#CKStrong
Tesla (TSLA), the poster child of the latest leg of the bull market, which began in March 2020, is again testing what has been its unpenetrable support at the 200-day moving average. The stock has to hold here. Maybe, maybe not.
Tesla stock is now in a bear market, down 31 percent from its January 4th high.
Crypto Crash
Moreover, Elon’s crypto hobby isn’t faring much better.
Bitcoin is down 47 percent from its wait for it… 9/11 high, and down 13 percent from the Crypto Super Bowl just eight days ago. Where art thou Tom Brady and Matt Damon?
Seriously, folks, do real currencies fall 50 percent in value in three months?
Mayor Of New York
The new mayor of New York City could have been in a world of pain and a lot poorer,
Mayor Adams announced he would take his first three paychecks in Bitcoin last November (which, of course, was just before Bitcoin reached a record $69,000). – The Verge
The above illustrates Bitcoin (BTC) fails the currency test, at least on two accounts: a stable store of value and a unit of account. Furthermore, BTC is, at best, a very inefficient medium of exchange, and we’re not even so sure about that.
My Bitcoin bros were all lathered up that the new mayor agreed to be paid in BTC.
Not so fast,
Adams officially received his first paycheck yesterday [Jan 21], which was converted to Bitcoin and Ethereum through cryptocurrency exchange Coinbase. According to the New York Post, the NYC mayor receives biweekly paychecks of about $5,900, amounting to a salary of $258,750 a year. – The Verge
You got that, folks? Converted to and not paid in crypto.
Major Adam’s salary is denominated in a unit of account of $258,750 per year and then converted to crypto and not the 3.77 BTC that would have been the case at the exchange rate when he made the announcement. Lucky for him.
God bless the early adopters who have made a killing, but it’s sad, in our opinion, to see an entire generation duped by what has now become a social movement. We blame the regulators who have allowed the markets to morph into the circus they have become.
We could be way wrong, and opinions about the future only become fact in hindsight, but we have seen this picture too many times, just with a different script and other actors.
Save Us Elon!
I wouldn’t be surprised to see an Elon Tweetfest soon. We love that guy, but we think he could use a little more maturity in his Tweeting.
How much is that doggy coin in the window?
Much cheaper than when Elon hosted Saturday Night Live last May and when he Tweeted the above. Dogecoin is down 82 percent from its high last May.
A store of value?
We don’t think so, and neither does Mr. Market.
Looks Like Elon Has Some Competition
In its annual Top Picks, Consumer Reports highlights the standout cars, SUVs, and trucks across in 10 distinct categories. Tesla has dominated the electric vehicle category, with the Model 3 holding the EV Top Pick honor for the past two years. But now the Ford Mustang Mach-Ehas earned the accolade based on its Overall Score, which factors road-test score, predicted reliability, owner satisfaction, and safety. – Consumer Reports
If an automaker wanted to convert people from EV skeptics to EV evangelists, it’s hard to imagine a better vehicle for the job than the Ford Mustang Mach-E. It arrives in the familiar shape and size of the crossovers Americans love, at a price that competes with gas-powered alternatives, and with a design that gets noticed. The Mach-E has the range and charging speed to wave off the most common EV criticisms, and thanks to Electrify America’s recent work, there’s a nationwide charging network that makes long interstate trips not just possible but tolerable. – Car and Driver
As our CK would lecture us — cash flow, profits, and divies, baby. Old fashion? You bet your sweet something.
Stay frosty, folks.
Global Macro Monitor 