Causing observers to run out of superlatives and Google users to query about whether a crash is coming, bitcoin’s price topped $40,000 for the first time Thursday, only hours after the leading cryptocurrency blew past $38,000 and $39,000.
- The price of bitcoin set a new-all time high of $40,123.30, up 13.45% over the last 24 hours. Yesterday, bitcoin (BTC, +8.43%) passed $36,000 and $37,000 for the first time before rocketing today past $38,000, $39,000 and now $40,000.
- It continues a wild start to 2021 and follows a landmark year in which the cryptocurrency rose more than 300%, with an almost 50% gain in December alone. On Nov. 30, bitcoin breached a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000.
- Seven days into 2021, bitcoin is on pace to put December’s performance to shame. It’s now up 36%, or about $11,000.
- Bitcoin’s price is now more than twice that previously mentioned all-time high of $19,783 reached during 2017’s bull market run.
- The prevailing narrative of this record-setting run is a growing view that bitcoin represents a form of “digital gold,” a view that has brought a flood of institutional investors into the cryptocurrency. Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); insurance giant MassMutual ($100 million in December); and Guggenheim Investments (up to 10% of its $5 billion macro fund).
- The latest records, however, may have more to do with the storming of the U.S. Capitol on Wednesday by President Donald Trump’s supporters believing the election was rigged and upset by the certification process that was underway than with any inflation hedge.
- Global macro uncertainty has the potential to devalue fiat currencies, which in turn could potentially increase the attractiveness of bitcoin. A disputed election followed by protestors breaking into the Capitol with at least one person being shot and killed would seem to fall under the category of “uncertainty.”
- In addition, with the Democrats now in control of both the House and the Senate in the U.S. the chance of increased government spending is viewed as going up. Increased spending is considered a possible source of inflation, against which bitcoin is viewed as a hedge.
- With a market value now of $746 billion, bitcoin is more valuable than all but seven publicly traded companies, sitting between Tesla at $758.8 billion and Tencent at $723.0 billion.
- The market’s supply of dollar-pegged stablecoins is keeping pace with bitcoin’s meteoric rise. Since New Year’s Eve, the supply of tether (USDT, -0.17%) has growth by over 10%, reaching 22.7 billion USDT at last check. Total supply of the runner-up stablecoin, Circle’s USDC (+0.01%), has also grown by double-digit percentages so far in January, currently sitting at 4.4 billion USDC, according to Glassnode.
Costco issues toilet paper warning
Costco Wholesale is having trouble fulfilling toilet paper orders.
The membership-only warehouse retail chain is issuing a warning to customers that have purchased the common household item online, saying they may face delays in receiving their orders.
“Due to increased volumes, you may see a slight delay in the processing of this order,” Costco’s customer service team said in a purchase order confirmation email viewed by FOX Business.
The retailer noted that the company is “working to fulfill everything as quickly as possible” and that customers will get a follow-up email with tracking information once an order has shipped.
The warning notice comes after the company indicated that it would reinstate purchase limits at some of its store locations as customers reportedly stockpile goods once again – mimicking the early days of the COVID-19 pandemic last year.
Mark Levin smashes 1M sold for American Marxism, top 2021 book
Conservative talker Mark Levin’s record-selling new book, American Marxism , has raced past the 1 million mark and is now America’s top seller despite receiving little to no attention in the establishment press.
“We are thrilled about the astounding success of American Marxism and its enormous appeal to the general public,” said Jennifer Long, deputy publisher for Threshold Editions, a division of Simon & Schuster.
Levin told Secrets on Thursday that his book has led to a movement he hopes will turn the 2022 midterm elections into a huge victory for conservatives and a rejection of President Joe Biden’s leftist policies.
“We’re running out of time. You know, there are tens of millions of people in this country who have no voice in academia, the media, Big Tech, even in politics. And we’re not going to roll over and play dead,” he said.
“This is a movement. And it’s a movement that’s not on too many radar screens from a strategic perspective,” he added.
His book tackles the Left’s attempt to rewrite U.S. history, take over American institutions, and erase conservatism.
Here’s how Threshold described it: “In American Marxism, Levin seeks to rally the American people to defend their liberty, traditions, families, and the Constitution from a counterrevolution to the American Revolution that seeks to destroy the existing civil society. Levin explains how the core elements of Marxist ideology have been uniquely tailored to and applied to American society and are now pervasive throughout the culture, forming a variety of sub-movements surrounding such issues as ‘climate change,’ ‘genderism,’ ‘critical race theory,’ etc.”
States Rationing Liquor
Why Liquor Shortages Caused By The COVID-19 Pandemic Persist In Some States
A fair warning for your next trip to the liquor store: Several states across the U.S. are still experiencing booze shortages related to COVID-19, and it’s unclear when supply will be able to meet demand.
Early in the pandemic, it was common to find libations low in stock after some liquor stores briefly closed amid statewide lockdowns and skyrocketing consumer demand for alcohol.
The Pennsylvania state board in charge of consumer liquor sales announced last week that it was limiting customers to two bottles of certain alcoholic beverages per day. The Pennsylvania Liquor Control Board said the purchase limit on select items — including Hennessy Cognac, Buffalo Trace bourbon and Patrón tequila — will be in place for the “foreseeable future.”
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