Featured Article
Under a bill proposed by Democratic Rep. Noel Frame of Seattle, a 1% tax would be levied on “extraordinary” intangible financial assets held anywhere in the world – including cash, stocks, bonds, publicly traded options and futures contracts, according to ABC News. The first $1 billion would be exempt from the tax.
Forbes magazine says about a dozen of the richest people in the world live in Washington state, including Bezos and Gates, who top the global list after making their fortunes from their respective tech companies, Amazon and Microsoft.
About 100 taxpayers in the state have wealth in excess of $1 billion, according to the state Department of Revenue. –ABC News
“It actually really isn’t about them, it’s about the working people of Washington who right now are disproportionally paying for community investments like public education, public health, you name it,” said Frame, adding “This is about equality in the tax code.” She says that her proposal would bring in an estimated $2.5 billion to the state every year, and would be imposed beginning January 1, 2022 for taxes due in 2023.
CNBC reports that while hedge funds are shorting bitcoin by more than USD 1bn (meaning, betting the price will go down), individual investors are buying BTC and other cryptoassets, betting the price will go up. This, they argue, is reminiscent of the recent GameStop stock saga, driven by the r/wallstreetbets subreddit, stating that “bitcoin could be the new GameStop.”
Furthermore, BTC briefly rallied on Friday after billionaire Tesla founder Elon Musk added the BTC symbol to his Twitter bio.
“The mini-bubble encapsulates current market conditions: crypto is increasingly becoming a potent mix of social media-fueled hype and endorsements from billionaires,” crypto intelligence firm Coin Metrics said today in their newsletter.
Speaking of Musk, the world’s richest person announced a break from Twitter, saying “Off Twitter for a while,” sans providing a reason. During an interview on Clubhouse recently, Musk also said that BTC is on the verge of getting a broad acceptance by the “conventional finance people,” and that he must be careful when talking about crypto because his words could move the market.
Quote of the Week
Alex Usher issues a huge warning about arguably the most important failing of our current political parties.
Shocking Stat
This is a massive red warning light to the mainstream media. The question is – do they care?
Goofy
Workers in the energy industry who are staring at job losses deserve alot more than glib nonsense than they should all get jobs in renewable energy.
The rise in GameStop Corp (NYSE:GME) has been one of the hottest stories of the year. The move comes as retail traders on Reddit, Robinhood and elsewhere are searching for stocks with large short percentages.
Here is a look at 10 heavily shorted stocks that have already followed in GameStop’s footsteps. Short percentages come from highshortinterest.com.
AMC Entertainment: Next to GameStop, one of the most talked-about stock moves has been AMC Entertainment (NYSE:AMC). The company has 69% of its float traded short. The movie theater company is well known and has been circulated on the WallStreetBets subreddit. The hashtag #SaveAMC has also trended on Twitter several times over the last few days. Shares are up 248% Wednesday.
Bed Bath & Beyond: Known for its large stores and 20% off coupons, Bed Bath & Beyond (NASDAQ:BBBY) could soon be known as the next short squeeze candidate. Over 66% of the Bed Bath & Beyond float is short.
Virgin Galactic: Former SPAC Virgin Galactic Holdings (NYSE:SPCE) has over 81% of its float traded short. The company counts Chamath Palihapitiya as chairman after and he even bought calls in GameStop and helped take shares higher Tuesday…CLICK for complete article
-
I know Mike is a very solid investor and respect his opinions very much. So if he says pay attention to this or that - I will.
~ Dale G.
-
I've started managing my own investments so view Michael's site as a one-stop shop from which to get information and perspectives.
~ Dave E.
-
Michael offers easy reading, honest, common sense information that anyone can use in a practical manner.
~ der_al.
-
A sane voice in a scrambled investment world.
~ Ed R.
Inside Edge Pro Contributors
Greg Weldon
Josef Schachter
Tyler Bollhorn
Ryan Irvine
Paul Beattie
Martin Straith
Patrick Ceresna
Mark Leibovit
James Thorne
Victor Adair
Mike’s Editorial
Posted by Michael Campbell
on Saturday, 30 January 2021 11:33
China’s president Xi Jinping has stated his goal is Chinese economic, technological and military domination in the next 15 years. Has Canada already surrendered?