Bitcoin Is Not A Currency

  1. And here are the most notable charts from the report.

  1. The yield curve is steepening at an accelerating pace. BBG notes that “A speed limit of ~25 basis points per month for U.S. 10-year yields represents an important cut-off for emerging market currencies. Below that pace, many low yielders are likely to appreciate, and any declines in higher yielders should be relatively contained.”

  1. @riholtz tweeted the below chart along with the following “Bitcoin’s annual electricity consumption puts it at the edge of being a top 30 country. Annually, it consumes as much electricity as the entire population of Pakistan — 217 million people. (via Deutsche Bank)”. Not sure how this “ungreen” credential is going to sit with our Gamemasters. As @jackdanger points out in this thread, “If Bitcoin’s price ever reaches $1m it will output more carbon than the entire US and consume 2x the entire electrical production of the US.” This is just one reason amongst many on why bitcoin will never be a credible currency or store of value but is instead just a vehicle for speculation

  1. Here’s a great chart from a recent KKR piece on the reorganization of global supply chains (link here). Deglobalization is one of key secular trends we’re tracking at MO.

  1. Fiscal stimulus is the dominant feature of this market and economy. It’s a critical paradigm shift, and will likely remain a key policy tool in the decade ahead.

  1. Research Affiliates believes the UK will be a top performer in the coming years. Brandon and I are digging into some UK names this week.

  1. COVID cases are dropping and vaccination rates are accelerating… The economy is going to be reopening and running hot by mid-year. BKNG is one of many reopening plays with a great long-term chart.

  1. Long copper has been a beast of trade these past few months. There’s a number of tailwinds behind this move. One of them being the confluence of renewable energy developments creating high copper demand and record low inventory levels to start the year.
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Disclaimer: All statements are solely opinions and are for educational purposes only.

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