This morning I was having my coffee and watching Bloomberg on the television. There were two stories that immediately caught my attention. First was that an investment analyst was on Bloomberg talking about Bitcoin, more about that in a bit. The main story that caught my attention was "Geneva Police Confiscate Euro Bills Clogging Up Toilets"
I have been moving away from fiat for some time now as central banks have manipulated currency. Now it appears the Euro is literally going down the toilet!
All jokes aside, this is a pretty bizarre story that deserves some investigation.
Here are the details:
"Swiss prosecutors are trying to figure out why someone apparently attempted to flush tens of thousands of euros down the toilet at a Geneva branch of UBS Group AG. "
"The first 500-euro ($597) bills were discovered several months ago in a bathroom close to a bank vault containing hundreds of safe deposit boxes, according to a report in Tribune de Geneve confirmed by the city prosecutor’s office. A few days later, more banknotes turned up in toilets at three nearby restaurants, requiring thousands of francs in plumbing repairs to unclog the pipes."
and of course....UBS has declined to comment on the incident.
This is interesting because just a few days ago a UBS trader was arrested for rigging the gold and silver markets.
I am not trying to imply in anyway that these are connected, just that perhaps this could have been another instance of fraud or theft gone awry. Perhaps someone trying to get rid of a toilet paper trail!
Read the full story here
The second story that I wanted to comment on quickly was that there was an investment strategist on bloomberg talking about Bitcoin this morning....and for once it was totally horrible coverage.
One of the topics covered was the infamous "Is Bitcoin in a bubble?" The analyst had an interesting response. First that this is not a market or a bubble that is like anything else in history although we can make some comparisons to the Tech bubble. I think most of that logic is sound. The second and in my opinion more interesting was that when asked by clients if a Bitcoin crash could hurt the stock market, he pointed out that the crypto market is separate from the current financial system and not very intertwined, making a wider downturn unlikely.
That is what I want all of you to ponder this morning...
Are the crypto markets truly separate?
Do we need integration for mass adoption?
And perhaps ask yourself the reverse....what would a stock bubble mean for Bitcoin?
