Joey Segura
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Jun 7, 2024
It's 2021 all over again and I don't know how to feel.
Celebrity crypto influencers are back, new meme coins are pumping every week, and massive U.S. companies are absolutely dumping cash into crypto infrastructure.
With Robinhood buying up the Bitstamp exchange this week for $200 million, the U.S. has gained yet another multi-billion dollar company offering a full suite of crypto trading features to their users.
That's over 10 million new active, funded investment accounts, and more than $100 billion in assets being brought right to the front door of web3.
Big news for Robinhood, huge news for crypto adoption. 🎉
In other news, the man who largely instigated the first meme-stock rally in 2021, Keith Gill, returned to 'X' last month after a 3 year hiatus, and just returned to YouTube with a new live stream earlier today.
GameStop's stock $GME halted trading multiple times during the live stream and is unfortunately down nearly 40% on the day, marking a loss of over $200 million for Keith's comically large position in the company.
Although Keith didn't announce any plans to overthrow the New York Stock Exchange or reveal any secret new meme stock positions, his presence on the live stream alone was enough to reinvigorate the stock and crypto investing communities alike.
Keith's return, crypto becoming bipartisan in the U.S., and new all-time highs for Bitcoin have caused "We're so back." tweets to break levels not seen since 2021.
But there's something vaguely eerie about watching $PEPE and $GME soar to new highs when macroeconomic conditions still feel relatively uncertain.
There's no one-size-fits-all rule for smart investing, but it's often said when people start getting greedy, it's usually a good time to exercise some caution.
I personally won't be, but you should definitely consider it.
As always, I'm not a financial advisor, but if you want to get involved with a great group of people discussing market updates like these daily, join us in the Giddy discord.
Or give us a follow on Twitter to stay in the loop.
- Joey Segura