Connect with us

FreshKorn Cryptocurrency

Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’

Published

on


Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’ 101
Mark Cuban. Source: a video screenshot, Youtube, The Filmy

Shark Tank star and Dallas Mavericks supremo Mark Cuban appears to be growing increasingly bullish on all things crypto-related, claiming that “blockchain-driven assets have now legitimately become stores of value.”

Adding to the mainstream narrative that while crypto appears to be unfit as a means of exchange, it appears to have carved a niche for itself as an inflation-proof store of value, Cuban waxed lyrical about tokens in a recent blog post.

He opined that when it comes to cryptoassets, they are “all are stores of value.”

“It has long included cryptocurrencies (cryptoassets is what they should be called, they are rarely used as currency), like Bitcoin, Ethereum and so many others, along with the tokens being created to support DeFi and other value-creating derivatives of cryptoassets. They all are Stores of Value with market cap leader Bitcoin having a decade-plus long history of transactions and wealth generation,” Cuban said, adding that “there are a growing number of investors and traders who think that the digital goods and cryptoasset marketplaces are better than old school physical markets and the stock market and most of them are young.”

“They love the fact that NO ONE has power over them,” according to the billionaire.

These statements come at the time when Cuban stepping up his own crypto-related activities. Last week, he minted his first Ethereum-based non-fungible tokens (NFTs) on the Rarible platform, and also spoke out about his “shitcoin” collection.

One of the tokens features a dancing Cuban, fully decked out in Mavericks merchandise, and has already attracted a bid of over USD 13,000 for eight editions.

And now, as the National Basketball Association (NBA) has entered the business of trading digital NBA collectibles on blockchain, the owner of a basketball club claims that a store of a value is “something that some number of people assign value to and are willing to pay for and then hold on to, hoping that circumstances increase the value of that item.”

However, another fellow billionaire, Mike Novogratz, might not agree with Cuban. According to Novogratz, very few cryptoassets will stand the test of time and become lasting stores of value outside of BTC.

‘They don’t care’

In either case, according to Cuban, conventional traders appear to be nonplussed by the remarkable rise of crypto.

He wrote,

“This generation doesn’t care what Old School Wall Street thinks or says about valuations. They don’t care about Price Earnings Ratios, or NPV of future cash flows, or what the analysts say [about] the earnings per share this quarter. [They] don’t care at all. They have learned from their experiences watching Wall Street go up and down and making people who aren’t them a ton of money; that it’s a game designed to reward the people with the most money.”

The conclusion that “all these narratives are just sales pitches designed to sell stocks” has driven younger investors to “want to change the game and kick [Wall St.’s] ass,” something that “they should and have every right to,” Cuban wrote.

He also poured scorn on those who would seek to ridicule the Reddit-based movement that has seen members of a number of subreddits initiate price drive campaigns that have sent Wall Street into meltdown.

Cuban opined that “there is zero difference between” investors “following advice from Reddit or someone on CNBC or Bloomberg.”

He added,

“They also know that the more they work together, the less power Wall Street has. They know that fat and happy Wall Street has become slow, stale and set in their ways, which makes [it] an easier target than anyone would expect.”

___
Learn more:
GameStop: How Redditors Played Funds For Billions (And What Might Come Next)
Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing
Bridgewater’s Ray Dalio Sends Stronger Bitcoin Signal
Few Tokens Besides Bitcoin To Become SoV, Ethereum To Reshape Finance – Novogratz
Elon Musk Sees ‘Broad Acceptance’ For Bitcoin





Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

FreshKorn Cryptocurrency

Why chipmaker Nvidia could be next big tech to join the Dow

Published

on

By



There’s a strong case to be made for Nvidia (NVDA) joining the Dow Jones Industrial Average, the most famous of market barometers. In fact, one could argue that Nvidia might be a better fit than current chip king Intel (INTC) or stodgy tech giant IBM (IBM).

To be sure, the chip maker’s annual sales still pale in comparison to Intel or IBM, which are both expected to generate more than $70 billion in revenue this year. But Nvidia’s revenue forecast of about $25 billion for this fiscal year isn’t too shabby.

It’s also higher than the sales expectations for Dow components Visa (V) and McDonald’s (MCD), and on par with the revenue estimates for software giant Salesforce (CRM), which was added to the Dow last year.
Adding Nvidia could give the Dow more exposure to the lucrative industries of gaming and cryptocurrencies, as Nvidia’s graphics processing chips are a big part of high-end PCs used by gamers as well as for cryptocurrency mining rigs.
There’s another big reason why there’s been more chatter lately about Nvidia potentially joining the Dow. (Investing sites Motley Fool and Seeking Alpha have both speculated about the possibility.)

Stock split could set up Nvidia for Dow inclusion

Nvidia, until recently, would have been too expensive for the Dow, which weights the 30 companies it lists by stock price.

Shares of Nvidia had been trading north of $750 as of a few weeks ago. So putting it in the Dow at that price would have made it by far the biggest member of the index. UnitedHealth (UNH), with a stock price of around $415, is the current top stock in the Dow, accounting for about 8% of the average.

But Nvidia recently split its stock, which cut its share price by a quarter. Stocks now trade for around $190. There are a dozen Dow components that have a stock price higher than that.

Apple (AAPL) split its stock to a more Dow-friendly level before it was added to the blue chip average in 2015.
And the fact that tech titans Amazon (AMZN) and Google owner Alphabet (GOOGL), which each have shares prices in the quadruple digits, have not split their stock recently is arguably the main reason why neither company is in the Dow — despite having market valuations approaching $2 trillion.
Facebook (FB) is another possible future Dow addition, too, given that it is now worth more than $1 trillion.
The social media giant might need to split its stock as well though. At a price of nearly $375, Facebook would be the third-largest Dow component if added at current levels, trailing only UnitedHealth and Goldman Sachs (GS). That’s why Nvidia seems like a more logical Dow addition.
Nvidia could also be an attractive option if the company’s planned purchase of UK-based mobile chip designer Arm from SoftBank goes through. The $40 billion purchase would make Nvidia an even bigger player in the world of tech.
There are questions about whether that deal will pass regulatory muster, as it is being scrutinized by several agencies around the globe. There has even been speculation that Arm might pursue an initial public offering instead.
Nvidia was not available for comment. A spokesperson for Arm told CNN Business that the company’s CEO, Simon Segars, has stated to The Telegraph that there are no plans for an IPO and that the company is focused on closing the Nvidia deal.

A spokeswoman for S&P Dow Jones Indices, which has a committee in charge of making changes to the firms listed on the Dow, had no comment about the possible inclusion of Nvidia or any other changes to the index.

It’s worth noting that the Dow did just have an overhaul. Salesforce was one of three new members that joined last year. Amgen (AMGN) and Honeywell (HON) were also added while Exxon Mobil (XOM), Pfizer (PFE) and Raytheon (RTN) were given the boot.



Source link

Continue Reading

FreshKorn Cryptocurrency

Amazon posted a crypto job. Bitcoin surged 14%

Published

on

By



Bitcoin (XBT) climbed to a six-week high of nearly $39,043, while ethereum reached $2,363. Dogecoin was last trading at about 22 cents per coin, giving it a $28.8 billion market cap. As of Monday afternoon, both bitcoin and dogecoin had soared more than 14% over the past 24 hours, according to Coinbase. And ethereum went up nearly 12% over that period.
Typically, when Amazon is rumored to enter a new market, stocks of soon-to-be rivals tumble. But Amazon’s job listing had the opposite effect Monday, generating buzz about the tech company’s future involvement with cryptocurrencies and its potential to further legitimize the nascent digital currency sector.
In Amazon’s (AMZN) listing, which was posted Thursday, the company says it is looking for someone with a “deep understanding” of the “cryptocurrency ecosystem and related technologies.”
The role would be part of Amazon’s payment acceptance and experience team, according to the job description, perhaps implying that the e-commerce giant could accept cryptocurrencies as payment in the near future.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” a spokesperson for the company told CNN Business. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

Cryptocurrencies are having a roller coaster year, and they rallied Monday, just a few days after Amazon posted the job opening.
The conversation surrounding cryptocurrencies has become more prominent in corporate America this year. Although Tesla founder and CEO Elon Musk’s tweets have incited whiplash in the crypto space, the company’s initial $1.5 billion investment in bitcoin helped legitimize cryptocurrencies as an investment. Musk recently said he’s invested in bitcoin and wants to “see it succeed.” And during earnings conference calls this year, Wall Street analysts have peppered executives at high-profile companies about possibly entering the bitcoin space.

Amazon’s stock was up a little more than 1% Monday.

Correction: A previous version of this story incorrectly stated the day that Amazon’s job listing was posted.



Source link

Continue Reading

FreshKorn Cryptocurrency

Shrinkflation is the fad diet no one needs

Published

on

By



In today’s business news: Yes, your cereal boxes are shrinking; a $30 billion insurance merger gets called off; and Philip Morris wants to ban cigarettes in the UK.

Forget intermittent fasting and keto. Shrinkflation is here to help you shed your quarantine weight.

Here’s how it works: You don’t have to do anything, just keep buying the same groceries and let the food manufacturers do the portion control for you. Because while you’ll still be spending the same amount, you’ll be getting just a bit less than before.

Shrinkflation, of course, is not a fad diet — it’s a sneaky little tactic used by companies when their production costs go up (and the recent inflation surge has done just that). Rather than change the price of a box of Cocoa Puffs, General Mills can simply reduce the number of puffs in the box by an ounce or so. You pay the same price, because of course, and then the company can offset the increase in their expenses.

Yes, this is legal, and no, I don’t know why — it’s capitalism, baby, just roll with it. My colleague Nathaniel Meyersohn has more on the current shrinkflation.

NUMBER OF THE DAY

$30 billion

A proposed $30 billion insurance industry merger has been called off just a month after the Justice Department’s antitrust regulators sued to block it. The deal between Aon and Willis Towers Watson would have created an industry behemoth, and the DOJ argued that the merger would lead to higher prices and less innovation. Its dissolution is a major win for the Biden administration, which has taken a far more aggressive stance toward antitrust cases than its predecessors.

TALES FROM CRYPTO

Cryptocurrency buzz has gone from a low hum to a 2021-style cicada swarm. The reason why has less to do with the viability of cryptos as mainstream tender but rather the fact that Amazon is, apparently, paying attention.

WHAT HAPPENED

Amazon listed a job opening for a “digital currency and blockchain product lead.” The posting, which went up Friday, says the company is looking for someone with a “deep understanding” of the “cryptocurrency ecosystem and related technologies.” (Translation: We’ve heard a lot about this crypto thing and we’re honestly so confused, so please come work here and make sure we don’t look like dum-dums.)

The role would be part of Amazon’s payment acceptance and experience team, according to the job description, perhaps implying Amazon wants to accept cryptocurrencies as payment. That would take the nascent market digital currency sector deeper into mainstream commerce and give it the legitimacy that its advocates say is overdue.

Bitcoin climbed to a six-week high of nearly $39,043. As of Monday afternoon, both bitcoin and dogecoin had soared more than 14% over the previous 24 hours, according to Coinbase. Ethereum went up nearly 12% over that period.

QUOTE OF THE DAY

“With the right measures in place, [Philip Morris] can stop selling cigarettes in the UK in 10 years’ time.”

Moira Gilchrist, head of strategic and scientific communications at Philip Morris International

Philip Morris International — yes, that Philip Morris — wants the UK to treat cigarettes like gasoline-powered cars, the sale of which is due to be banned from 2030. The company, which makes Marlboro cigarettes and whose name was once synonymous with Big Tobacco, added on Monday that it “can see a world without cigarettes.” CNN Business’ Hanna Ziady has more.

WHAT ELSE IS GOING ON

Enjoying Nightcap? Sign up here and you’ll get all of this, plus some funny stuff we liked on the internet, in your inbox every night. (OK, most nights — we believe in a four-day week around here.)



Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.