Tony Greer is Captain at TG Macro LLC, frequent RealVision Contributor, disarmingly funny writer as well as veteran stock trader.
I read his delightful “Morning Navigator” every morning for ideas and for the smiles! Here’s an example of why:
Bitcoin Teed Up
As in teed up to smack a few bids down the fairway and take profit on trading length. Anthony Pompliano has some interesting takeaways from the Bitcoin 2019 Conference in
San Francisco in his newsletter this morning that caused me to participate into this frothy gap shot through $10K. I don’t think the Bitcoin tree is growing straight to the sky this
time around. There are more eyes on the ball and players on the course.
AP said the Silicon Valley people are getting confident about Bitcoin’s inevitability once again and that Libra is the talk of the town. These are two of the reasons I sold my trading position this morning at $12,650 and timestamped it on Twitter. Sentiment is red-lining and I’m picking up price alerts in my sports feed. Of course the HODLR’s are getting all worked up in their All Birds as they return from this conference to the trading screens.
Of course I’m the kind of trader who is happy to provide some liquidity and make sales into that excitement. The common denominator on this breakout through $10K is “it went straight to $20K last time” thinking that will happen again. If you ask me, this will be a far more controlled ascent so I will look to get long again on a pullback to $10K (which closes a gap) or into the moving averages from $7,500 down to $5,400, God willing. If Bitcoin does go straight to $20K this time, I will eat my metal stapler on YouTube.
I also mentioned that #BitcoinIsBack with a vengeance because Bitcoin is becoming the standout leader amongst the field. Bitcoin now makes up 61.4% of the crypto market capitalization and if you ask me, this is where the field will start getting narrowed even further. I think on this resurgence, new investors will just stick with the “Big Three” as I’ve
named them – Bitcoin, Ethereum, and Ripple. Those make up $225B, $36B, and $20B in market cap respectively. Those three currencies cover 75% of the total $365B crypto market cap and an even larger percentage of the trading volume. I see no reason to dive deeper into other cryptos. Judging by the 24 hour volume trading in “Insight Chain,” a robust $1,823, that crypto currency is the $1 slot machine at the Tropicana in Atlantic City.
I’m also making a sale because a set of globalist pikers is getting set to enter the crypto world and there not here to invest in it. France reflexively created a G7 Cryptocurrency Task Force as soon as Facebook said, “Libra is coming.” They’re here to protect you from the crypto gangsters breaking money-laundering laws or consumer protection rules and the force will be led by 50 year old ECB central banker Benoit Coeure. Francois Villeroy offered the parting “kiss of death” comment for me, “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.” Like it’s in everyone’s interest when the cops show up at a keg party, Francois.
This regulator has stepped in as capital inflows are building. AP tells us investors are getting more sophisticated and are starting to understand the need to “be in the space.” I was most interested in his observation that more are starting to “understand the macro environment’s impact on Bitcoin and cryptocurrency.” There’s definitely been an awakening in terms of how cryptocurrency moves relative to headlines about global moves in interest rates, quantitative easing, trade wars, MMT, demonstration, political unrest, etc. This is how you know the big boys are going to need a “Big Boy” allocation to Bitcoin one day. It is also why we keep our long term bitcoin investment tucked away under the pillow for another day when the market is more developed and the price rallies to God knows where.
Anthony restated what I stated long ago as a reason to be in bitcoin in the first place – “the amount of intellectual capital rushing into the Bitcoin and cryptocurrency industry is inspiring.” This is truly a new paradigm gathering high powered followers along the way. The pull has gone beyond engineering talent into staffing more mature companies with “designers, product managers, business development, accounting, staffing, and marketing executives.”
As the crypto companies mature, so will accessibility, usership, and acceptance so if you don’t have a Coinbase account open yet, with money wired into it in preparation of catching the next dip I’m going to coach us through…then what are you doing, Noob?
Tony Greer
June 26, 2019