Most of you heard the news that one of the President’s grift, Trump Media (DJT) announced borrowing billions of dollars to buy Bitcoin, just like Michael Saylor.
Interestingly, BTC’s lifetime high from a few days ago remains intact, and the coin is slipping somewhat on the heels of this news. By no means am I claiming that a one-day slip shows what a bad choice this was, but let’s just say there isn’t any follow-through thus far.
In point of fact, DJT fell hard yesterday and is adding to those losses today. The stock is down about 70% from last March.
They are not alone in this weakness, however. Saylor’s Strategy (MSTR) is, oddly, 33% below its own peak, even though its only meaningful asset, Bitcoin, is just a couple of percent beneath its lifetime high. The Saylor mystique is tarnishing somewhat, I’d say.
More important to me, personally, is what Ethereum is doing, because as I’ve endlessly pointed out, my view is that ETH will inform the direction of QQQ (and tech stocks in general), and so long as it stays under that broken trendline, bears have a real chance.
