1. Home
  2. Discover
  3. News
  4. Forbes

Forbes - Wish upon a star investor 🌟

Happy Friday! Billy Bambrough here with what's driving the day in crypto-land.
Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!
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
When you make a purchase through links in this email, the author may earn a commission.
Unlock Forbes Premium Crypto Articles
Forbes CryptoAsset & Blockchain Advisor grants you unlimited access to in-depth reporting and analysis on the cryptoasset & blockchain landscape. Never hit another locked premium crypto article again and stay up-to-date with the latest opportunities.

For successful subscription, disable your adblocker
Get started for only $29
“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.
Forbes

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Older messages

The Biden Administration's winter Covid plan

Thursday, December 2, 2021

Plus: Germany announces lockdown for unvaccinated ADVERTISEMENT Forbes | InnovationRx Earlier today, President Biden outlined new federal initiatives to combat the Covid-19 pandemic. This includes

Oil Rollercoaster | New Square On The Block | 23andMe’s Downward Spiral

Thursday, December 2, 2021

Plus: California Scheming ADVERTISEMENT Forbes Good morning. The oil rollercoaster ride continues as an OPEC meeting this week confronts the possible impact of the omicron coronavirus variant on fuel

Blockheads ⬛ 🟦 🟫 🟩 🟧

Thursday, December 2, 2021

CryptoCodex Forbes Billy Bambrough Forbes Senior Contributor Forbes Good Thursday morning. This is Billy Bambrough, getting you up to date with the latest bitcoin and crypto news. Was this newsletter

Under 30 Disruptors | Omicron Reaches U.S. | UNH Boosts Revenues

Wednesday, December 1, 2021

Plus: P&G recalls antiperspirant sprays due to cancer risk of benzene ADVERTISEMENT Forbes | InnovationRx It's a very exciting day at Forbes as we unveiled the 2022 30 Under 30 Class and

Zara Billionaire Keeps It In The Family | Inside Facebook’s Ad Business | Cyber Monday’s Drop

Wednesday, December 1, 2021

Plus: 30 Under 30 Class Of 2022 ADVERTISEMENT Forbes Good morning. This year's 30 Under 30 list is finally here. Averaging 28.2 years in age, the Forbes Under 30 Class of 2022 has collectively

You Might Also Like

Revenue diversification is (sometimes) overrated

Thursday, May 2, 2024

PLUS: You can't copy and paste a media business model ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

DoorDash reports record quarterly revenue of $2.5B, rips Seattle over minimum wage law

Wednesday, May 1, 2024

Breaking News from GeekWire GeekWire.com | View in browser BREAKING NEWS DoorDash dedicated two paragraphs of its first quarter earnings report and several minutes on a call with analysts to voice

Tents and nervous (can't relax)

Wednesday, May 1, 2024

College campuses remain on edge after a clash in LA and hundreds of arrests around the country. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Behind the Barricades at Columbia’s Hamilton Hall Takeover

Wednesday, May 1, 2024

Columns and commentary on news, politics, business, and technology from the Intelligencer team. Intelligencer clash on campus Behind the Barricades at Columbia's Hamilton Hall Takeover Columbia

GeekWire Mid-Week Update

Wednesday, May 1, 2024

Read the top tech stories so far this week from GeekWire GeekWire Mid-Week Update Top stories so far this week Prudential to shut down Assurance, the insurance tech startup it acquired for $2.35B in

April’s most popular picks

Wednesday, May 1, 2024

<3 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Thursday Briefing: Police deployed at U.S. campuses

Wednesday, May 1, 2024

Also, China's surging electric car market and a new Netflix series from India. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition May 2, 2024 Author Headshot By Amelia Nierenberg

Left To Our Own Devices

Wednesday, May 1, 2024

School Bans Phones, Big Plan on Campus ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Prudential shutting down Assurance IQ, the Seattle-area startup it acquired for $2.35B

Wednesday, May 1, 2024

Inside the Binance founder's sentencing | LinkedIn launches games ADVERTISEMENT GeekWire SPONSOR MESSAGE: Washington state's second-largest city is the hub of an ambitious regional tech

Give Her Flowers (Don’t Overthink It!)

Wednesday, May 1, 2024

A bouquet for Mom from 1-800-Flowers. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission. A bouquet for