In today’s recap, Marcello talks about a new Crypto ban in India that might affect Bitcoin’s recent performance; Kanye West is now the richest africanamerican in the U.S.; and Elon Musk’s The Boring Company is working on a tunnels project in Florida.
Bitcoin has fallen over -10% from a record high of over $62K to just over $56K, after it was reported that India will now propose a law banning cryptocurrencies altogether. The total number of bitcoins in circulation over the weekend, were collectively worth over +$1 trillion.
Local leaders in Ft. Lauderdale Florida, are in talks w/ Elon Musk’s The Boring Company to build a 2-mile tunnel underground from downtown to the beach & offer rides for between $5-8. Miami also considers the firm to dig a tunnel & divert car traffic from crowded surface streets. Mayor Suarez says that Musk had told him a local project, previously priced at $1B, could be accomplished for closer to $30M & completed in 6 months.
Although U.S. Treasury Secretary Janet Yellen said she didn’t think inflation posed a significant risk now that the Biden administration’s Covid-19 relief is signed & on its way to implementation, leading economists are instead warning, that the enormous cost of the $1.9T bill could well impact financial stability & lead to unprecedented inflationary pressure.
Shares of Tesla plunged -6.93% to $653.16 on Thursday, mirroring the general sell off in tech stocks, battered by rising interest rates & overall underperforming vs. its competitors General Motors & Ford. Shares are down -16.40% over the past month & -7% in 2021, but remain up +664% year on year on a market cap of $674B. Shares up +0.71% in the Friday pre-market.
The S&P 500 and the Dow Jones closed at new all-time highs on Monday; The U.S. economy added 379,000 jobs in February; The World Bank estimates that the world economy contracted by -4.3% in 2020; The EMA stated that the AstraZeneca vaccine is safe.