The Nasdaq closing at its best level ever and the S&P 500 almost there would normally be the big news of the day.
And the big news wasn’t even that positive…
I’m talking about Bitcoin (CCC:BTC-USD). The world’s largest cryptocurrency fell below $30,000 for the first time in a while and even moved negative for the year. It has bounced back quickly (at least so far), and in yesterday’s new episode of MoneyLine we talked about the long-term plan when it comes to not just Bitcoin but cryptocurrencies in general.
I can’t promise that the short-term pain in Bitcoin is over. I even mentioned in Friday’s podcast that I didn’t like the way it was trading. But here is what I do know…
I know that there is still a lot of big money piling into Bitcoin. Just last week Goldman Sachs (NYSE:GS) said it will become the first major bank to allow its high-net-worth clients direct access to the crypto.
I also know that the blockchain — the technology that Bitcoin and altcoins run on — is revolutionizing everything about how we live and business is done. And that use case isn’t going anywhere.
Speaking of not going anywhere, the infamous Jim Cramer made a bizarre statement this morning. He said that the “ARK Invest phenomenon is no longer in play” and that “Cathie Wood [is] propping these stocks up with her own buying bazooka.”
I have a lot of respect for Cramer, but this statement is absolute nonsense. If you’re in the mood for one of my rants, be sure to tune in to the podcast to get my thoughts on why these innovation and growth stocks aren’t just not going away … they’re just getting started.
Finally, we’ll turn to the consumer. Longtime readers know that there is more money in U.S. checking and savings accounts than ever before, and this will lead to a massive increase in spending.
I believe the consumer is overlooked right now … but not by us. There are some great opportunities out there, so in today’s show I go through a long list of tickers that piqued my interest when I ran my screens this morning. I suspect you’ll want to add a couple to your watch lists.
It’s a busy show with lots of ideas to share, so click here to watch it now.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now.