Corporate Tax

Yellen defends corporate tax hike to fund a $ 2.2 billion infrastructure plan

Bloomberg

Elon Musk is now blasting the Wall Street case for Bitcoin

(Bloomberg) – Elon Musk helped legitimize cryptocurrencies in the eyes of Wall Street investors. Now his tweets scare him. About a quarter of Bitcoin’s value was wiped away in a week, thanks in part to headspinning tweets from Musk on everything from Bitcoin’s environmental impact to whether Dogecoin is the better digital currency. The token is worth about as much now as it was when Tesla first announced its intention to buy something in February. Musk has always been a wink with his crypto-dabbling, but his latest posts have created confusion across the industry and reinvigorated the debate over whether the emerging asset class is a serious investment. Can Bitcoin ever be a hedge against inflation and a gold alternative with such volatility? And is it just a running joke on Twitter for the second richest man in the world? These questions are in line with GAM Holding AG, which monitors 124.5 billion Swiss francs ($ 138 billion) as unpredictable fluctuations in crypto are a huge disadvantage and volatility is so great that it actually distracts clients from their investment goals said Julian Howard, head of multi-asset solutions for the company. “It’s often driven by tweets rather than fundamentals.” Before this month’s roller coaster ride, the widespread adoption of crypto had taken off and Tesla’s $ 1.5 billion purchase of Bitcoin in February was a turning point. At the time, Musk announced that it would allow customers to buy cars with Bitcoin and keep a portion of Tesla’s balance sheet in the token.The big company expressed the expectation that other corporate treasurers would follow suit and resort to the introduction of crypto as a medium of exchange . Goldman Sachs Group Inc. and Morgan Stanley also announced plans to offer their customers exposure to crypto. With a large number of new retail and institutional investors, prices rose from $ 29,000 in January to $ 60,000 last month. After the withdrawal, the token is now trading around $ 43,000, and some analysts say the market still looks precarious, especially since Bitcoin’s fate has been linked to Musk’s Twitter outbursts. “I would definitely expect a reduced appetite for the future,” said Felix Dian, founder of crypto-focused MVPQ Capital in London, which has 70% of its investors as institutions. “Firstly because of the loss of momentum from a technical point of view, but also because of the extreme sensitivity to environmental issues.” Because Bitcoin lacks the fundamental fundamentals like profit streams or interest payments that help anchor the value of stocks and bonds. It is inherently a speculative bet on market trends in the years to come. “It’s the ultimate momentum trade,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. “Mainstream adoption will come from institutional investors over time, regardless of Elon Musk.” Despite all the eye candy lately, Bitcoin is far less volatile than it used to be. According to Benson Durham of Cornerstone Macro LLC, a more relevant metric for investors is the correlation of Bitcoin with other assets, and thus its impact on the overall volatility of the portfolio. By taking this move, “there is not much that can be changed during the recent retreat,” he wrote, crypto insiders saying the volatility caused by Musk is only a temporary slip and will soon be over. “We’re seeing this longer and investors would be right to do so,” said Greg King, CEO of Osprey Funds, which offers crypto trust funds. “The big question is whether we believe this asset will last. The answer is yes. You can find more stories like this on bloomberg.com. Sign up now to stay up to date with the most trusted business news source. © 2021 Bloomberg LP

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