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)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Monday: Crypto-linked stocks, Li Auto, and moreGoogle co-founder urges AI staff to 'turbocharge' efforts, work 60 hours per weekChina's Honor plans to invest over $10B in AI devicesEurope rallies behind Ukraine after Trump-Zelenskyy clash, defense stocks soarMoomoo is an advanced investing trading platform that integrates real-time and comprehensive data with no commission on options trading, stocks or ETFs. New users from Seeking Alpha can exclusively enjoy an 8.1% APY* account opening bonus, up to 15 free stocks, and up to $300 in cash rewards. Terms & Conditions apply, visit moomoo.com for more details.
Full Episode
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Monday, March 3rd. I'm Julie Morgan. Cryptocurrencies rally as the crypto strategic reserve takes shape. Protesters spend their weekend at Tesla dealerships. And are U.S. stocks in a super bubble? Jeremy Grantham says yes.
Bitcoin briefly crossed $95,000 on Sunday after President 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, Ethereum, XRP, SOL, and ADA. Bitcoin jumped over 10%, Ethereum 12%, XRP 31%, Solana 21%, and ADA nearly 60%. 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. He's 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. He said on a Bloomberg podcast interview that he's 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. He added that this is nowhere near Japan, the mother and father of all super bubbles in 89, and it's also nowhere near their real estate bubble of the same era. 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 percent drop. in 2023.
The S&P 500 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.
Protesters assembled at Tesla 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, and join the picket lines.
Several demonstrators were arrested outside a Tesla dealership in Manhattan, according to a post on X by Action Group. rise and resist. Elon Musk is the world's richest person with a net worth of over $300 billion and is leading the Trump administration's efforts to shrink the federal government. The SpaceX CEO has vowed to slash between $1 and $2 trillion from the annual federal budget by 2026.
Doge has moved swiftly through the federal government since Trump took office on January 20th, 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 have been fired.
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