Wall Street Breakfast Bitcoin celebrates Pizza Day with new high
7 snips
May 22, 2025 The podcast kicks off by celebrating the quirky anniversary of buying pizzas with Bitcoin, now worth a fortune. It delves into a surprising drop in existing home sales amid economic uncertainties. In a different arena, solar stocks face a downturn due to recent legislative changes affecting tax credits. Lastly, Urban Outfitters shines with impressive sales growth, providing a glimpse into the evolving landscape of hedge fund investments and the challenges of crowded trades.
AI Snips
Chapters
Transcript
Episode notes
Bitcoin's Famous Pizza Purchase
- In 2010, Laszlo Hanyecz bought two Papa John's pizzas for 10,000 Bitcoins, showcasing Bitcoin's potential as a currency.
- Those Bitcoins would be worth over $1.1 billion today, nearly buying all of Papa John's company.
Housing Market Sluggishness Explained
- Housing market activity is sluggish due to a wide gap between new mortgage rates (
7%) and averages on existing mortgages (4%). - Economic policy uncertainty and tariffs also deter large financial commitments from buyers.
Fiscal Risks Impact U.S. Markets
- U.S. fiscal risks cause weakening dollar and pose challenges to equity resilience despite rising yields.
- Rising fiscal risk premiums increase capital costs, negatively impacting risk assets and investor confidence.