News from johnpatrick.com
The Quest to Understand Mars
The landing of the Perseverance spacecraft on February 18 chalk4r up a lot of firsts. The smallest in size but tremendously important is the $85 million Ingenuity helicopter. A software glitch was discovered. The NASA team will modify and reinstall Ingenuity’s flight-control software. Sometimes it seems software updates are tough to do down the hall. This one is being done from 180 million miles away. NASA is planning to set the flight date sometime next week.
My MAGFA stocks added another 1% to their market cap. The S&P 500 was flat. MAGFA steady at 25% of the S&P. I added Coinbase (COIN) to the watch list of stocks I think are interesting and unique. Coinbase and Roblox, newly listed via the direct listing approach, are over $100 billion combined. These two stocks have been volatile since their listings. I expect that will continue. Some think they are going to grow substantially and others don’t believe it. My granddaughters are the experts on Roblox but I see Coinbase as a proxy for the conversion of the world’s economies to digital. There are many who don’t believe that and think the bubble will break for them.
Bitcoin and Etherum continue to rise. The total market cap of all 9,000+ cryptocurrencies is up to $2.2 trillion, and 21% of the market cap of gold. Bitcoin is 52% of the total and Ethereum is 13%. Many big banks and assorted pundits have pooh-poohed crypto, but now they are beginning to participate. Crypto may be the next tulip mania as in 1637, or it may be the world is becoming digital. I believe the latter. One analyst now covering COIN is predicting a price of $500.