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14
May

A work of art

Elon Musk is right It makes no sense to mine bitcoin with coal. That is why almost nobody does. Coal is simply too expensive. Bitcoin miners can only operate profitably at 3 cents per kilowatt hour and less. Fully costed coal is a lot more than that, hence most bitcoin mining takes place at the bottom

07
May

Coke Heads

It was the annual gathering of Buffett sycophants last week. Tell us more Warren about how you have underperformed the market for the last 15 years etc. etc. Year after year they are asked about bitcoin and still have not come up with a coherent critique. It’s difficult to let this year’s vitriol slide though, so

30
Apr

Everything is terrible

Bitcoin has died** You didn’t really think that some computer code was going to compete to be a global asset class, did you? I mean, that was pretty stupid of you if you did. A bunch of bearded cryptography enthusiasts versus all the intellect of the world’s bankers? It was hardly a fair fight and it

16
Apr

Isabel

Risk Free Here’s an interesting trade for you from Bloomberg. December bitcoin futures were trading at a $5,000 premium to the spot price last week. All you had to do to make the 8% annualised return was go long spot bitcoin and short the December future. Sit tight for a few months and collect. Indeed, there are

26
Mar

The Hunger Games

The dog ate my homework “The trouble with excuses is that they become inevitably difficult to believe after they’ve been used a couple of times.” The pressure on US regulators to sign off a Bitcoin ETF is growing. In Canada, Purpose Investment’s ETF raised $0.5 billion in two days. It crossed $1 billion in its

12
Mar

28 Trillion

$28 Trillion Paul Krugman, Nobel Laureate and all round moron, often repeats “Debt is money we owe ourselves”. His argument is that it does not matter, because America can print money whenever it wishes to pay back whoever it wishes. Sadly, he is absolutely correct. Furthermore, he can point to Japan and Italy whose debts are

05
Mar

Coinbase

In what is one of the most anticipated public offerings of the last few years, Coinbase has filed for direct listing on the NASDAQ. Rather quietly it has become a very big company: 43 million customers worldwide $456 billion in transaction volume to date 1,200 employees (amazingly small) Interestingly, no headquarters. They all work from

12
Feb

Worthless

 Cash on Hand To great excitement this week, Tesla allocated $1.5 billion of their Corporate Treasury cash to bitcoin. The excitement did not necessarily extend everywhere though. Here is Nils Pratley, who to my surprise is the Financial Editor of the Guardian (yes, they have one). Irrespective of what you may think of Tesla or

05
Feb

Adios Davos

I went to Davos (on Zoom) A small town in Switzerland rejoices as world leaders don’t visit. Remember Davos? The big pow wow for the rich and famous in the Swiss Alps. Well you haven’t heard about it because this year it happened on Zoom. That’s right, Davos is now called Zoom. Without the private jets, the

29
Jan

Distressed assets

Distressed assets What would you say if I tried to sell you this company: The Basics Revenue: $3.3 trillion Enterprise value: $177 trillion Valuation: 53x revenue Revenue growth: negative Age: 244 years old Debt: at a 70 year high   Accounting irregularities The company is very well connected and uses different accounting rules to everyone