Financial, Economic and Social Mood Update (June 1, 2021)
Financial, Economic and Social Mood Update (June 1, 2021) Bitcoin BTC is the oldest and biggest cryptocurrency. Its market dominance has fallen back to just 42.3 percent of total cryptocurrency market capitalization, but it already has a very impressive rank among all global currencies: https://coinmarketcap.com/fiat-currencies/. The current cryptocurrency market correction since April 14, 2021 sent total market capitalization for all cryptocurrencies down by 47.12 percent by May 23, 2021, and the market has been recovering since then (down 34.93 percent since April 14, 2021). What investor activity has this translated into? Simply put, small retail investors and new investors have bailed out at lower prices – a very big mistake on their part. On the other hand, large investor entities (banks, funds, governments, billionaires and whales) have been cornering what is left of the market with a voracious appetite. As of April 7, 2021 fully 73 percent of the world’s billionaires (often referred to as the “Forbes List”) are cryptocurrency billionaires. When one adds other high technology, nanotechnology and biotechnology billionaires to this, the proportion of high technology billionaires out of all Billionaires likely rises to an incredible 80 to 90 percent of the world’s billionaires – and this before the bulk of the hyperinflationary crash and following deflationary collapse has hit global markets. After the dust settles, old industries, old companies, old technologies and old families will be all but gone forever. Traditional commercial and investment banks are dying out very rapidly. One can now deposit US Dollars into Gemini Dollars, which maintain a constant face value and which pay an annual yield of 7.40 percent – 5.92 times more than the highest paying US commercial bank deposit today, and an incredible 105 times more than the average Money Market Account. The US Federal Government under President Joe Biden…