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OPINION

Bits and Pieces of Respect

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Wow, don’t look now, but Bitcoin (BTCUSD) is coming on strong! …+$51.19 to $419.43, the alternative digital currency has gone parabolic since bottoming at $213 on August 23. Interestingly, for a moment, it looked as though gold was on the cusp of a big pop, but that has stalled. I have to wonder as the “currency” matures if it will live up to the hype. It is still too early and I am not sold on the notion, as there is an unbreakable program that will ultimately limit the number of coins, thereby spiking the value of those already in circulation.

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That being said, a greater acceptance of bitcoin underscores the growing rejection of fiat money and the governments that print them up at will.

Transactions:

  • 31,433: Nov 5, 2012
  • 192,366: Nov 3, 2015

However, there is a future for digital currency, as the masses understand how fragile the global monetary system has become. It’s only going to get worse from here; short cuts and political aversion to a hard landing means pumping up the volume. Where the bubble bursts, no one knows and no one cares- except those folks that made 192,366 financial transactions with bitcoin on Monday.

I am watching this closely because at some point, this will be a harbinger of a loss of faith in paper currency. And particularly the U.S. dollar and a loss of faith in a government that spies and lies.

NASDAQ

While the bitcoin rally has been impressive, NASDAQ touched a 15-year high yesterday. There is a ton of former high-flyers that could come on strong during a year-end rally. Overall, it was clear stocks ran out of steam with an hour left in the session. Let’s not forget, we are a couple of days away until the jobs report. Usually this week sees a couple of triple-digit sessions for the Dow on both the up and down sides.

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The intensity will ratchet up a notch or two over the next 72 hours of trading, and we still won’t know how to react when the numbers are released on Friday.

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