Bitcoin long-term hodlers begin ‘distribution’ which preceded BTC price bottoms

By Williams Suberg

Long-term holders begin ‘distribution’

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend.

The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls’ efforts.

As “out-of-hours” markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout.

“The weekly chart on Bitcoin looks nothing short of horrific and so the trend continuation remains. I do think we consolidate a little longer in this range before dropping eventually,” Crypto Tony announced on the day in part of a series of tweets.

Rising Inflation Is Here to Stay, But You Can Protect Your Wealth

By David Forest, editor, Casey Daily Dispatch

$7.25.

That’s the federal minimum wage in the U.S…

And in California, you could pay more than that for a single gallon of gas.

Across the state, 11 gas stations are starting at $7.29 a gallon.

Think about that. If you use one gallon of gas to drive to work at a minimum wage job… your first hour is paying for your transportation.

That’s insane.

It’s also the first time in history that gas prices are above $4 per gallon in all 50 states.

Not to mention the other number you see at gas stations…

As I explained yesterday, diesel fuel prices are spiking faster than oil.

And rising prices aren’t unique to the U.S.…

Our Overlords Say Inflation and Energy Shortages Are “Worth It”

By Simon Black

Here’s our Friday roll-up of the most ridiculous stories from around the world that are threats to your liberty, risks to your prosperity… and on occasion, inspiring poetic justice.

School Board Member Hosts Youth Event at Her Sex Shop

Jenn Mason is a member of the Bellingham School Board in Washington state.

She also owns a sex shop called WinkWink.

And now she is hosting an event for “queer youth (0 to 18 years old)” at her sex shop.

Powered by (Formerly) Huge Gains from Real Estate, Stocks, Cryptos, as “Real” Incomes Lag? “Real” Consumer Spending Rises, Spending on Services Jumps

By Wolf Richter for WOLF STREET.

Americans outspent inflation by a good margin in April. “Real” spending on goods – what consumers buy at retailers, adjusted for inflation – rose for the month but was down from the stimulus-miracle peak last year. “Real” spending on services (such as healthcare, travel, entertainment, etc., adjusted for inflation) jumped, after having collapsed during the pandemic, as the shift in spending from goods back to services continues in a sign that the distorted stimulus-economy is normalizing. Services spending is the biggie, accounting for over 60% of total consumer spending.

“Real” spending rose, approaching pre-pandemic trend.

Inflation adjusted spending on goods and services jumped 0.7% in April from March, to a new record, and was up 2.8% from stimulus-miracle April last year, according to the Bureau of Economic Analysis today. It is now approaching the pre-pandemic trend, as the consumer economy is normalizing at pre-pandemic growth rates, all adjusted for inflation:

For Financial Advisors, Bitcoin Is the Next Nasdaq

By Andy Edstrom

Financial advisors like to talk about how bitcoin (BTC) is just a substitute for the Nasdaq because of its price volatility and high correlation to stocks.

They are more right than they know, but for the wrong reasons. In the 2020s, bitcoin will likely prove to be the driver of investment returns in investors' portfolios, just as the top Nasdaq-listed companies were in the prior decade. Financial advisors had better position their clients accordingly.

Upgrading bitcoin from Amazon to Nasdaq

In late 2020, I argued that bitcoin was the next Amazon. So much has changed since then that this view needs revision. While I still think that bitcoin's future percentage returns are on the same scale as Amazon's (AMZN) were over a decade ago, framing bitcoin's investment potential today in terms of a single company is now too limiting.

“We Are on the Precipice”

By James Rickards

I don’t believe many people grasp the enormity of the global food crisis we’ll be facing in the months ahead. But the world could be on the verge of a massive humanitarian crisis. Let’s dive in…

The supply chain collapse preceded the war in Ukraine, but the war has only intensified the problems. You can see it with your own eyes when you walk into a supermarket and find long stretches of empty shelves in stores that used to be chock-full of food and other merchandise.

Even goods that are available such as gasoline are being sold at much higher prices. Prices for gasoline (and diesel, which is critical for goods transportation) have more than doubled in the past nine months. All of this is clear. The question is will it get worse from here?

Crypto’s Crash: 100-to-1 Leverage Goes Poof!

By Pam Martens and Russ Martens: May 16, 2022

BitcoinCrypto was in full-blown crash mode last week, wiping out more than $300 billion in market value. TerraUSD, a so-called stablecoin that is supposed to trade at a “stable” $1 value, crashed to a few cents on the dollar. Its sister cryptocurrency, Luna, likewise imploded.

Then there was Bitcoin, which Warren Buffett has called “rat poison squared.” Bitcoin plunged further last week and is now down more than 30 percent year-to-date. So much for the hype that it would be an inflation hedge like gold.

It's Time to Capitalize on the SPAC Scrap Heap

Raising money for an unknown purpose isn't exactly an easy sell...

As I explained yesterday, 19th-century industry titan Henry Villard was only able to pull it off because he spent years establishing a reputation as a rainmaker... and people were lining up to invest alongside him.

That's how Villard established the first of what would now be known as a special purpose acquisition company ("SPAC").

Most sponsors today need to entice investors with deal-sweeteners like warrants and stock rights – goodies that allow investors to buy discounted shares in the future, should the stock appreciate.

If the sponsors don't find a target within two years, they return the investors' cash, plus interest. So for those early investors, it's a no-risk venture.

The Holy Grail of Investing Comes to Crypto

Over the years, one of my biggest challenges as a newsletter editor has been convincing people that 29.9% annual gains are the holy grail of investing.

For instance, we’ve recorded an average annualized return of 29.9% in my options newsletter since it launched in 2018. That’s more than double the S&P 500’s annual return of 14% over the past 10 years.

If you come from a Wall Street background like I do, you understand most of these guys would sacrifice their firstborn to rake in 29.9% per year.

And I get why people aren’t blown away by 29.9% annualized gains, though…

Asymmetric ideas like crypto and private deals are super sexy. They give you the chance to potentially turn $500 into $5,000, $50,000, or even $500,000.

These aren’t just pie-in-the-sky projections, either. My subscribers have had the chance to see gains of 14,478%, 20,377%, and 30,877% from my crypto recommendations.

By comparison, compounding double-digit gains year after year is slow and boring… But it’s one of the surest ways I know of to build wealth…