Crypto, and Bitcoin in particular, has been quite strong lately, with BTC cavorting around lifetime highs.
Michael Saylor’s company Strategy (MSTR) has enjoyed the fruits of this rise, although in recent days it seems to have been burning off some of the “Saylor Premium”, as I call it.
The reason I mention this is because the Trump Media company (DJT), which until recently was all about the Truth Social platform, has now decided to mimic Mr. Saylor and, like him, borrow billions in cash for the purpose of buying BTC. Pre-market, folks were very excited about this (with ZH, naturally, breathlessly talking about how high the stock was bid), but it seems that this latest pivot for DJT is falling rather flat.
Relatedly, the Trump coin itself is still flopping around like a fish on a bass boat. A few weeks ago, it got a much-needed pop (after having lost almost its entire value) by way of a promotion by the POTUS – – as you know, the top 220 buyers of the coin would get to have dinner with him. That caused a big surge in interest and volume, and the 220 lucky, lucky winners of the contest spent about $148 million in cash to gobble up the needed coins.
Word on the street is that the event sucked out loud. They didn’t get to bend the President’s ear to push whatever coin scheme they had dreamed up, and the dinner was described by some attendees as the worst meal they had ever eaten. I gotta say, the offering does look like something that would be offered up in business class on a plane ride.
We live in strange, strange times.
