Coinbase: The new Tesla? And other big stock market questions answered
US stocks rose, pushing the S&P 500 to a record, as investors cheered encouraging data on the economy, a strong batch of corporate earnings and the prospect of as much as $1.8 trillion in new government spending. Investors have spent much of the month grappling with two competing dynamics: signs of a strong economic rebound, particularly in the US, and worsening Covid-19 cases elsewhere in the world that threaten to hamper the global recovery. Speaking to BizNews, to help make sense of developments for investors is US expert on stock market cycles is Dr Richard Smith, CEO of The Foundation for the Study of Cycles. He says Coinbase could easily become the Tesla of the cryptoworld and shares why there’s been a seismic shift in the digital world. He also weighs in on the S&P500, which has been powering up – and cautions that the risks of investing in US stocks now are very high. – Jackie Cameron
What Are Altcoins — and Are the Potential Rewards Worth the Risks?
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The CEO of the Foundation for the Study of Cycles, Dr Richard Smith, joined the BizNews Power Hour to discuss emerging tech stocks. Investment guru Ray Dalio has warned that some stocks are in ‘extreme bubbles – particularly emerging technology companies’. Dr Smith says ‘I think Dalio is talking about smaller stocks.’ Smith also gives his thoughts on cryptocurrency. ‘For somebody who has been in bitcoin for a while, it’s a good time to be taking some profits.’ – Jarryd Neves
Dr Richard Smith on Ray Dalio:
I am a fan of Mr. Dalio. He does phenomenal cycles work. He’s been publishing regularly on 500-year cycles, currency cycles, China and the United States. If you’re going to listen to anyone, Ray certainly has credibility. I think he’s proven himself as somebody who really thinks about things outside the box and studies history. Certainly, you have to listen to what he has to say.
No Ceiling in Sight for Bitcoin Value, Analysts Say
On 2/17/21 at 4:39 PM EST
Bitcoin s surge to $50,000 for the first time has created a new acronym: HOFDL Hold On For Dear Life. Hof-del captures both the buy-and-hold strategy driving Bitcoin higher and the cryptocurrency s inevitable volatility in the future. Bitcoin is the gold standard of cryptos, Dr. Richard Smith, CEO of The Foundation for the Study of Cycles, a non-profit research institution based in Pittsburgh, told
Newsweek. There is a fixed number of Bitcoin. Many holders have a never sell attitude and we haven t seen that before.
Twitter chief executive officer Jack Dorsey has said he is passionate about Bitcoin.
GameStop
What’s happening on Wall Street?
Investors have been rushing into the nearly bankrupt strip mall video game retailer GameStop faster than shoppers hoping to score a PlayStation5 at a Black Friday door-crashers sale. Suddenly, the company is valued more than big box tech behemoth Best Buy. Its shares are trading at a volume surpassing even the biggest stock of them all, Apple.
If you think it’s because GameStop suddenly re-invented the video game wheel, the answer is no. In fact, other than the hiring of a new CEO, not much at the company has changed since last year when a share of GameStop stock could be had for as little as $5. But at their peak (as of this writing) on the morning of Thursday, Jan. 28, the company’s shares hit $500 in premarket trading. Cumulatively, GameStop stock has skyrocketed 1,200% in the recent period.
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