Bitcoin breaking $100k was a judder moment in a market already awash with signs and portents suggesting irrational exuberance has gone too far, and a correction is coming. Meanwhile… the UK govt declares war on Porridge.

Bitcoin is either the greatest thing ever, or a complete Ponzi. Take your pick. The Shills cite multiple reasons its going ever higher. It looks to be in the speculative mania phase - joining a long and distinguished list of scams that sought to draw in the greater fools. While some target $750k, the price history may suggests $25,000 as a more realistic entry, and even that could be unsustainable if the euphoric bubble finally pops.

There are some mornings when the headlines just scream madness. So many improbable events and market moves surround us, we’re in danger of becoming desensitised to the mounting risks. It is ever thus when markets enter the irrational phase. Are we missing the fact Crypto might have captured the White House?

Questions, questions, everywhere this morning! Bitcoin has staged a spectacular rally since the US election. I am assured - by crypto-shills - this makes it a proper financial asset. Oh, here was me thinking it was money. Nope. It’s an asset. Really? Also, a podcast on why Musk should buy Boeing. And what does the new US defence secretary likely mean for the US military and the future of NATO-CANZUS.

The Media think they’ve identified Satoshi Nakamoto, the inventor of Bitcoin. While I doubt it, it raises enormous questions that about the credibility of Bitcoin, its adoption, and cast doubt on the foundation myths Crypto Shills push. Satoshi’s bitcoin wallets are currently worth over $67 bln! If the Truth emerges, Bitcoin could pop.

This week will be about listening to Central Banks. Meanwhile, the US Bitcoin Conference in Nashville over the weekend was an eyeopener – could Crypto be the issue that wins the election for Trump? The conference might has pressed the Bitcoin reset upside button.

Liz Trump – now there is a scary thought! Liz Truss is the news again – still in denial. Trump is in court and angry. Crypto shills are talking BitCoin higher on the halving and presenting detailed charts on why it’s definitely going to $300k. Madness stalks the Earth.  

Nigeria is under attack by cryptocurrencies, says the Government. The Naira has collapsed as locals flee to Bitcoin and Tether – where “crypto-predators” are scamming them. Is this the future? Could it happen to the dollar market as the global economy de-dollarises, leaving a monetary vacuum? What will it mean for the mighty Treasury market?

Bitcoin has zero fundamental utility. It is cult that was designed and loaded to make its’ “high priests” rich. To understand how it will trade, forget common sense – focus on what it is, who the players are and what is likely to motivate and influence the price. On that basis Buttcon may be a cynical buy – but be prepared to exit early.

“I think there is a world demand for about five computers”

Yesterday IMB announced a new breakthrough in quantum computing. One day Qubits will make crypto obsolete. A new revolution in computing is coming, and it could well be IBM that leads it!