If Bing Crosby were alive today he would have created an NFT of his song ‘Brother Can You Spare Me A Dime?‘
I never bought an NFT, but my ‘yoot’ friends were giddy for them as I have chronicled here. I was riffing on that subject during my podcast I did with Jim O’Shaughnessy and my friend Micah made a hilarious video of him discovering he was the topic of the NFT conversations.
They say an alarm does not go off at the top, but we sure had some wierd price action and behavuor leading up to this late night Saturday massacre in crypto.
It’s not just crypto getting killed this weekend though.
Since February, most of the momentum stocks leading through the March bottom of last year are all down 20 to 50 percent and SPACs are worse.
Remember the good old days of FEBRUARY 2021 when Bloomberg loved Chamath enough to let him call himself the next Warren Buffet for some clicks? I do.
Today that same Bloomberg is concerned that the SPAC wipeout is punishing those same followers they led to him.
The latest sign of the mania and possible top might has been epic run in DOGECOIN ($DOGE.x) this year. The coin is up over 14,700 percent THIS YEAR. The coins are worth more than Ford (ok maybe that makes sense). They are worth more than the entire cannabis industry.
This week technology stocks and crypto will have a lot to deal with based on two headlines that I have read on Twitter:
1. U.S. TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOCURRENCIES -SOURCES
My friend Mike Dudas had a funny line about this saying ‘imagine being dumb enough to try to launder money on a blockchain when you can just use deutsche bank’
2. A Republican Bill to block ALL big tech acquisitions.
It will be a busy week.
I doubt we have seen ‘The Top’.
Have a great Sunday.