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Cryptocurrencies rally as Trump hypes up strategic reserve, Bitcoin (BTC-USD) briefly crosses $95K. (00:27) Jeremy Grantham says U.S. stocks are in a ‘super bubble.’ (01:27) ‘Tesla Takedown’ (TSLA) protesters target Elon Musk’s bottom line. (02:40)
This is an abridged transcript.
Bitcoin (BTC-USD) briefly crossed $95,000 on Sunday after President Donald Trump talked up cryptocurrencies and named five digital assets he expects to include in a new U.S. crypto strategic reserve.
Other cryptocurrencies also rallied as the President named previously unannounced digital assets for his planned crypto reserve.
Trump on social media said his January executive order would create a crypto stockpile that will include bitcoin (BTC-USD), ethereum (ETH-USD), XRP (XRP-USD), SOL (SOL-USD) and ADA (ADA-USD).
Bitcoin (BTC-USD) jumped over 10%, ethereum (ETH-USD) 12%, XRP (XRP-USD) 31%, SOL (SOL-USD) 21% and ADA (ADA-USD) nearly 60%.
Trump said his executive order on crypto “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
“Obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum,” Trump added in a post on Truth Social an hour later.
Trump’s order, issued in January, talked about the “potential creation and maintenance of a national digital asset stockpile,” but did not specify any tokens.
Trump is hosting the first White House Crypto Summit on Friday.
Legendary market strategist Jeremy Grantham said the U.S. stock market is in a “super bubble”, ranking it the third behind Japan’s bubble in 1989 and the real estate bubble of the same era.
“I’ve always looked at it from the point of view that the longer and the bigger and the higher it goes, the more exciting and dangerous it will be, and this has moved up the rank of super bubbles,” said Grantham on a Bloomberg podcast interview.
“But it’s nowhere near Japan, the mother and father of all super bubbles in ’89, and it’s nowhere near their real estate bubble of the same era,” Grantham added.
This is not the first time the co-founder of asset management firm GMO has predicted doom. He warned investors to avoid U.S. stocks in 2024 and predicted a 50% drop in 2023. The S&P 500 (SP500) ended both years with gains exceeding 23%.
However, Grantham still commands a massive following due to him correctly predicting the 2008 housing market crash and the dot-com bubble.
Calling tech, AI, and AI adjacent stocks overvalued, Grantham said he would feel safe investing in “greening the economy,” without specifying particular assets.
Protestors assembled at Tesla (NASDAQ:TSLA) showrooms across the United States this weekend to protest Elon Musk’s role in slashing government jobs as the head of the Department of Government Efficiency.
The protests are a part of “Tesla Takedown,” which encourages stakeholders to “sell your Teslas, dump your stock, join the picket lines.”
Several demonstrators were arrested outside a Tesla (NASDAQ:TSLA) dealership in Manhattan, according to a post on X by action group Rise and Resist.
Musk, the world’s richest person with a net worth of over $300 billion, is leading the Trump administration’s efforts to shrink the federal government. The SpaceX (SPACE) CEO has vowed to slash between $1 trillion and $2 trillion from the annual federal budget by 2026.
DOGE has moved swiftly through the federal government since Trump took office on January 20, cutting tens of thousands of federal jobs, hollowing out certain departments, and terminating hundreds of aid contracts.
These firings have created chaos at some federal agencies, with some forced to rehire key workers that had been fired. About 100,000 federal workers have agreed to buy-outs or been terminated since Trump started his second term.
Tesla’s (TSLA) market capitalization fell below $1 trillion last week after data showed the electric vehicle maker’s sales in Europe tumbled 45% in January.
What’s Trending on Seeking Alpha:
Google co-founder urges AI staff to ‘turbocharge’ efforts, work 60 hours per week
China’s Honor plans to invest over $10B in AI devices
Europe rallies behind Ukraine after Trump-Zelenskyy clash, defense stocks soar
Catalyst watch:
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MWC Barcelona, also known as Mobile World Congress, will take place over four days. The annual gathering brings together global leaders in the technology, mobile, and connectivity industries.
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Charter Communications (CHTR) CEO Christopher Winfrey will participate in the Morgan Stanley Technology, Media & Telecom Conference.
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the green. Crude oil is flat at $69/barrel. Bitcoin is up 7.4% at $92,000.
In the world markets, the FTSE 100 is up 0.6% and the DAX is up 1%.
The biggest movers for the day premarket: Li Auto (NASDAQ:LI) -6% – Shares of Li Auto declined after the EV maker reported February 2025 deliveries of 26,263 vehicles, bringing its total deliveries to 1,190,062. While this represents a 29.7% Y/Y increase, M/M sales continued to decline, falling 12.2% in February, following a 48.9% drop in January.
On today’s economic calendar:
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10:00 am The Construction Spending index measures the change in the total amount spent on construction (both public and private). Forecasters see a flat growth on the month.
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11:35 am St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy and participates in a moderated conversation before the National Association for Business Economics 41st Annual Economic Policy Conference.
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Editor’s Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
