One for the Crypto Bros

While I remain more bullish on gold, silver, and the precious miners, not to mention non-precious base miners and now deep value oil stocks over the long run if we are indeed headed into a new inflationary regime, it is hard not to notice Bitcoin's and the several crypto-related stocks moving sharply higher today. 

I would be remiss not to mention the Grayscale Bitcoin Trust (GBTC) as a rough proxy for Bitcoin, seen below on its monthly timeframe. Note how significant a move above $15 would be for the long run. You can see the coiling pattern the last few quarters, with plenty of shaking out to frustrate both sides an, in effect, set the stage for an eventual big move one way or other other. In fact, I suspect a fair amount of once-dedicated "crypto bros" migrated over to equities and options since the March lows to splash around in the likes of DKNG NKLA TSLA WKHS, etc..

Thus, crypto has cleared cooled off from its initial mania a few years back, both in terms of sentiment and price action. But it was far from a widespread mania and it may very well have more lives to live. And given the news today of Square (SQ) buying $50 million in Bitcoin, one can only imagine if the cryptos become more mainstream in the coming years. 

Some stock ideas related to crypto: DPW MARA RIOT.