News from johnpatrick.com
NASA and China continue to learn enormous amounts about the inside and outside of Mars. Much more to come. Meanwhile, Richard Branson and Jeff Bezos and selected passengers blasted off and enjoyed weightlessness on the edge of space. Some view it as billionaire joy rides. I view it as the beginning of a multi-trillion dollar industry and setting the stage for exploration in deep space. Elon Musk is way ahead in that regard but, in addition to the three companies, there are numerous startups with great ideas for how to accelerate gaining the potential of space.
The MAGFA stocks had a great week. This is the first time since I have been tracking MAGFA that they all have market caps above $1 trillion. Two more than $2 trillion and two more within 10% of $2 trillion. At more than 26% of the S&P 500 they are on a roll. Congress is after them but I would say Congress actually doing anything are unlikely. They can hardly agree on anything let alone something as complex as breaking apart the biggest smartest tech companies in the world. Could take a very long time for action.
Crypto continues on a wild ride. It is recovering from a big sell off but most cryptocurrencies will continue to be volatile. The big news as I see it is Jack Dorsey putting Square in the game in a major way. He has launched an open source platform for DeFi which will include Bitcoin. I believe we will also see Amazon join in and accept crypto for payment.
With 75% of Bitcoin mining in China where the government is putting down the iron fist, things are going to change. Technology is improving and bitcoin miners are rapidly setting up shop in the U.S. and other places. Elon Musk has said he will reconsider accepting crypto for car payments when mining gets more eco-friendly. That is happening. I remain bullish. Banking and finance startups are going to revolutionize how money is moved, sent, received, loaned, insured, etc.