Holly's Blog: Time to party! and signs of ageing......
9 July, 2021
Crypto is in the spotlight as more media ‘parents’ line up to turn the music down and stop that party.
OK people this week it is party time. After a few weeks of Covid misery, I’ve been on a downer and last week gave you your weekly dose of sunshine by writing about the uplifting subject of why a lasting Power of Attorney (https://emailboringmoney.co.uk/t/4QZH-J6UK-DEQJU-FTQI9-1/c.aspx) is important. It must have struck a chord because about 8% of you clicked through on the link – that’s pretty high. So, good I helped and this is important…..but sorry for adding a miserable topping to an already miserable pudding of a year!
So…. this week let’s just shove all the 💩 to one side and party. 😃 Yes even I voluntarily watched the football on Wednesday, thrilling my children with insightful commentary about the players’ physical attributes and commenting knowledgably on their weaknesses, as I ate another Dorito on my sofa. You know you are firmly in the middle-age category when you start to find the square-jawed German ref who looks like a baddie in a Bond film more attractive than the players. (Phwooarrr!) Despite many teens finding Jack Grealish a dish, my daughter said he looked like a mop and I’m afraid once you’ve heard that, you can’t unsee it.
Signs this week that the stock market’s euphoric reaction to vaccines and unlocking could also be aging. Shares fell in Asia, Europe and the US on Thursday and pundits are starting to get the heebie-jeebies about China again, fearing poor data next week as the second quarter economic data is released. At some point we will see a shift into less risky assets – it’s just anyone’s guess as precisely when that might happen.
Crypto is also in the spotlight as more media ‘parents’ line up to turn the music down and stop that party.
This week, TikTok (note to older readers: a platform created to share pointless videos of pugs screaming as their nails are cut, young people in pouty “I love myself” mode and lots of people falling over/walking into lamp posts) changed its rules to ban all branded content promoting drugs, weapons, gambling, alcohol, contraceptives, lubricants, fetish costumes, micro-thongs and financial services. I felt so proud to work in an industry which is piled in amongst that lot! But after Googling micro-thong - which incidentally I do not recommend because your wife will not believe it was because of a financial blog you read- I thought that on balance this was a positive step.
The advertising watchdog has also said it will clamp down on misleading promotions from crypto providers. A few weeks ago, the crypto app Luno was criticised for an ad on public transport which read, “If you’re seeing bitcoin on a bus, it’s time to buy.” I can’t be the only one to have spat my coffee out as I read the comment from the CEO who said, “Honestly, we were under the impression that these ads were OK.” Really? Reeeeeaaaaallllllyyyyy? You can’t be a CEO of a large company and ‘honestly’ be that dopey!?
That said, despite our obligations to be super clear with everyone about the risks, I remain intrigued by crypto and I know many of you are. Behind all the hype and occasional dodgy promotions, digital currencies are here to stay (IMHO) and we get more of you writing to us, questioning whether I should update my hitherto mostly sceptical view on leading digital currencies. It is of course slowly becoming more mainstream. Large US manager Ruffer invested 2.5% of client assets into bitcoin last November and made over $1 billion profit in 5 months. How should private investors react?
We have partnered with eToro (https://emailboringmoney.co.uk/t/4QZH-J6UK-DEQJU-FTQIA-1/c.aspx) to bring you a webinar to really dig into this question. I’ll be talking with a ‘guru’ trader, Heloise Greeff copied by 20,561 on the platform, and eToro’s digital currencies expert Quinn Markwith. What really is it? How does it work? How can we compute the risks and how does it fit in a portfolio – if at all? You can sign up here (https://emailboringmoney.co.uk/t/4QZH-J6UK-DEQJU-FTQX0-1/c.aspx) for the session which will be live at 6pm on Tuesday 20th July. Or available to watch later at your leisure. I’m looking forward to this.
Over and out for this week folks. Have fun on Sunday night. Go Mop-Head et al. And fingers crossed for the nice German ref ❤️
P.S. Apologies to any of our non-English readers who are not enjoying the football – you will indulge me for one week! You can always sort your POA on Sunday at 8pm instead!