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Posted December 07, 2020

Byron King

By Byron King

Bitcoin Phoenix

I am disgusted that after all this time, so many people are saying they wont get vaccinated, says a reader responding to our informal survey. This is a childish outlook and potential for never getting rid of this merry-go-round of the coronavirus.

Another reader says: I am going to wait until I know the vaccine is safe. This may cause me to wait several months, but I am 79 and can't be too careful.

I'm not taking it either, writes another contributor. I'll take my chances with Covid.

And in answer to a readers Thalidomide example, a reader says: I concur. Not willing to be a part of history repeating itself.

I will get the coronavirus vaccine when it is available, says our final contributor today. I have faith in our health system.

According to your feedback, most Rundown readers respond they will not be first in line for Pfizer/BioNTechs vaccine

Another question: which company do you think will win the Operation Warp Speed race? Pfizer, Moderna or another contender altogether?

Send your opinions to,

Your Rundown for Monday, Dec. 7, 2020

Bitcoin Rises from the Ashes

Although we regularly include bitcoin in our daily market notes, we havent had a whole lot to say about the flagship cryptocurrency. Until now

Last Monday, bitcoin peaked at $19,914 -- transcending the cryptos milestone of $19,511 last set in Dec. 2017. Bitcoin has since settled somewhere between $18,500 and $19,500.

So whats up with bitcoin?

Bitcoin really started perking up in late summer. The catalyst? Most likely, Institutional investors and FOMO as weve seen several fintech moves into bitcoin this year

  • In October, Jack Dorsey-led Square (NYSE: SQ) bought $50 million in bitcoin; at the time, bitcoin was priced at $10,618.
  • In late November, PayPal announced starting in 2021 users will be able to use cryptocurrency to pay for transactions with 18 million Paypal merchants, according to Benzinga.
  • And just Friday, an SEC filing revealed Microstrategy Incorporated (NASDAQ: MSTR) upped its stake in bitcoin, purchasing another $50 million worth and bringing its total investment to around $766 million.

Then theres the results of a survey conducted by independent investment advisory the Devere Group that found 73% of 700 millionaires surveyed would own bitcoin by 2022.

Devere Group CEO Nigel Green notes: The price of bitcoin is up 125% year-to-date, making it one of the best-performing assets of the year.

A major driver of the price surge is the growing interest being expressed by institutional investors, including some of the largest Wall Street banks, who are capitalizing on the high returns that the digital asset class is currently offering, Mr. Green says.

A word of caution? Bitcoin can be volatile, and any investment in it isnt risk-free, as the drop of more than 80% over the next year from its December 2017 peak showed, Bloomberg concludes.

Market Rundown for Monday, Dec. 7, 2020

S&P 500 futures are up 32 points to 3,670.

Oils a shade under $46 for a barrel of West Texas Intermediate.

Golds down $2 per ounce to $1,838.

Bitcoin is down $148.50 to $19,211.75.

Send your comments and questions to,

Hope your weeks off to a good start. Keep your chin up, and well talk more Wednesday.

For the Rundown,

Aaron Gentzler

Aaron Gentzler

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