Step Aside Bitcoin, Time For Strategic Beef Reserve? World Economic Forum Day 2 Highlights

So much is happening – the World Economic Forum is now on Day 3, Donald Trump is signing 100 executive orders daily, and McDonald’s McRib is selling strong.

“May you live in interesting times.” People forget that isn’t a Chinese proverb, but a Chinese curse!

It’s working. This year’s Davos is all about Bitcoin and AI. Here’s some of the highlights so far:

Jamie Dimon wants the world to know—he and Elon Musk have buried the hatchet. “Elon and I hugged it out,” Dimon casually dropped to CNBC at Davos, the Swiss playground for the global elite. After a chat at a JPMorgan event, the two ironed out their beef.

Dimon didn’t hold back with the praise, calling Musk’s ventures—Tesla, SpaceX, Neuralink—monuments of innovation. “The guy’s our Einstein,” Dimon declared, rolling out the red carpet for future collaborations. “I want to help him and his companies however we can.”

This public rapprochement comes after JPMorgan dumped its $162 million lawsuit against Tesla over a contract spat involving stock warrants.  Seems Wall Street has moved on—or at least Dimon has.

World Economic Forum: Doubts on Bitcoin as a Reserve Asset

Lesetja Kganyago, South Africa’s central bank chief, calmly dismantled the notion of Bitcoin as a strategic reserve. Addressing Trump’s pledge for a U.S. bitcoin reserve, he compared the idea to hoarding reserves of obscure commodities, dismissing it as impractical.

“There is a history to gold. There was once a gold standard,” Kganyago remarked. “If we now say Bitcoin, what’s next? Platinum? Apples? Strategic beef reserves?”

The governor of the South African central bank scoffs at the idea of a strategic Bitcoin reserve asking, “Why not a strategic beef reserve? Why not an apple reserve? Why Bitcoin?!”

Brian Armstrong responds: pic.twitter.com/36LXDUxP5g

— Sam Callahan (@samcallah) January 21, 2025

His sharp comparison underscored his belief that Bitcoin lacks the historical and intrinsic value of gold, raising questions about governments adopting it as a reserve asset. Kganyago also voiced concerns over the influence of crypto industry lobbying in shaping financial regulations.

“If regulation is going to be established through the power of money, then we have a problem,” Kganyago noted, pointing to the massive sums the crypto industry has poured into political campaigns.

Coinbase CEO Brian Armstrong painted a starkly different picture, applauding Trump’s stance on crypto and the potential it brings for the industry. Armstrong spotlighted the surge in Bitcoin’s value following Trump’s re-election and noted the possibilities a Bitcoin reserve could unlock for the U.S. economy.

“The Trump effect cannot be denied here,” Armstrong stated. “To have the leader of the largest GDP country in the world openly support crypto—this is unprecedented.”

Nooo!! The WEF Is Bad, Noo!!!

While parts of Davos can be myopic regarding vision, the millionaires and billionaires at WEF also want higher taxes for themselves and fewer loopholes.

Based? Hey, we’re not complaining. The thing is, however, there’s literally nothing stopping them from paying more than they have to. If they wanted that, they would have already been doing it.

So, like always, the WEF is a mixed bag.

We’ll keep you updated if they create that apple and beef tallow reserve, though.

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