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Happy Friday! Billy Bambrough here with what's driving the day in crypto-land.
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24-hour crypto market snapshot
Bitcoin (+2%) $57,059
Solana (+5%) $236.08
Luna (+4%) $67.15
Steady as she goes 🚢
The major cryptocurrency market is steady this morning ahead of the latest U.S. jobs report that could shed light on how the Federal Reserve will adjust policy. Crypto market watchers are increasingly warning that faster-than-expected Fed tapering and interest rate hikes could hit prices. Payrolls data is forecast to show the U.S. economy added 550,000 jobs in November after 531,000 additions in October when the data is released this morning.

The bitcoin price is trending higher this morning, up around 2%, while ethereum, Binance's BNB, Ripple's XRP and polkadot are all up between 1% and 3%. Cardano and solana remain volatile with cardano's ADA down 2% and solana's sol up 5% since this time yesterday.

Terra's luna looks poised to break into the crypto top ten, as measured by CoinMarketCap, for the first time. Bloomberg has a write-up.

Now read this: Omicron Risk Unlocks Profit For Retail Traders Shorting Bitcoin
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“Crazier than the dot-com boom"
Berkshire Hathaway vice chairman Charlie Munger, right, sitting next to CEO Warren Buffett
Berkshire Hathaway vice chairman Charlie Munger, right, sitting next to CEO Warren Buffett ASSOCIATED PRESS
Crazy times: The stock market is currently even "crazier than the dot com boom," according to Berkshire Hathaway vice chairman Charlie Munger, who has told the Sohn Hearts & Minds Investment Conference in Sydney that "some of the valuations we saw in the dot com boom were higher but overall, I consider this as being even crazier."

Insane numbers: The S&P 500 index has more than doubled since its pandemic lows of March last year, while the crypto market has rocketed to highs of around $3 trillion. Bitcoin alone is up over 1,000% with bullish investors predicting it will continue to climb. Investors have poured almost $900 billion into equity funds in 2021—exceeding the combined total from the past 19 years—according to data reported by Bloomberg from Bank of America and EPFR Global. The Berkshire Hathaway cash pile hit new heights at $150 billion in the third quarter.

Wish fulfillment: Munger also said that he wished cryptocurrencies didn’t exist. "I wish they’d never been invented," he reportedly said. Both Munger and Berkshire chief executive Warren Buffett have repeatedly spoken of their dislike of bitcoin and cryptocurrencies in recent years.

East meets West: "I admire the Chinese, I think they made the correct decision, which was to simply ban them," Munger said. "In my country, English-speaking civilization has made the wrong decision, I just can’t stand participating in these insane booms, one way or another."

Meanwhile... Tesla billionaire Elon Musk also compared the frothy stock market, asset prices and company valuations with the dot com bubble this week, tweeting: "I thought nothing could be nuttier than ‘99."

The bottom line: Rich and powerful people seem to be increasingly warning over sky-high prices and valuations. But it's hardly the first time.

Now read this: Vanishing cash means ‘digital literacy’ is vital
Wall Street exploring bitcoin-backed loans 💸
🤲 Goldman Sachs is among big-name Wall Street banks looking into how they can use bitcoin as loan collateral without holding the cryptocurrency itself, according to Coindesk report citing people familiar with the plans.

🗣️ "Goldman was working on getting approved for lending against collateral and tri-party repo," Coindesk quoted one of the anonymous souces as saying with another adding: "We’ve probably spoken to half a dozen big banks about [bitcoin-backed loans]."

📄✍ Regulatory agencies are currently scrabbling to ascertain exactly who would have jurisdiction over bitcoin-backed loans, with the Office of the Comptroller of the Currency (OCC) the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) all potentially having oversight.

Good to know: Goldman Sachs sees crypto options markets as ‘next big step’ for institutional adoption
Warren turns up the heat 🔥
⚒️ Influential U.S. senator Elizabeth Warren has written to an upstate New York bitcoin mining company asking for details about its operation's environmental impact.

✍️ "Given the extraordinarily high energy usage and carbon emissions associated with bitcoin mining, mining operations at Greenidge and other plants raise concerns about their impacts on the global environment, on local ecosystems, and on consumer electricity costs," Warren wrote in the letter addressed to Greenidge Generation chief executive Jeff Kirt, asking for a response by December 17.

👣 Greenidge claims to be the first carbon-neutral bitcoin miner in the U.S. and is planning on opening a second mining facility in South Carolina.

📧 "We need to better understand how much energy facilities like Greenidge are using, how much they’re emitting into the environment, and what impact they’re having on electricity prices for American consumers," Warren told Bloomberg in an email.

Weekend reading: Messari's Ryan Selkis has released his must-read annual review
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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