Thursday, August 29, 2024

market concentration, SEC + NFTs, BTC by year end, euro stablecoins

“The press, the machine, the railway, the telegraph are premises whose thousand-year conclusion no one has yet dared to draw.” – Friedrich Nietzsche ||

Hi everyone, I hope you’re all doing well! I’m sure I’m not the only one relieved the NVIDIA earnings are behind us. More on this below.

I also churn some numbers of “outrageous” end-of-year BTC predictions that aren’t outrageous, I fume at the latest SEC action, and I ask what could move volumes on euro stablecoins.

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Programming note: This newsletter will take a break for the US Labor Day on Monday (what?? Labor Day already???).

IN THIS NEWSLETTER:

• Market concentration and a collective shrug

• The SEC goes after NFTs

• BTC at $100,000 by year end?

• Euro stablecoins

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WHAT I’M WATCHING:

Market concentration and a collective shrug

Thank goodness that’s over. I’m talking about the NVIDIA results, which I hope I won’t have to mention again for some time. Earnings came in slightly better than the consensus forecast on nearly every measure, but the market was not happy with that, apparently “better” is not good enough. Even the third quarter revenue forecast was above the average estimate, but somehow that was disappointing. The stock declined more than 5% in pre-market trading.

The buzz around the release was even more frenzied than FOMC meetings or jobs day, which is nuts – it’s a company, not an economic bellwether, and it’s not going to impact monetary liquidity.

Only, it turns out that it is, and it does.