It’s been bad news in the land of crypto for most of 2019. Here is just a small sample of the negativity in the media: The Quadriga fiasco, where more than $200 million of customer deposits just vanished. The endless delays at Bakkt and the endless stonewalling of the US Security Exchange Commission over regulating the crypto-industry. The refusal of auditors in… Read More »
I bought some Hut 8 Mining Corp. (HUT-TSXV) earlier this week at $1.11. It’s a bitcoin mining operation with facilities based in Alberta, Canada. There are two reasons why I bought the stock. But before I get into that, let’s go over the negatives (and there are a lot of them). First, the balance sheets of any bitcoin mining operation at… Read More »
Bitcoin pops above $5000 and many in the crypto community are preparing their happy dances and calling for $10,000 in no time flat. I am all for singing Hallelujah, but before we all jump on the bandwagon, let’s take a look backwards and ask ourselves one very important question. Why did Bitcoin crash in 2018? And if it… Read More »
Two stories in the last week about the future of bitcoin. One is bullish and one is bearish. I will let you decide which story is more convincing. Bitwise is an asset manager in the US trying to get a Bitcoin ETF approved by the Securities Exchange Commission (SEC). They produced a 200+ page report on cryptocurrency transactions… Read More »
The scorecard on crypto looks good for the first quarter of 2019Bitcoin: Up this year 8%, up 20% from its low in mid-December.Ethereum: Up this year 8%, up 42% from mid-December.Litecoin: Up this year 93%, up 148% from mid-December.A quick look at the numbers would seem to indicate the bear market is over.However, the chart for 2019 so far is definitely… Read More »
February is generally a turnaround month for bitcoin, rising on average, 5.4%. The “smart” money also thinks the end of the bear market is near. Bitcoin future contracts on Bitmex are moving out of backwardation (that occurs when futures are cheaper than the spot price, which is bearish.) The purple line is spot price of bitcoin. The red… Read More »
