Well, if you’re looking for signs that the top may be in, I’ve got one for you on Tuesday evening.
Celebrities are often good contrarian indicators. If you need proof of that, look no further than the laundry list of celebrity endorsements for ICOs. Here’s a quick recap on that from DealBreaker:
The ICO gold rush of 2017 has been something to behold. In a year defined more by market calm than anything else, newly minted cryptocurrencies have become the only real pocket of coke-fueled speculative lunacy, pulling in more cash ($3.3 billion at last count) than early-stage venture-backed startups. Investors shoveled hundreds of millions of dollars into digital tokens that, for instance, “do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features” associated with them.
Things have slowed down a bit since ICOs peaked in September, which saw $800 million in tokens sold. That probably had something to do with the SEC’s repeated reminders that hey, guys, these things look a whole lot like securities. Most recently the SEC cautioned celebrities (Floyd Mayweather, Jamie Foxx, Paris Hilton, etc) against repping coin sales.
In the same vein, don’t forget that back in June, the world was introduced to the The Quincy Jones Streaming Music, Media & Entertainment ETF, the filing for which included an actual disclaimer that reads as follows:
Quincy Jones is not the issuer or a sponsor or promoter of the Fund; has not passed upon the merits of the Fund or the suitability of the Fund Shares as an investment by any person; and does not offer, sell, or recommend any investment in Fund Shares.
And who can forget day-trading brought to you by Mike Tyson?…
Well to Kanye’s credit, he decided to go the conventional (and thus far less dubious route) when inadvertently adding his name to the list of celebrities who might collectively be on their way to proving that they do in fact ring bells at the top.
According to a video posted by Kim Kardashian, Yeezy eschewed the usual celebrity Christmas gift ideas (Bentley Bentaygas and the like) in favor of nearly a quarter of a million in Amazon, Apple, Adidas, Netflix, and Disney stock (cleverly disguised as cheap ass gift cards):
So there you go.
Kim Kardashian is officially long FANG.
Now you’ll know what happened if tech stocks careen lower in the new year.
Incidentally, Kim is already down nearly 3% on that Apple stake…
Oh the hoe-rah.
“stock” to disney? i dont think she knows what ‘stock’ means.