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July 22, 2023 | This Week in Money
This Week in Money
This Week in Money presents leading financial news and market commentary from interesting, informative and profound guests. They are some of the financial world's most colorful and controversial thinkers, discussing the markets, economies and more! Hosted by radio veteran - Jim Goddard. New shows air Saturdays on Internet Radio. Archived online at TalkDigitalNetwork.com/HoweStreet.com
- Bob Hoye – Stock Markets, Dow, Gold, Oil, Headlines
- Wolf Richter – (21:43) USD, Recession, Consumer Spending, Electric Vehicles
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This Week in Money Archives July 22nd, 2023
Posted In: This Week in Money
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Jim & Bob. Jim please ask Bob to weigh in on his long term forecast for long term interest rates. Some are predicting a 10 years bull market in long term rates and I am curious what Bob thinks. Also, it would be great to hear Bob’s take on the Nigel Farage “de-banking” scandal. Thank You, Chris in Rhode Island
Hi Jim and Bob. RFK, Jr., as well as other libertarian politicians, want Bitcoin freely convertible into USD with no tax consequences. According to Investopedia, four bitcoin “wallets” currently owned 2.81% of all the bitcoin and, according to BitInfoCharts, the top 100 wallets held more than 15% of all bitcoin. There are currently over 19.4 million Bitcoins in circulation. As of Thursday, Bitcoin is trading at about $29,000. Many Bitcoin enthusiasts see Bitcoin eventually replacing the dollar and will soon be trading at $250,000. If this prediction materializes, then the 100 Bitcoin “whales”, holding 15% of Bitcoins, or 2.9 million, would collectively be worth in excess of $725 trillion. That equals on average over $7.25 trillion for each of the top 100 bitcoin whales. The top four bitcoin holders, controlling 2.81% of bitcoin market, would be worth each on average in excess of 20 trillion each. Bob, I’m confused. If something like this happens then wouldn’t the big 100 Bitcoin whales eventually control the financial world? Bob, why isn’t anyone talking about gold in this way?