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17th February 2022 > > The growth potential of the Metaverse.

Market Snap (at time of writing)

Market Wrap

I don’t think anyone should be surprised that when the psychopath Putin declared troops were being withdrawn from the border with Ukraine, that he was in fact lying.

The sell-off in risk assets when the invasion of Ukraine does finally begin will present a unique and lucrative buying opportunity if you get the timing right.

Occasional Series – Economics

I am no economist, but I did a year’s worth of modules exploring some of the basic tenets of economics in my first year at Southampton.

I had little interest to be honest, except for the term we spent learning about the Common Agricultural Policy – in particular, its pernicious and degrading impact on some of the poorest people of Africa – which has shaped much of my personal thinking and beliefs about government interference in our lives ever since.

There is little doubt that no one would try to lay the claim against me of being an anarchist – we need the rule of law to rein in the behaviour of those who simply ignore societal norms. But that need to provide protection against the tiny minority does not justify governments’ interference in setting the price of interest rates, housing costs, and energy usage, to name but a few. Added to which, quite clearly governments’ rationing of healthcare leaves a lot to be desired.

State involvement in all these issues will always lead to a suboptimal outcome.

Cryptos change the dial.

Cryptos take away government control over so much of our lives, control that has only been extended and reinforced by the illiberal, draconian restrictions that we have suffered and continue to suffer since early 2020.

The crypto invention is the backbone to the greatest revolution ever.

Onwards and upwards to freedom, fellow travellers!

Curious Cryptos’ Quote of the Day – Charlie Munger

Munger is the right-hand man to Warren Buffett (see CCC just yesterday). He has doubled down on his public distaste for cryptos:

"I certainly didn't invest in crypto. I'm proud of the fact that I avoided it. It's like some venereal disease."

Curious Cryptos’ Commentary – the Metaverse

The Metaverse can exist without cryptos or even the concept of decentralisation, but it will be a far richer and deeper experience with them.

J.P. Morgan, despite the best efforts of its CEO Jamie Dimon – a boringly consistent critic of cryptos – is increasingly bullish on this subject, predicting a price per BTC of $150k in the relatively near future.

There is no doubt in my mind that their price call is just way too low, but you would expect me to say that.

The research chaps at JP have just published a report titled “Opportunities in the Metaverse” which makes this startlingly pleasing prediction:

“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues” (my emphasis, not theirs).

Current estimates for 2022 is that $54bn will be spent on virtual goods so we have a lot of growth about to come our way. Get involved I say.

To put that number of $54bn in context, annual music sales of all formats is approximately $25bn. Music in the Metaverse is one of the huge opportunities available to songwriters, who get paid very little, if at all, for their talent and hard work.

J.P. Morgan is positioning itself as a key player in this new virtual economy, facilitating the movement of financial assets between the virtual world and the physical world.

This is yet another example of the big boys getting involved in our shared crypto obsession.

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