INK Ultra Money: The Fed, bitcoin, and health care

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While it was easy to miss in the wake of the Fed meeting, bitcoin has edged closer to $10,0000. For the past couple of weeks, it has been consolidating, so we shall see if it can sneak across that psychological barrier. On INK Ultra Money we heard from Arthur Hayes, CEO and co-founder of BitMEX a cryptocurrency exchange and derivatives platform. It is a timely interview as signs are pointing to incremental institutional interest in the space.

Today, Galaxy Digital ( GLXY) announced a trading and custody solution for institutions and accredited investors. This is a critical piece of the bitcoin adoption equation and points to further momentum in the space.

Revisiting crypto as bitcoin toys with $10,000

On that front, I would encourage investors who are interested in owning bitcoin but have not taken the plunge to put an action plan together. You will need both a trading platform and a custody solution. The time to get those two elements in place is now, not when investor excitement returns to the space.

We have a referral program with Coinberry which is trading platform for Canadian residents. For full disclosure, if you open up an account with them through our referral link, INK will receive a commission. However, I am already hearing reports from users that they are backlogged in processing accounts. The situation is likely the same at many cryptocurrency platforms. No platform that I know of is risk free. That is why you also need to figure out how you are going to store your cryptocurrency.

There are a variety of solutions but keeping all your digital currency on your trading platform is not recommended. As an alternative, you can buy an exchange-traded fund such as the Bitcoin Fund (QBTC.U) which trades in US dollars on the TSX. Yesterday it was trading at about an 8% premium to NAV by my estimate which is not bad. However, if bitcoin starts to run, expect that premium to rise.

In our US report Wednesday, we listed the top ranked D-economy stocks. There were four Health Care names on the list: Aileron Therapeutics (ALRN), Mersana Therapeutics (MRSN), BioSig Technologies (BSGM) and Meridian Bioscience (VIVO) . I continue to like Health Care here. While I still do not have strong conviction whether a G or D economy will ultimately prevail, I am beginning to believe some Health Care stocks could do well under both scenarios. The Fed is going to keep rates low for years which will invite all sorts of speculation, and in the backdrop of COVD-19 health care looks well positioned to attract more flows. I have bought a small starter position in ALRN and I own ImmunoPrecise Antibodies (IPA) which I highlighted in the INK Chat in April and the stock has more than doubled. I will probably try and keep tabs on some of these in the Chat, so if you have not registered yet I encourage you to do it today. Canadian Insider Club members please check your inbox for your invitation link.

Finally, remember to check out the video summary of today's morning report which features Aimia and its new flight path. Watch it here on INK Ultra Money Free. The Real Vision Daily Briefing for June 10th is also available now on our free channel.

INK Edge outlook ranking categories (Sunny, Mostly Sunny, Mixed, Cloudy, Rainy) are designed to identify groups of stocks that have the potential to out- or under-perform the market. However, any individual stock could surprise on the up or downside. As such, outlook categories are not meant to be stock-specific recommendations. For background on our INK Edge outlook, please watch our short video or visit our FAQ #5 at INKResearch.com.

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