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Bitcoin's long-term return may actually be close to zero - and that could be just what it needs
As you can see from the chart below, on each past occasion when bitcoin has diverged from its fair-value line, it has subsequently reverted. Now is the latest such occasion, with bitcoin currently trading almost precisely on top of that line. This Metcalfe's Law model of bitcoin's fair value was first proposed to me six years ago by Claude Erb, a former commodities portfolio manager at TCW Group. In a recent interview, Erb stressed that while bitcoin's behavior is consistent with the model, it doesn't prove that it is right or true. Still, the model certainly seems to be a more helpful way of thinking about bitcoin ... (full story)
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From @realDonaldTrump|4 hr ago|81 comments
This morning’s attack on Beirut should not have happened, particularly on a special day when we are so close to a Peace Deal with Iran. Israel has the right to defend itself against threats, but the attack it was responding to was very small and meaningless, nobody was hurt, injured, or killed, and should not disrupt this important process. We are very close to a Deal that will bring peace to the region, including to Lebanon, and all sides should stand down. There should be no more attacks by Israel anywhere in Lebanon, but there should also be no more attacks by any other party, including Hezbollah, against Israel. This could be the beginning of a long and beautiful peace — Let’s not blow it! Thank you for your attention to this matter. President DONALD J. TRUMP
