Dogecoin goes high — like Elon on The Joe Rogan Experience
Robinhood makes a comeback thanks to the Meme Coin, to Coinbase’s detriment?
Twin Peaks for the Nasdaq: is this the end?
Sorry Chamath, but Bitcoin is not “uncorrelated”
Doge Markets
For those who can’t keep track, in a span of a few months, we’ve gone:
GME —> Melvin Capital —> NFTs —> Archegos —> Coinbase —> Doge
If we ever needed an indication of what stage in the bubble we are at, a meme cryptocurrency has hit a market cap of over $40B, which surpasses the GDP of Cyprus and Jamaica.
And is that Robinhood bouncing back thanks to the Doge? @TheStalwart thinks so:
Twin Peaks for the Nasdaq
Some of the most prominent bubbles end in utter madness and euphoria. Young Millennial and certainly Gen Z will hardly know of ancient tales of the 2000 tech bubble or the ‘08 housing bubble.
What markets are experiencing now can only be categorized under such irrational behavior. The question for the long term investor becomes: can you sit out while everyone else is losing their minds around you?
Is Bitcoin “Uncorrelated” Doe?
Billionaire venture capitalist Chamath Palihapitiya told CNBC in February that "everyone" should have 1% of their assets in Bitcoin because it's a "fantastic hedge."
"It would be great that an average individual citizen of any country of the world has an uncorrelated hedge... Every financial instrument is correlated, except Bitcoin, the Social Capital CEO said.
Recent market movements of the Nasdaq, S&P, Bitcoin, Doge, etc should give you a clear idea what the “correlation” among these assets might be. Certainly a clearer idea than what Chamath is stating.
Here’s a chart to chew on from a bit over a year ago: