Steven McClurg
@stevenmcclurg
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CEO of @canaryfunds Partner at Clutch Mining #nostr #npub1nvxnc8egjlhpqtzrxmav3yk8frf3p7y9wujgwrcgwep2xr77xrvsa0paqn
Nashville, TN
Joined May 2009
For decades Warren Buffet has pushed Coca-Cola, the sugary/corn syrupy drink that has led to mass obesity, diabetes, cancer and Alzheimer’s globally. Let’s define disgusting.
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Hey @stacyherbert .Bringing more 12 year olds to the #Bitcoin conference for you. Gotta start them early.#Bitcoin2022
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Dear Twitter bitcoin ETF experts,. Can you please give me a timeline of when this ETF is going to get approved so we can be prepared to launch?.Also would like an explanation of all the various filings, just to make sure we did it right. Thank you!.
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75 bps is no news. Powell speech matters more. Key words: “Labor market out of balance; high demand for workers”. Unemployment will have to reach 6% or inflation steady at 2% before a shift occurs to policy.
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The Fed was too aggressive in 2020, caused massive inflation, failed to recognize inflation in 2021, and kept monetary policy loose for too long. Now will tighten too much and fail to stop before completely tanking the global economy.
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Bitcoin ETF royalty. Queen Eleanor and King James. They were the fact-checkers, educators, and public correctors of bad takes. Thank you for your work on BTC ETFs.
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There is a lot of speculation on who the big winner is for the bitcoin spot ETF race. The answer is simple:.Coinbase.
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Investors buy stocks because they expect prices to move higher. The P/E ratio of the S&P has to move to 20x in a year to produce at least a 10% annual ROI. This with unemployment at 22% and rising. Most overvalued market I have seen.
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Unpopular view, but I don’t disagree with Gensler. Bitcoin belongs in private wallets using private keys. Not in financial products where rent seekers charge 2-4% to “manage” it for you or on exchanges for you to lend out for yield, possibly through rehypothecation. 2).
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I have never met @LynAldenContact but have been a follower of her research for a few years now. Today I have become a fan.
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I've seen a lot of JPM comments in the last hour, but the way I see it is Larry Fink just Orange-pilled Jaime Dimon. Bitcoin Bull Market.
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The number of times I have heard "this time is different" or When the Covid lockdown ends" in the last month. we are entering the Fear stage (some just do not realize it yet).
This chart reminds me of something I have seen in the past. just can’t put my finger on it. wait, I remember now. brb. #NoNewParadigms
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The @NEMofficial core devs are doing some awesome things on enterprise protocol. Can’t wait to see how #Symbol turns out.
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@LeahWald and I just wrapped up our macro analysis on a coming food availability crisis. Theme was spurred by conversations and observations shared by @stacyherbert.- looking forward to discussing more on @KeiserReport this week.
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I love people worried that BTC fell "all the way down to $94k" this week. 1) dip for ants.2) most of you were online shopping for McLarens a month ago when BTC crossed $75k.3) next week is options expiry and Fed meeting. Don't worry, back to normal after. My YE target still $120k.
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Signal.
@supplyshocks @mikebelshe @marcusoar @monetaryreset In previous bull markets they'd start emailing people asking if they would consider selling early coins. Good luck with that 🤣.
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Imagine the service you will get from banks now that the government will infinitely bail them out like they do with the airlines. .
The last 4 times I have flown @AmericanAir we have been delayed, missed a connection, slept at an airport hotel. This time we will miss our connection and they’re trying to rebook us… two days later. Train wreck every time, such a trash airline.
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Any Senator who votes for Crenshaw's confirmation should expect to have a difficult time getting re-elected.
🚨 as one last “gift” for crypto on the way out the door, Senate Banking Chair Sherrod Brown is trying to ram through the renomination of anti-crypto SEC commissioner Caroline Crenshaw. Committee vote set for next Wednesday.
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Federal Reserve Policy is Flawed: Favors the Very Wealthy
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I saw a headline “how best to use your stimulus check”; but I didn’t read the article. Don’t need to. Just buy #bitcoin . With every new “stimulus” bill passed, cash is worth less.
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I worked for Scott during the last recession. He was one of the few people who saw it coming and was prepared well ahead of it. There was very little he got wrong then, and I doubt there is little he gets wrong this time.
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Crypto Ball 2025. This guy did a lot to make sure all crypto succeeds in the US. Give him love.
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Please, no bitcoin raps nor dances this bull cycle. Thank you in advance.
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If you don’t know where the yield comes from, you are the yield.
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Next CPI print: 8% for February .March will be worse. Real inflation closer to 20%. Buckle up. #Bitcoin.
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I can’t believe I got to meet CJ Wilson @str8edgeracer in real life at the @TheBitcoinConf !!.Dreams can come true.
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Thank you @maxkeiser and @stacyherbert for having me on #KeiserReport to discuss Global Food Supply Chain disruptions and the bond market. It is always a pleasure catching up. @KeiserReport
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I lot of people are asking me for a comment on why BTC is almost $100k, why other tokens like XRP, SOL, LTC, HBAR are ripping. Is it Gensler resigning? Are we getting ETFs? My answer remains the same. Correlation to the return of the McRib.
McRib is harbinger of crypto ripping. Buckle up. .
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I don’t see a Fed pivot in 2023. This includes no increased size of balance sheet nor lowering rates. BTW, raising rates at a lower rate is not a pivot, nor is pausing rate increases.
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Probably a popular opinion already, but @dickerson_des might be the coolest person in #Bitcoin . Also my 12 year loved meeting her, so she has street cred with the next generation of bitcoiners, too.
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If you didn't know the comeback of the McRib would send Bitcoin to $100k, then you haven't been paying attention.
McRib is harbinger of crypto ripping. Buckle up. .
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Pay close attention here. This rally is a Bull Trap initiated by short covering then short squeeze. We are at the bottom, but more leverage needs to be flushed out before we have a real rally.
DON'T FORGET--illiquid markets are easier for manipulators to manipulate than liquid markets. No clue if this rally is sustainable but be careful--lots of leverage still to be liquidated (based on publicly available info) & many people have incentives to pump prices short-term.🚧.
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@stacyherbert has been raising the alarm on this for weeks. The bigger issue is Emerging Market countries, where food cost is 30-50% of disposable income
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Due to inflation, lentil has become unaffordable. Bark is the new lentil.
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At @ValkyrieFunds we hold #Bitcoin on our balance sheet. One good reason is when banks close wires at the end of the day, we can still transact. We did that today.
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I found the best burger in NYC. @PubKey_NYC .No frills, super tasty; could crush 3-4 of these smashburgers. Yes, I took a bite before I posted
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The Fed is enabling modern-day Robber-Barons. Warren Buffet does not need to raise debt capital to survive. Nor does the Fed need to buy Berkshire Bonds to save the economy, but they are buying anyway.
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Too many great partners, friends, colleagues, and even a long time mentor in this picture to name. Grateful that they joined us for this day.
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Knee-jerk reaction to Powell's "high inflation, slower pace of cuts" rhetoric is a sell-off. Bitcoin is down 4% on the day. Once the market processes the news that there is indeed higher inflation on the horizon, risk assets will rally. Buying opportunity.
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Dear Genesis debt holders:.Don’t take anything less than 100% of what is owed to you. And don’t settle for the old “we are all separate companies over here at DCG, Genesis, Greyscale”. That has SBF vibes “I haven’t been involved in Alameda for years…”. DM me if you hold debt.
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Normally I would say that an inverse bitcoin ETF marks a bitcoin bottom. Indeed, several technical and fundamental factors also point to bottom area. Unfortunately, we are not at the bottom for macro markets. Bitcoin likely outperforms relative to other markets from here though.
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Most of the US oil reserves are now stored on Native American Land. Could be an interesting transfer of wealth. .
Supreme Court: Nearly Half Of Oklahoma Is Indian Reservation
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@jespow Rather than complaining about @UberEats ceasing delivery services to the area, maybe @MattHaneySF should start delivering food there at a net loss.
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A reminder. We have come a long way since this post, and my target stands. I own it if I'm wrong.
Bitcoin over $120k by year end.
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The number 80 is a psychological market barrier that is quickly followed by 100. It is a rule in equities, and applies to bitcoin. 100k incoming.
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A lot of people think the market is like Feb 2009: V’ing up into a wall of cash. I think the market looks more like 1929 and 1931, with indices recovering into “bull territory” again. You can google to see what happens next.
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The only thing on my feed is arguments of whose crypto belongs or doesn't belong in the Digital Asset Stockpile. The only thing I want on my feed is details of the MLK, JFK, and RFK assassinations that were supposedly declassified. I would also settle for an Epstein List. .
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I am deeply saddened by the passing of my longtime mentor and friend Scott Minerd. He hired me for my first asset management job, and we trained together for 15 years. He taught me capital markets, importance of leg day, and most importantly, charity. I will miss you, brother.
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Legend. @RobertKennedyJr is the best thing to happen to American health.
RFK Jr tells MSNBC that he intends to clear out entire departments of the FDA
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Jim Kramer telling his listeners to buy bitcoin last week marked the local top. Could Kramer please say "sell" so we can rally again?.
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Bitcoin has more room to run short-term. Significant room long-term.
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The most shocking thing about this UBS/CS situation is the number of Swiss Bank experts on Twitter.
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The market is squishy on Fed comments. The comments were in line with my view that the Fed will begin to change rhetoric on inflation, allowing them, and the Biden administration, an opportunity to declare victory over inflation and lower rates ahead of the election.
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'Unintended' consequences of another 75 bps rate hike in July: double digit corporate debt defaults, pushing S&P to 2,700. Many companies are already scrambling to refinance their current debt, but no takers due to lack of ability to make debt service at new yields.
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FTX not a “crypto” problem anymore than Madoff was a “hedge fund” problem. Both Ponzi schemes run by thieves.
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I've been saying to avoid Binance, and the BNB token for years. Jim Cramer today: "They proved collateral, not reserves, but CZ looks like a good guy. I’m bullish here, loading up on their tokens. Way oversold!”. This was your final warning to sell.
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If you think oil prices are low now, just wait for it, they could go lower. Oil producers are now willing to pay pipelines and freighters more to take their oil than price paid by end buyer. This means we will see negative oil prices in some cases.
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Just to be clear, Valkyrie had no exposure to Celsius, BlockFi, Voyager, 3AC, Alameda, FTX, Gemini Earn (we pulled funds out before they locked up), Genesis, and now…BitsLotto.
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I wasn’t speeding, officer, the vehicle I was in had simply achieved a rate of velocity slightly greater than that which is posted on the sign.
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Unemployment: Out of 330mm Americans, roughly 50% considered the workforce. 17mm (11%) have claimed unemployment, reflected in yesterday's numbers. This is a lagging indicator. SMB payroll companies are indicating 40% unemployment. We are likely already at 18% unemployment.
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This was a fun one! Bitcoin and Macro Mastermind with @JoeCarlasare @stevenmcclurg & @VailshireCap .
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I was not bearish enough on this ETF launch. I at least expected 0-10% of bitcoin's net inflows. The reality is, unless you get staking yield, this doesn't make sense.
Okay, we're just waiting on BlackRock's $ETHA and Invesco/Galaxy's $QETH. Current total is -$165 million of outflows for the Ethereum ETFs on day 1
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We haven’t seen the 2020 crash yet, only a mild warning over the last month.
The 2008 financial crash will look like a walk in the park .
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Bitcoin up on speculation that the Fed will turn dovish again, after today’s inflation remarks. Reality is wage growth and government spending will continue to contribute to higher inflation. Don’t expect that pivot from the Fed soon….
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Bank of England voted to raise rates. The battle to stop inflation has begun. So has the early stages of a global economic meltdown. Find the exits, and look for safe havens.
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The “Inflation Reduction Act” is a spending bill that actually increases inflation. Maybe we should pass a law that says you can’t name a bill the opposite of what it does. That would be progress.
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@Mashinsky @CoinDesk @GenesisTrading @CelsiusNetwork I believe @Mashinsky .1) I agree with Prime trust statement due to personal experience .2) I dug into Celsius business model with Alex and agree, no rehypothecation. Some others do that though. .
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Still here. Nothing has changed. S&P overvalued, and corporate defaults around the corner, as well as 12%+ unemployment; all to reveal itself between now and Q1 earnings reports.
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I'm honored to join @TheBitcoinConf in Miami next week.
Announcing Steven McClurg as a #Bitcoin 2023 speaker!. Steven is the CIO of and Co-Founder of @valkyriefunds, a leading financial services firm offering #Bitcoin products at the intersection of traditional finance and digital assets.
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Bull Market Reminder:. Don't park your coins with vegans in the Bahamas who have celebrity endorsements.
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During restoration, I had to explain to my kids why old cars have ashtrays, that people used to smoke cigarettes in their cars. I then had to explain that the "science" at the time said smoking was good for you and the government passed laws protecting cigarette companies.
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I don't care what chain it is on, or what you call it: NFT, Ordinal, etc. 1) I can right-click copy and own it.2) It is a pump and dump scheme.
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