THIS IS BITCOIN'S WRONGEST TALKING POINT

In today's @markets newsletter, I wrote about the claim that Bitcoin is now the 5th biggest currency in the world and why comparing its market cap to the "monetary base" of fiat currencies is nonsense.

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@markets CC: @crypto_voices @nic__carter @balajis and the many others who have attempted to compare Bitcoin to fiat in this way.

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@markets @crypto_voices @nic__carter @balajis I didn't have space to get into it in the piece. But conceptually just talking about the "amount" of a fiat currency is just not that useful, since it's relatively easy in an endogenous money system to create new money by posting an existing asset as collateral and get a loan

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Joe Weisenthal

@TheStalwart

13 Apr

All the numbers a little warmer than expected

CPI ex-food and energy rises 0.3% from last month vs. the 0.2% expected.

On a year over year basis, core is up 1.6% from last year vs. 1.5% expected.

And on a headline basis it's 2.6% vs. 2.5% expected.

bloomberg.com/news/articles/…

Basically no impact on markets. Stock futures actually up a little bit post data.

No real change to 5 year yields

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Joe Weisenthal

@TheStalwart

12 Apr

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THE 'EASY MONEY' BITCOIN TRADE THAT WALL STREET IS STARTING TO NOTICE

In today's @markets newsletter, I wrote about the extreme contango in the Bitcoin futures market, and the theoretical yield opportunity that this presents

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@markets Here's @mattleising piece from late March on @BlockFi, and the connection between the Bitcoin futures basis trade, and the fat returns they're offering to depositors bloomberg.com/news/articles/…