypto nut – but the most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19”. Paul Tudor Jones of Tudor Investments
  • “The best profit maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin”. Paul Tudor Jones of Tudor Investments who invested $2 Billion of their hedgefund into Bitcoin.
  • “I’ve never said this before, and I’ve always been a blockchain, cryptocurrency and bitcoin opponent.  But if you look now, the government cannot stimulate markets forever, the liquidity flood will end.”  George Ball former Prudential CEO.
  • “Are they gonna raise taxes that high or if not, are they going to print money?  If they print money that debases the currency and probably even Treasury Inflation Protected Securities (TIPS) can be corrupted.  Faced with this potential outcome, the very wealthy investor or the trader will probably turn to Bitcoin or something like it as an alternative” George Ball former CEO of Prudential
  • “We just converted our entire cash reserves that were originally used as savings into bitcoin” Omar Hamam CEO of Tahini’s Restaurants

Considering these high-profile companies and investors buying up Bitcoin as their reserve asset instead of cash, and even Warren Buffett selling all his stock holdings and buying Billions worth of Gold Mining stock, now is the time for Bitcoin.  It is up over 60% YTD 2020.  It was up 74% and we believe it will get back to those levels soon.  The other good hedge is Gold which is up 27% YTD now and was up over 30%.  Gold will do well, but Bitcoin will do exponentially better as a hedge.  Since Bitcoin is digital you can take it anywhere.  Not true for Gold.  

Leon Cooperman Founder of Omega Advisors says:

  • “They have created a real speculative environment. I am uncomfortable at the present time, not because of the virus, because I’m focused on something the market isn’t focused on. And that is the amount of debt that’s being created. Who pays for the party when the party is over?”  
  • It took the U.S. “244 years to go from zero national debt to $21 trillion. We will probably end this year with $27 trillion. That’s a growth rate in debt far in excess of what the economy is growing at and I think that’s going to be a problem down the road.”  
  • Cash is’nt king anymore.  Assets are.  Especially those that hedge against inflation.  Neutral ATM has cheap rates to buy and sell bitcoin and we have low minimum purchase amounts.