The Morning Trade

Just buy Bitcoin and Doge and whatever else Elon Musk (and company) say to buy.
Gregory BergmanFeb 08,2021,15:40

There was a time when reading analyst reports, using metrics like earnings-per-share or debt or revenue growth was the way you could find a stock worth buying. While that still remains true for long-term buys, for shorter-term plays you can all but ignore what big bank analysts say and just trade according to Elon Musk's tweets.

Now, I have been long and I am still long on Bitcoin and crypto, I bought at around $17500 and sold at around $25000, then picked up again around $33,000 and just sold at over $44,000 after, in large part due to the Tesla Ceo's continued endorsement, it reached its all-time high, breaking through the psychological level of $40,000. Musk took his support for Bitcoin to new heights when he tweeted this morning that Tesla would start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.." He also said Tesla bought $1.5 billion worth of bitcoin.

In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.”

With more than $19 billion in cash and cash equivalents on hand at the end of last year, this investment in the cryptocurrency still represents a significant percentage of its financial war chest. Musk also pushed the "joke" cryptocurrency Dogecoin to yet another new level with help from the Twitter support of KISS member Gene Simmons, the self-proclaimed "God of Cryptocurrency" and, of course, rapper Snoop Dogg. Doge and Dogg--get it?

As for what to buy and sell, I am out of Bitcoin until it stays about $45,000 for a few days, and then I'll jump back in. As far as Doge, wait until the dip and then just follow the tweets from Musk and others like bread crumbs to all but guaranteed short-term profts.

Topics:bitcoin, doge coin, crypto
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