turdflingingmonkey
patreon
Monkey's Market Minute: 6/7/2021
🕑 Added 2021-06-07 07:09:41 +0000 UTCDisclaimer: Never take investment advice from strangers on the internet, especially monkeys.
- The bitcoin conference wasn't a total disaster like Elon Musk's SNL appearance. Bitcoin is trading at $36K still, but is still be outperformed by Dogecoin and Etherium.
- El Salvador will begin accepting bitcoin as legal tender, making it the first country to recognize bitcoin as "real money". It's worth noting that El Salvador doesn't have it's own currency, and uses the US Dollar to conduct all of its business. No nation with it's own currency would do this because the government would be giving up control of its money supply, but for countries like El Salvador, which already don't control it's money supply, why not?
-There are 6 other sovereign countries that use the US dollar as their official currency (Ecuador, Zimbabwe, Timor-Leste, Mariana Islands, Micronesia, Palau, and the Marshall Islands) so I can see bitcoin being adopted there since those countries don't control their own money anyway.
- Energy may pull back slightly this morning based on crude oil prices lowering a bit, but it's nothing to be concerned about. Nothing moves in a straight line.
- Thursday is when the inflation data for May comes out. Economists are expecting the CPI to be 0.4% month-on-month compared to 0.8% in April. Note that last month, economists were expecting 0.2% when the CPI was 0.8%.
- Yellen, the Treasury Secretary did an interview where she gave an out-of-context response saying that higher rates would be "good". She meant that it would be good if we returned to normal, and didn't have to rely on stimulus and low interest rates to keep the economy going, but the media is hyping this to mean that rates might go up, so expect tech and crypto to rally until Thursday when "unexpected inflation" causes another panic.
