Wall Street Breakfast: Reddit Targets Bitcoin

Reddit targets Bitcoin - The Bitcoin (BTC-USD) subreddit community is looking at a coordinated plan to buy the cryptocurrency to commemorate El Salvador's law making it legal tender. President Nayib Bukele tweeted yesterday that the country had purchased a total of 400 Bitcoins.It was three months ago (and with the price at $35K) that Bukele made a surprise appearance at Miami's Bitcoin 2020 conference to announce plans to make the crypto legal tender in his country.The law in El Salvador goes into effect at 3 PM local time (5 PM ET) and citizens will be able to download a digital wallet and receive $30 in Bitcoin after entering their ID number. Bitcoin is now down about 1%, moving below $52K.According to tweets, a large Brazilian Reddit (REDDIT) community with more than 3M users, plans is being called on to buy $30 each in Bitcoin. Reddit coordinating. In a post titled "So ... We all buying $30 worth of Bitcoin on Tuesday,' user thadisusb writes: "3,316,862 Community Members X $30/each = $99,505,860 (give or take based on currencies used) ... El Salvador will have the crypto launch @ 3 PM. I say we coordinate for this time, which is 2 PM Pacific Standard time. Thoughts? ... I have meant this as more of a support gesture, rather than a pump. It's a first that a nation has adopted Bitcoin. This is an important time in Bitcoin. Let's show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them. And for everyone. Bitcoin is meaningful." The post has more than 2,000 comments, with 86% giving the idea a thumbs up.Whether the plan comes to fruition is another matter, with Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore telling Bloomberg it would be challenging. "Saying something and actually doing it are very different," Ayyar says.On Friday, SA contributor John Rhodes argued that even "if there's a high chance of failure, or loss, over a long period of time, Bitcoin can be an outstanding asymmetric bet." (1 comment)

	Read in Browser
Top News Reddit targets Bitcoin Shutterstock The Bitcoin (BTC-USD) subreddit community is looking at a coordinated plan to buy the cryptocurrency to commemorate El Salvador's law making it legal tender. President Nayib Bukele tweeted yesterday that the country had purchased a total of 400 Bitcoins. It was three months ago (and with the price at $35K) that Bukele made a surprise appearance at Miami's Bitcoin 2020 conference to announce plans to make the crypto legal tender in his country. The law in El Salvador goes into effect at 3 PM local time (5 PM ET) and citizens will be able to download a digital wallet and receive $30 in Bitcoin after entering their ID number. Bitcoin is now down about 1%, moving below $52K. According to tweets, a large Brazilian Reddit (REDDIT) community with more than 3M users, plans is being called on to buy $30 each in Bitcoin. Reddit coordinating. In a post titled "So ... We all buying $30 worth of Bitcoin on Tuesday,' user thadisusb writes: "3,316,862 Community Members X $30/each = $99,505,860 (give or take based on currencies used) ... El Salvador will have the crypto launch @ 3 PM. I say we coordinate for this time, which is 2 PM Pacific Standard time. Thoughts? ... I have meant this as more of a support gesture, rather than a pump. It's a first that a nation has adopted Bitcoin. This is an important time in Bitcoin. Let's show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them. And for everyone. Bitcoin is meaningful." The post has more than 2,000 comments, with 86% giving the idea a thumbs up. Whether the plan comes to fruition is another matter, with Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore telling Bloomberg it would be challenging. "Saying something and actually doing it are very different," Ayyar says. On Friday, SA contributor John Rhodes argued that even "if there's a high chance of failure, or loss, over a long period of time, Bitcoin can be an outstanding asymmetric bet." (1 comment)       Tech China and tech For several months, one of the major topics involving tech companies has been China. Whether it's been the Beijing government imposing more regulations on its own e-commerce leaders, or fears about shortages in semiconductors and other products made in China, barely a day of late has gone by without the topic of China being brought up in regards to the tech sector. But, just how much does China weigh on the thinking of top tech chief executives and other corporate officials? Are they that worried about China and its impact on their businesses? Since CEOs know that whatever they say will be parsed for any hints about where their businesses are headed, they often only speak publicly when they want to promote something positive about their companies. But, one of those rare times when they, or their CFOs, do go before the public is on their quarterly earnings calls. And in addition to telling how well their companies have done over the prior three months, those executives have a fiduciary duty to let their shareholders know about any challenges they are facing. And with China seemingly being a worry to much of the tech sector, those quarterly conference calls would appear to be the appropriate place for company officials to address the China question. But, a look at the recent conference calls of some of the biggest tech companies shows that, in many cases, China doesn't even warrant a mention, much less a worry, to some top tech CEOs. (75 comments)       Financials Don't fear financials Normally a huge miss on headline payrolls (235K vs. 750K expected) would send money away from risk into bonds, pushing yields down and hitting Financials (NYSEARCA:XLF) on net interest margin. But BTIG still has an Overweight rating on the sector, looking at the bigger picture. "Taking a step back, Financials relative performance vs. the S&P 500 continues to build out a base that has been a decade-plus in the making, after holding the GFC era low," Julian Emanuel, chief equity and derivatives strategist, writes in a note. "This suggests that should financials maintain their momentum and relative strength break out, there is plenty of room for further outperformance - this is consistent with our view that Value began a period of longer-term outperformance vs. Growth in September 2020." (11 comments)       Sponsored By Yieldstreet Make Your Savings Work For You. Not the Other Way Around. Back in the '80s, interest rates on savings accounts hit historic highs, topping out well over 10%. But not everything is as it was in the '80s. With inflation rising and CD rates flirting with zero, savings accounts are about as fashionable as shoulder pads and neon spandex. Fortunately, Yieldstreet is here to help put your savings to work, serving up a marketplace of alternative investments to help kickstart your passive income: With asset classes ranging from real estate to legal finance, Yieldstreet's investments can help deliver valuable diversification to your investment portfolio. And Yieldstreet offers a selective process to bring investments to their community 一 just 4% of deals made it past the company's due diligence process last year. Here's The Kicker: Yieldstreet offers target annual yields typically in the of up to 7% to 15% range, allowing you to shift into leisure mode while your money is positioned to works overtime. Learn more about how Yieldstreet can start your passive income journey today. Cryptocurrency Biotech comeback plays Barron's spoke with investors and analysts who focus on the biotech field to find names that are poised to make a comeback. Many biotech stocks have had a tough year so far. The SPDR Biotech ETF (NYSEARCA:XBI) is down 4.7% year-to-date. That compares to a 20.8% return in the same period for the S&P 500.

The companies Barron's highlights are: Acceleron Pharma (NASDAQ:XLRN), Invitae (NYSE:NVTA), Sarepta Therapeutics (NASDAQ:SRPT), COMPASS Pathways (NASDAQ:CMPS), and AlloVir (NASDAQ:ALVR). (34 comments)

     

Covid

Vaccine boosters

White House chief medical advisor Dr. Anthony Fauci says that the U.S. COVID-19 vaccine rollout scheduled for Sept. 20 will likely start with Pfizer (NYSE:PFE)/ BioNTech (NASDAQ:BNTX) COVID-19 vaccine, soon followed by the introduction of Moderna (NASDAQ:MRNA) COVID-19 booster shot.

Speaking on CBS' "Face the Nation," on Sunday, the top U.S. infectious disease expert said Pfizer/ BioNTech have likely submitted sufficient data for regulators to make a decision before the deadline, set by The White House last month. "It is conceivable that we will only have one of them out, but the other will likely follow soon thereafter," Fauci said. (158 comments)

     

Today's Markets

In Asia, Japan +0.86%. Hong Kong +0.73%. China +1.51%. India +0.12%.
In Europe, at midday, London -0.34%. Paris -0.11%. Frankfurt -0.32%.
Futures at 6:20, Dow -0.05%. S&P -0.06%. Nasdaq -0.08%. Crude -0.65% at $68.86. Gold -1.07% at $1814.15. Bitcoin -1.8% at $50940.
Ten-year Treasury Yield +4.3 bps to 1.365%

Today's Economic Calendar

12:30 PM TD Ameritrade IMX
1:00 PM Results of $58B, 3-Year Note Auction

Companies reporting earnings today »

What else is happening...

Qualcomm (NASDAQ:QCOM) to supply chip for new Renault (OTC:RNSDF) electric vehicle.

Japan to purchase 150M doses of Novavax's (NASDAQ:NVAX) COVID-19 vaccine.

FDA places clinical hold on BioMarin's (NASDAQ:BMRN) Phase 1/2 gene therapy study in phenylketonuria.

HUYA's (NYSE:HUYA) chief financial officer resigns.

111 (NASDAQ:YI) approves $10M share repurchase program.

Deutsche Telekom (OTCQX:DTEGF) nears €5B sale of Dutch unit - Bloomberg.

Seeking More

Seeking Alpha's Wall Street Breakfast Podcast

Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day.

  Download Seeking Alpha for your Phone or Tablet



Want More Ideas?

Our best ideas → Stock Ideas
ETF's Investing Ideas → ETF Ideas
Dividend stocks ideas → Dividend Ideas

This email was sent to you because you signed up to receive Wall Street Breakfast.
If you do not want to receive Wall Street Breakfast emails, click here to unsubscribe.

Sent by Seeking Alpha, 52 Vanderbilt Avenue, 13th floor, New York, NY 10017

Share this

Share on FacebookPlus on Google+