24 - Tesla bought $1.5bn worth of bitcoin
Cannabis stocks took a nosedive. Markets might be strongly overvalued. Signal may not be secure and Germany to allow Level 4 autonomy
Markets
Cannabis stocks took a nosedive on Thursday with many of the sector’s best performers a day earlier surrendering their gains as the relentless buying in recent weeks amid growing hopes for reforms of strict U.S. laws came to a screeching halt.
The Buffett Indicator is the ratio of total US stock market valuation to GDP. The indicator is currently 88% (or about 2.9 standard deviations) above the historical average, suggesting that the market is strongly overvalued. It has not been around this level since the Internet Bubble of the early 2000's.
Is it different this time considering “unlimited liquidity”?
Health
The following chart shows the daily number of COVID-19 vaccination doses administered per 100 people. This is shown as the rolling seven-day average. Note that this is counted as a single dose, and may not equal the total number of people vaccinated, depending on the specific dose regime (e.g. people receive multiple doses).
You can select your own dataset and see how countries and regions compare.
Tech
FBI may have tool to access private Signal messages
Court documents from a recent gun-trafficking case in New York suggest the FBI may have developed a way to access texts on Signal, the encrypted messaging app that has risen in popularity in recent months for its secure communication.
Starlink filings show plans for phone service
It appears that Starlink satellite constellation is not just aiming to provide high-speed internet service. Based on recent filings to the Federal Communications Commission (FCC), Starlink also plans to introduce a suite of related products to its portfolio, from a dedicated phone service, emergency backup for voice calls, and more affordable internet access for low-income customers through the US government’s Lifeline program.
Germany to allow Lvl 4 autonomy
“Germany will be the first country in the world to bring autonomous vehicles out of the research labs and onto the road – today, we have taken a decisive step toward this goal. I am delighted that the cabinet has cleared the way for our law on autonomous driving. Now the draft will go to the Bundestag and Bundesrat for further consultation. We need swift implementation for the innovations in the transformation process. I am sure that we will reach groundbreaking agreements here, too, so that Germany continues to be the international number one in autonomous driving,” Scheuer said.
However, The UK could become the first country that permits drivers to take their hands off the wheel while on the road as driverless cars become more prominent.
Level 1 "hands on"
Level 2 "hands off"
Level 3 "eyes off"
Level 4 "mind off"
Level 5 "steering wheel optional"
Below another lengthy general discussion between Joe Rogan and Elon Musk focusing on space, energy, cars and more.
bitcoin
Top bitcoin story of the week is obviously Tesla acquiring $1.5bn of bitcoin and that they will be accepting payment for products in bitcoin, subject to local rules and regulations. You can read the full SEC filing here.
India is rumoured to be in the process of outright banning Bitcoin, however, it is still at the proposal stage and there seems to be a lot of resistance.
Balaji Srinivasan offers 10 reasons why India instead should buy bitcoin.
Headlines
BNY Mellon reveals bitcoin & crypto plans - ‘Digital assets are the future’
North America’s First Bitcoin ETF Gets Green Light in Canada
Morgan Stanley may bet on Bitcoin in $150 billion investment arm
If you are you new to Bitcoin, this might be a good starting point.
Tweets
This newsletter is for informational purposes only. Individuals and entities should not construe any such information as legal, tax, investment, financial, accounting or other advice. Nothing contained in this newsletter constitutes a recommendation or endorsement by the author to buy or sell bitcoin, cryptocurrencies, music rights or other financial instruments. #DYOR
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