• Main
  • Analytics
  • Market Reviews
  • Crypto Week: Rinsch’s Adventures and Lagarde’s Son Unfortunate Investments Spiced by CNBC’s Cramer Bullish Outlook

Crypto Week: Rinsch’s Adventures and Lagarde’s Son Unfortunate Investments Spiced by CNBC’s Cramer Bullish Outlook

Bitcoin (BNC) prices added 1.5% this week. Its prices rose even higher above the resistance at $36,000-38,000 on Tuesday. This is a second upside attempt to break through of this strong resistance in the last ten days. Both were unsuccessful.

The jump of BTC prices happened after a slump of U.S. 10-year Treasuries yields to November lows at 4.25%. Christopher Waller, a member of the Federal Reserve’s (Fed) Board of Governors, went to Santa audition unexpectedly raising a possibility of early interest rates cuts next spring if inflation keeps steadily declining. Investors reacted positively by raising bets of a possible Fed Fund rates cut next March to 40.6% from 21.5%. Markets were moderately calm waiting for key PCE Price Index data to be released on Thursday and for Fed’s Chair Jerome Powell to testify on Friday.

Meanwhile, some market tales have emerged. Carl Erik Rinsch, the director of "47 Ronin," received $44.3 million from Netflix by March 2020 to produce “Conquest” series. But the director latter told he needs another $11 million, which he received to finish production. Instead, Rinsch used $10.5 million to invest in pharmaceutical companies stocks, which he expected to boom during the pandemic. He eventually lost $5.9 million and pivoted to crypto market buying Dogecoin for the remaining $4.5 million. He was much luckier this time as he turned his investment into a massive $27 million, which is 500% in return. So, he profit was $16.5 million considering initial loss of $5.9 million in the stock market. This information emerged from court filings and financial documents dug up by a forensic accountant that was hired by Rinsch’s wife when she was seeking a divorce. Most of the money the director spent on a Ferrari and five Rolls-Royces, fancy furniture, watches and designer goods. The “Conquest” series was never produced. This story itself is a perfect script for a Guy Ritchie-like movie.

No less remarkable is the story of one the sons of Christine Lagarde’s, a President of the European Central Bank. He lost around 60% of his investments in crypto assets that he made despite a strong advice of his mother not to make such investments. It is easy to guess that this investment was made in 2022, when Bitcoin lost more than 60% of its value. Instead, Rinsch had a successful upside ride during a powerful rally in 2021. Both stories are cautionary, prompting to think carefully about the timing of investments.

Meanwhile, Standard Chartered Bank has revealed its forecast for Bitcoin prices to hit $100,000 by the end of 2024. Although, it the target is questionable the direction of prices seem to be accurate. CNBC’s Mad Money host Jim Cramer has reversed his opinion about crypto assets urging to buy Bitcoin. Cramer is well known for his previous advice against investing in crypto market. Suspicious viewer may know the price for Cramer’s advices. A special inverse Cramer ETF was established to provide returns opposite of his stock picks. So, if he calls to buy cryptos may be it is time to do the opposite.